Lighting fixtures market to exceed $94 billion by 2010

The worldwide market for lighting fixtures is expected to top $94 billion by 2010, according to LEDs Magazine. The magazine referenced a report by Global Industry Analysts, Inc. 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.