Manufacturers and distributors of lamps and lighting fixtures can expect steady growth through 2006, according to a new market study.
According to a study published by The Fredonia Group Inc., a Cleveland-based industrial market research firm, revenues in world lighting equipment (lamps and lighting fixtures) totaled $78.7 billion in 2001 and are projected to jump 5.3 percent per annum through 2006 to $102 billion.
Gains are expected to compare favorably to the 1996-2001 pace because of accelerating global economic growth, which will stimulate construction and manufacturing activity, the two principal determinants of lighting equipment demand, the report said. The most rapid growth in lighting equipment demand is forecast for the developing areas of Asia/Pacific, Latin America, Eastern Europe and Africa/Mideast. Lighting equipment demand in the mature Japanese market will grow below the global average. Gains for lighting equipment in the more mature regions of North America and Western Europe will be below the global average. North America and Western Europe will, however, continue to be leading markets for lighting equipment through 2006, accounting for over one-half of the global total.
Both lamps and lighting fixtures are expected to benefit from advances in global economic growth and the increasing focus on reducing energy consumption, which will bolster use of more energy-efficient, and often high-priced, product types. Demand gains for lighting fixtures are expected to outpace lamp growth.
Construction markets are expected to offer above-average growth prospects through 2006.