The chief executive officer (CEO) of Philips lighting in North America Greg Sebasky has said he believes that consumer attitudes towards lighting are changing, as they now see it as "a durable good".
However, it would appear that individuals are not just paying attention to the aesthetic or robust qualities of good-quality lighting. With energy prices going through the roof, energy efficiency is also becoming increasingly important.
Mr Sebasky went on to reveal that he expects his company's LED business to grow by 40 per cent this year, with the introduction of the company's new 60 W equivalent bulb which will be on sale for $10 (£6.67).
By 2015, he expects that energy-efficient lighting technology will make up about half of all the firms' sales - up from just 25 per cent in 2012.
He is not the only one to perceive this evolution in attitudes and commercial trends. It has been widely reported that the LED market is experiencing exponential growth at the moment and that such behaviour is not likely to let up anytime soon.
A recent report by Freedonia Group forecast that the $43.9 billion world market for energy-efficient lighting will grow 12 per cent each year through to 2016. If this estimation proves founded, this area of the market will be worth $78.3 billion in three years' time.
Therefore, while demand is still high - and costs therefore lower - there is arguably no better time for individuals to capitalise on this emerging market by investing in some energy-efficient lighting for their homes.
Especially in main rooms like the kitchen and sitting room where lights are turned on a vast majority of the time, a simple switch to a more ecological lighting solution could have a considerable impact on electricity bills.
Furthermore, these new technologies have had millions of pounds invested in them so that they emit the best quality of light intensity and tone available on the market to date.
Households may therefore wish to install some new ceiling spotlights in a study or work area of the home, as a superior quality of light can be an integral feature of such a working space.
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