Philips expects LED lighting innovation will win more Thai consumers because of the many uses they offer, such as the Clock Tower in Chiang Rai
The head of marketing and vice-president of Philips Commercial Lighting, said LED (light-emitting diode) technology was arguably one of the most profound changes the lighting industry has witnessed since the invention of electric light, and it was changing the way people, corporations, and governments use light.
The lighting can be used to beautify living spaces and improve the liveability of cities, making it the choice for outdoors, hospitality, retail, and home lighting.
Although LED bulbs are more expensive than incandescent bulbs, the high quality of the lights lowers the replacement cycles and significantly reduces maintenance cost, she said.
LED lights also consume 80% less energy than traditional light bulbs, according to the company.
Philips notes the global lighting market is projected to grow at a compounded annual rate of 7-9%, to around 80 billion from 2010-15. The growth is mainly attributed to the adoption of LED lighting across emerging markets, especially in Thailand.
The company also forecasts at least 50% LED penetration in the market by as early as 2015, and 75% by the end of this decade.
Philips attributes increasing LED penetration in Asia to a few factors. Thailand homeowners are looking for energy-efficient products while retail companies feel LED technology improves their brand image.