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Philips dominating global LED lighting market with $5 bulb

Date
22 October 2013
Philips dominating global LED lighting market with $5 bulb

LONDON: Philips' CEO today released the company's soaring third-quarter earnings, showing the leading company is continuing to dominate the world's LED market.

Philips--the world's biggest lighting manufacturer and member of The Climate Group--has reported its third-quarter sales, revealing LED lighting sales grew 33% from a year ago and now represent 30% of Philips' total US$2.85 billion lighting sales in the quarter.

In a conference call, Frans van Houten, CEO, Royal Philips NV, said the company now offers US consumers LEDs for US$5 at the Home Depot, as well as in partnerships with large utilities companies. In the statement, he said: "We see a strong uptake of that particular lamp. Early adopters of LEDs were our professional customers but now we see rapid consumer adoption occurring."

All of Philips' divisions reported greater operating profits, but lighting saw the biggest improvement, thanks to strong LED sales and lower restructuring charges.

Frans van Houten, CEO, Philips, also announced in his statement: "As the global leader in energy-efficient lighting, we have been selected to transform Dubai Municipality's buildings with intelligent LED solutions. Our lighting solutions are saving 50% in electricity usage and will advance Dubai's mission to become the most sustainable city in the world."

Harry Verhaar, Senior Director Energy & Climate Change, Philips Lighting, commented: "As well as benefitting from the great economic gains as a business, the positive influence of LEDs reaches far beyond our own financial results. Companies around the world that have installed LED lighting are already making big savings, as are thousands of municipalities that have adopted LED streetlighting and millions of households who have switched on LED lighting in their homes. LED innovations offer huge opportunities; the light is not only brighter and more efficient but will save the average person money in the long-term. LEDs are a common-sense purchase in economically challenging times."

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