Lighting fixtures market to exceed $94 billion by 2010
According to a new report by Global Industry Analysts, shipments of fluorescent and other non-incandescent portable fixtures, such as those using LED light sources, are expected to witness gains in the coming years.
The lighting industry encompasses industrial, commercial, residential and public lighting, and growth is expected mainly in the end-use sectors of construction and other industrial development activities.
The global lighting fixtures market comprises of several companies engaged in the development and manufacture of a range of fixtures from basic sconces to complex chandeliers. High quality and product innovation remain key competitive strategies for global majors, while price has emerged as a strong competitive platform in recent years.
The report says that solid-state lighting using LEDs and other technologies is expected to play a major role in lighting the future. Demand is to be stimulated by highly priced, technologically advanced and long lasting energy-saving products such as non-incandescent portable fixtures, high intensity discharge (HID) lighting, electronic ballasts, and portable fixtures using LEDs. The emergence of solid-state lighting technology that offers increased energy savings and advanced capabilities is poised to act as a significant challenge to existing lamps and fixtures manufacturers worldwide.
Europe currently represents the largest market in the global lighting fixtures market and is projected to cross US$23.5 billion by the year 2009. The Asia-Pacific region is poised to post the fastest compounded annual growth rate among the regional markets, at 6.5% over the ten-year analysis period.
The global lighting equipment market is expected to witness growth mainly in the end use sectors of construction and other industrial development activities. Another factor that is to contribute to growth of the market is booming end-use sectors in developing regions. Growth in industrialization and construction activities in these regions is spurring accelerated demand for lighting equipment.
Also, a rise in living standards, coupled with increased real estate activity, is expected to position China as the leading market for lighting equipment, with growth in the industrialized Western Europe and North America exhibiting less than global average. With the market in these regions mostly dependent on new construction activity, efforts are on to maximize energy efficiency in existing buildings.