LCD industry, which developed larger-size LCDs, including TFT computer monitors and LCD televisions. Epson developed the 3LCD projection technology in the 1980s, and licensed it for use in projectors in 1988. Epson's VPJ-700, released in January 1989, was the world's first compact, full-color LCD projector. Market takeover In 2006, LCD prices started to fall rapidly and their screen sizes increased, although plasma televisions maintained a slight edge in picture quality and a price advantage for sets at the critical 42" size and larger. By late 2006, several vendors were offering 42" LCDs, albeit at a premium price, encroaching upon plasma's only stronghold. More decisively, LCDs offered higher resolutions and true 1080p support, while plasmas were stuck at 720p, which made up for the price difference. Predictions that prices for LCDs would rapidly drop through 2007 led to a "wait and see" attitude in the market, and sales of all large-screen televisions stagnated while customers watched to see if this would happen. Plasmas and LCDs reached price parity in 2007, with the LCD's higher resolution being a 'winning point' for many sales. By late 2007, it was clear plasmas would lose out to LCDs during the critical Christmas sales season. This was in spite of plasmas continuing to hold an image quality advantage, but as the president of Chunghwa Picture Tubes noted after shutting down their plasma production line, "(g)lobally, so many companies, so many investments, so many people have been working in this area, on this product. So they can improve so quickly." When the sales figures for the 2007 Christmas season were finally tallied, analysts were surprised to find that not only had LCD outsold plasma, but CRTs as well, during the same period. This development drove competing large-screen systems from the market almost overnight. Plasma had overtaken rear-projection systems in 2005. The same was true for CRTs, which lasted only a few months longer; Sony shut down the final plant in March 2008. The February 2009 announcement that Pioneer Electronics was ending production of the plasma screens was widely considered the tipping point in that technology's history as well. LCD's dominance in the television market accelerated rapidly. It was the only technology that could scale both up and down in size, covering both the high-end market for large screens in the 40 to 50" class, as well as customers looking to replace their existing smaller CRT sets in