A light emitting device includes a light emitting diode (LED), a concentrator element, such as a compound parabolic concentrator, and a wavelength converting material, such as a phosphor. The concentrator element receives light from the LED and emits the light from an exit surface, which is smaller than the entrance surface. The wavelength converting material is, e.g., disposed over the exit surface. The radiance of the light emitting diode is preserved or increased despite the isotropic re-emitted light by the wavelength converting material. In one embodiment, the polarized light from a polarized LED is provided to a polarized optical system, such as a microdisplay. In another embodiment, the orthogonally polarized light from two polarized LEDs is combined, e.g., via a polarizing beamsplitter, and is provided to non-polarized optical system, such as a microdisplay. If desired, a concentrator element may be disposed between the beamsplitter and the microdisplay.