The LED market contracted for the first time in 2015, reporting a decline of 3%, due to drastic price cuts. However, the dire market condition is not expected to persist this year, said Roger Chu, Director of Research, LEDinside at a forum the company organized at Nangang Exhibition Hall in Taipei, Taiwan during Taipei International Lighting Show (TILS 2016), which runs from April 13-16, 2016.