According to a recent report by US researcher Global Industry Analysts Inc, the worldwide lighting industry for industrial, commercial, residential and public lighting will exceed US$94 billion by 2010.
The report, entitled "Lighting Fixtures: A Global Strategic Business Report' states that lamps, lighting fixtures and components, which make up the lighting industry's principal sub-sectors, is expected to witness growth mainly in the end-use sectors of construction and other industrial development activities.
High quality and product innovation remain key competitive strategies for global majors, while price has emerged as a strong competitive platform in recent years.
Illumination based on solid-state semiconductors such as LEDs are expected to play a major role in lighting the future.
The report states that Europe is the largest market and projected to cross US$23.5 billion by 2009. Asia-Pacific region is poised to post the fastest compounded annual growth rate, at 6.5% over the 10-year analysis period. The non-portable fixtures market was estimated at more than US$61 billion in 2006. Demand is to be stimulated by highly priced, technologically advanced and long-lasting, energy-saving products such as non-incandescent fixtures, HID lighting, electronic ballasts and LED fixtures.
The global lighting equipment market is expected to witness growth mainly in construction and industrial development activities. 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 Western Europe and North America exhibiting less than the global average. Since these regions are mostly dependent on new construction activity, efforts are on to maximise energy efficiency in existing buildings.
The report provides a comprehensive review of market trends, drivers, region-specific issues and trends, market drivers, key players and their market shares, product introductions and industry-related strategic developments.