May 11, 2020
According to the research report titled ‘Europe LED Lighting Market Size By Product, By Installation, By End-Use, Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report LLC, Europe LED lighting market is expected to be worth USD 30 billion by the year 2024.
Increasing awareness pertaining to green and smart cities is a major factor driving LED lighting market growth in Europe. Growing inclination towards retrofitting of existing infrastructure with LED products owing to their benefits of low CO2 emissions and reduced electricity cost is further fueling the market size. Increasing infrastructural development along with shifting focus towards replacing conventional lamps with LED lights are stimulating the industry outlook.
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Speaking of product type, luminaires segment is expected to register significant growth during the forecast period. There has been an upsurge in demand for luminaires owing to their ability of integrating with smart lighting control systems. It is being deployed widely across elderly care homes and healthcare facilities. Rising adoption of modern interiors in offices, restaurants and hotels and favorable government incentives towards using cost effective and low energy consuming lights are fueling the product penetration.
Citing the end-use landscape, Europe LED lighting market share from residential segment is presumed to expand substantially during the estimated timeframe. Favorable government initiatives which encourage the use of energy efficient lighting systems in hostels, apartments and households have impelled the demand for LED lighting systems across Europe. Shifting focus towards reducing the carbon footprint and increasing construction of houses as well as apartment buildings are boosting the growth of the segment.
The major contenders in Europe LED lighting industry are Zumtobel, Trilux, Cooper Industries (Eaton Corp.), Osram, Panasonic Corp. and Philips among others.