Philips updates market on lighting sector and innovation activities
Amsterdam, The Netherlands – In a meeting with investors and financial analysts today, Royal Philips Electronics (AEX: PHI, NYSE: PHG) will discuss how Philips Lighting expects to continue on its current growth path. This expectation is supported by an ongoing focus on market-driven innovation and an accelerated adoption of more advanced and environmentally-friendly forms of lighting in line with Philips’ recently communicated “Vision 2010” strategy.
Some concrete examples of medium-term growth opportunities that will replace certain current technologies and products which Philips Lighting management will mention are:
The rapidly growing demand for ‘green’ lighting solutions. Today, 75% of all lighting currently in use are legacy systems, and growing awareness about existing energy-efficient lighting solutions is expected to lead to significant potential for replacement sales.
Increasing demand for advanced lighting solutions in emerging markets such as China. Philips expects to continue to tap into the potential of this market, notably in second and third tier cities, by further speeding up the expansion of its distribution network going forward, after having already secured a leading position in China’s largest cities, with sales concentrating in the largest cities.
Continued build-up of Philips’ presence in selected lighting markets and expansion of Philips’ distribution channels for solid state lighting solutions to unlock the potential of this market.
Ongoing innovation within Philips Lighting will continue to lead to breakthrough products such as Philips’ Xenon automotive lighting. According to independent research, Xenon lights could result in a reduction of fatal car accidents by 18% as safety increases due to much better road visibility, while at the same time reducing CO2 emissions.
In addition, Philips will elaborate on its strategy for further growth and value creation for its core activities through disciplined, focused and controlled investments in innovation. In the spotlight will be the Corporate Technologies unit, which supports the Philips market sectors by providing state-of-the-art technology solutions. The Technology, Healthcare and Lifestyle Incubators have given birth to groundbreaking inventions and technologies that are aimed at creating new markets, such as AmbX scripting software, 3D Signage solutions and Handheld Drugs-of-Abuse testing.
“By consistently coming up with meaningful innovations that truly improve people’s lives we continue to show we are fully committed to maintaining our winning streak of innovations and building on our past successes. We bring in the right partners and work in a spirit of Open Innovation, in close touch with our customers,” Rick Harwig, Chief Technology Officer at Royal Philips and Chief Executive Officer of Philips Corporate Technologies said.
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