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Lighting Market for Lamps and LEDs Worth $78.3 Billion by 2016

World demand for lighting is projected to grow 12.3 percent yearly through 2016 to $78.3 billion. Gains will be boosted by an ongoing shift to higher value lighting technologies that are more efficient, particularly as many countries phase out general use incandescent lamps. The rising availability of light-emitting diodes (LEDs) and other high efficiency light sources at more affordable prices, along with improved light quality, will further propel this shift. Product sales will also be driven in part by acceleration in factors such as personal income, economic activity, global motor vehicle output, and construction spending.
LED (or solid-state) lighting devices will record by far the fastest global market gains of any major product segment through 2016. Historically, demand for LEDs used in lighting applications has been restrained by both high product prices and technical deficiencies in the quality and diffusion of light. However, the rapid rate of technological advances is dramatically improving their performance capabilities and resulting in substantial reductions in cost, leading to LED use in a growing number of lighting applications. Sales of fluorescent lamps will continue to grow, spurred in the near term by government-led efforts to phase out usage of energy-inefficient general service conventional incandescent lamps in many areas. While compact fluorescent lamps (CFLs) have generally been the replacement product of choice, sales are expected to be more limited going forward partly due to rising concern for safe disposal of spent CFLs (which is complicated by the incorporation of mercury into the lamps) and competition from LEDs which are benefitting from reduced prices and improved performance.

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