Europe LED Lighting Market Overview:
According to the latest report by IMARC Group, titled “Europe LED Lighting Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the Europe LED lighting market reached a value of US$ 18.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 34.5 Billion by 2027, exhibiting a CAGR of 11.3% during 2022-2027.
A light-emitting diode (LED) represents a semiconductor device that is extensively used for numerous commercial, residential, and industrial purposes. It produces a narrow-spectrum light when an electric current is passed through it. LED lights are compact and have a long shelf life with a low heat output. They are also highly reliable, enable fast switching, and generate minimum radiation.
As LEDs are environmentally friendly and consume lesser energy, their usage can save about 90% of the overall energy. Owing to this, LEDs are widely utilized as alternatives to conventional lighting technologies, including incandescent and fluorescent lights.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic.
Europe LED Lighting Market Trends:
The rising power consumption and increasing energy costs in Europe are contributing to the escalating demand for energy- and cost-efficient lighting solutions. This is further being supported by the growing environmental consciousness of the population. Moreover, due to the various favorable policy measures introduced by the European Union (EU), the region is gradually eliminating inefficient lighting technologies, such as directional and non-directional halogen lamps. Additionally, governments of several countries are offering subsidies and incentives to promote the adoption of LED lights. Furthermore, significant infrastructural growth and the increasing preferences for smart lighting solutions are further expected to catalyze the market growth for LEDs in Europe over the coming years.
Europe LED Lighting Market 2022-2027 Analysis and Segmentation:
Competitive Landscape with Key Players:
- Cree Inc.
- Dialight PLC
- Eaton Corporation Inc. (Cooper Industries LLC)
- Osram Licht AG
- Panasonic Corporation
- Seoul Semiconductor Co., Ltd.
- Signify N.V. (Philips Inc.)
- TRILUX GmbH & Co. KG
- Zumtobel Group AG
By Product Type:
- LED Lamps and Modules
- LED Fixtures
Breakup by Application:
- Retail and Hospitality
Market by Country:
- United Kingdom
Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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