|By PR Newswire||
|February 19, 2013 06:13 PM EST||
CLEVELAND, Feb. 19, 2013 /PRNewswire-iReach/ -- World demand for lighting is projected to climb more than 12 percent annually through 2016 to $78.3 billion. Sales will be driven in general by an acceleration in economic activity, personal income, global motor vehicle output, and construction spending. However, a more important factor will be the ongoing shift to higher value, more efficient lighting technologies, particularly as many countries phase out the sale of conventional incandescent lamps for general use applications. This shift is being propelled by the rising availability of light-emitting diodes (LEDs) and other high efficiency light sources at more affordable prices and with improved light quality. Prices for key light sources such as compact fluorescent lamps (CFLs) and LEDs are expected to fall significantly. These and other trends, including market share and product segmentation, are presented in World Lighting: Lamps & LEDs, a new study from The Freedonia Group, Inc., a Cleveland-based industry market research firm.
Market gains in developing countries will outpace sales in the US, Western Europe, and Japan, fueled by ongoing industrialization efforts, increased manufacturing output, and rising standards of living. China alone will account for 49 percent of all additional product demand through 2016, strengthening its position as the largest national market for lamps and LEDs. Above average growth is also expected in countries such as Russia, Mexico, and Brazil. Sales of lighting in many of these developing areas will be aided by subsidies for consumer purchases of high efficiency lighting, sometimes with support from international organizations.
LED (or solid-state) lighting devices will record by far the fastest global market gains of any major product segment through 2016. The rapid rate of technological advances has dramatically improved their performance capabilities and resulted in substantial reductions in cost, leading to LED use in a growing number of lighting applications. Sales of fluorescent lamps will continue to expand, spurred in the near term by government-led efforts to phase out use of energy inefficient, general service, conventional incandescent lamps in many areas. While CFLs have generally been the replacement product of choice, sales are expected to be more limited going forward partly because of growing concern for safe disposal of spent CFLs and the increasing price and performance competition from LEDs.
The Freedonia Group is a leading international business research company, founded in 1985, that publishes more than 100 industry research studies annually. This industry analysis provides an unbiased outlook and a reliable assessment of an industry and includes product segmentation and demand forecasts, industry trends, demand history, threats and opportunities, competitive strategies, market share determinations and company profiles.
Media Contact: Corinne Gangloff, The Freedoina Group, Inc., 440.684.9600, email@example.com
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SOURCE The Freedonia Group
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