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【出版时间及名称】：2010年3月欧洲LED行业研究报告
【作者】：摩根大通
【文件格式】：pdf
【页数】：48
【目录或简介】：
Table of Contents
Executive summary..................................................................3
Company conclusions .............................................................4
Philips – focus on solutions, exit manufacturing .........................................................6
Siemens – Lighting not a core business longer term....................................................8
Zumtobel – unique asset but also some challenges......................................................9
Aixtron – set to benefit from LED lighting capex .....................................................11
Impact of LED on the traditional lighting value chain .........14
Lamps – more competition, falling volume but positive mix ....................................14
Control Gear/Ballasts: market to decline after initial bounce ....................................14
Luminaires (Lighting Fixtures): increased importance in value chain.......................15
External Controls – increasing importance and complexity ......................................15
Distribution – focus on increased value add and own brands ....................................16
Modeling the market and financial impact ...........................19
Light source (lamp) – opposing trends – near term positive......................................20
Ballasts/Control Gear – market to peak in 2012/2013 ...............................................22
Luminaires (Lighting Fixtures) – growth in applications ..........................................24
Lighting impact on LED equipment capex ...........................25
Cost comparison of LED lighting..........................................29
Drivers for LED growth in General Lighting ............................................................29
Cost and performance main drivers for fast adoption ................................................29
Cost comparison analysis...........................................................................................31
Cost comparison for new installation.........................................................................31
Cost comparison for replacement bulb market ..........................................................33
Regulation drives positive mix in lamps ..............................34
Light bulbs – phase out of incandescent and some fluorescent bulbs to boost mix ...34
Savings opportunity – lamps......................................................................................36
Savings opportunity – luminaires and controls..........................................................37
Outdoor lighting opportunity .....................................................................................39
Background on the development of LED .............................40
Valuation Methodology and Risks ........................................43
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