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World demand for lighting is projected to climb more than 12% annually through 2016 to $78.3 billion, according to “World Lighting: Lamps & LEDs,” a new study from The Freedonia Group. Sales will be driven by an increase in economic activity, personal income, global motor vehicle output and construction spending. Even more significant will be the ongoing shift to higher value, more efficient lighting technologies, especially as incandescent lamps are phased out. This shift is being propelled by the rising availability of LEDs and other high efficiency light sources at more affordable prices. Prices for CFLs and LEDs are expected to fall significantly.