Europe LED Lighting Market to Cross USD 30 Billion by 2024
Europe LED Lighting Market is set to grow from its current market was valued at over USD 11.5 Billion in 2017 to USD 30 Billion by 2024, according to a new research report by Global Market Insights, Inc.
Europe LED lighting market is anticipated to grow over the forecast timeframe due to the factors such as increasing demand for energy efficient lighting solutions, need to cut-down electricity related costs, high disposable income, rising investments in infrastructure which include roadways, construction of new offices, residential complexes, parks, hotels, etc. among others.
The market is majorly driven by the new installations which holds a revenue share of over 65% in 2017. The government has launched several smart city initiatives across the region for deploying smart lighting solutions in the indoor and outdoor spaces. Furthermore, increasing adoption of the LED lamps in the region also foster the market growth. The need for energy-efficient lighting systems has increased significantly over the past decade to reduce energy consumption and improve energy security among the developed and the developing countries alike.
The recently developed LED lights are not compatible with the traditional switching boards fixed across residences, offices, buildings, etc., due to the changes in circuitry designs challenging the European LED lighting market growth. The incompatibility issues result in increasing the possibilities for changing the entire switch systems, increasing the deployment cost of consumers. LED bulbs are developed to generate a lesser amount of heat as compared to the conventional products. Fixing these bulbs in old & enclosed light fittings increases the heat amount and results in failures.
Commercial applications are gaining traction in the Europe LED lighting market due to a high implementation of the modern & stylish lighting systems in hospitality centers, commercial buildings & offices, and healthcare facilities across Europe. In commercial set-ups including offices, banks, etc., LED lights provide a better working atmosphere to employees and create mood enhancement due to the situational illumination control features. Such facilities deploy the energy-efficient technologies to save the electricity costs and incorporate wireless lighting control systems.
The hospitality segment including restaurants, hotels, recreation centers, etc., in the European LED lighting market is increasingly adopting these technologies to efficiently manage the electricity resources and provide enhanced experience to consumers. Due to the rapidly-developing tourism sector in Europe and the demand for luxurious hospitality facilities by consumers & tourists, the hotel & restaurant owners are focusing on transforming their facilities with luxurious interiors, advanced lighting technology, and better services.
The LED lighting market in Europe is competitive owing to the presence of several players providing highly efficient and advanced LED technologies for various applications. The players are offering differentiated and application-specific products for several industries such as residential, commercial, hospitality, government, institutional, etc. Moreover, the companies have developed a strong distribution network across the European Union to address the requirements of local markets and household units. The market faces high internal competition due to the presence of leading international players present in Europe and their rapid technological innovations.
The players operating in the Europe LED lighting market comprise Acuity Brands Inc., Cooper Industries, Inc., Endo Lighting Corporation, General Electric Company, Hubbell Incorporated, OPPLE Lighting Co., Ltd., OSRAM Opto Semiconductors GmbH, Philips Lighting Holding B.V., GreenStar Products, Inc., The Zumtobel Group AG, etc.
Read more https://online.fliphtml5.com/xfapu/fdod/#p=12