Despite predictions that worldwide demand for lighting equipment could increase 5.3% per year to reach $102 billion by 2006, growth in North America will fall below the global average. A new study by The Freedonia Group, a Cleveland-based industrial market research firm, finds projects that the United States will still be a leader in the world’s lighting market, irrespective of its lagging demand.
“World Lighting Equipment” reports that the global economy will stimulate construction and manufacturing activity, two principal determinants in lighting equipment demand. The proliferation of technologically advanced lighting products, which carry a higher price tag, will also increase revenues.
Lighting equipment demand could get its greatest push from the construction markets, which are projected to enjoy above-average growth through 2006.
The report is available through the firm’s Web site, www.freedoniagroup.com.