Europe LED lighting market will Show Exponential Growth In The Coming Years | Key participants are Philips, Panasonic Corporation, Osram, Cooper Industries, Trilux, Zumtobel

Aided by the ongoing trend of LED adoption fueled by escalating demands of energy-efficient lighting solutions, the Europe LED lighting market, in recent years, has cropped up to be one of the world’s most lucrative investment grounds. The Light Emitting Diode (LED) technology, which utilizes semiconductors as well as electroluminescence to generate light, has been rapidly replacing conventional lighting technology in Europe attributed to LEDs’ ability to facilitate energy efficient solutions at a lower energy cost while still providing a light source that is significantly better in terms of quality.

Residential LED lighting application is experiencing substantial growth in the European Union due to the awareness created by government among the residential segment in the Europe LED lighting market. The steps taken by government agencies to promote the deployment & utilization of energy efficiency lights in household, apartments, hostels, etc. is compelling the European citizens to use LEDs. The EU energy policy and initiative to reduce climatic changes such as increased global warming, CO2 emissions, etc. creates awareness among the European households & promotes LED utilization.

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The construction of new households, apartment buildings, etc. with modern & intelligent facilities incur the need for more lights per home and further add up to the demand for products in the Europe LED lighting market.Europe LED Lighting Market is expected to reach over USD 30 billion by 2024. Growing awareness about smart and greener cities in the European countries is contributing to the demand for LED lighting systems.

This is resulting in the increasing deployment of LED lighting systems across all countries. For instance, the road & street lighting transformations in Copenhagen that includes deployment of LED based street lights is driving the Europe LED lighting market. These street lights deployed in Copenhagen have situational dimming capabilities that brighten when vehicles arrive and dim down when they pass.
Deployment of LED products in retrofit installations is a rapidly emerging trend across the Europe LED lighting market due to the low CO2 emissions benefits. Increasing infrastructure transformation projects going on in the European Union involves the transition of traditional halogen-based lighting systems. This factor along with electricity cost saving advantages is a major reason contributing to the growing demand for LED lamps and luminaires in the retrofit settings further contributing to the Europe LED lighting market growth.

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Luminaire products are gaining demand due to their capabilities to be incorporated with the smart lighting control systems. The recently developed luminaires offer human centric lighting capabilities that are gaining high popularity in the healthcare and elderly care homes developing the Europe LED lighting market. Additionally, the implementation of modern interiors in hotels, restaurants, and offices that have the luxurious and sophisticated designs creates need for efficient luminaires.
The government incentives and initiatives to utilize low energy consuming and cost-effective lights in Europe is contributing to the demand for LED luminaires. All these factors along with cost saving benefits drive the Europe LED lighting market expansion.
Key players in the Europe LED lighting market includes Philips, Panasonic Corporation, Osram, Cooper Industries (Eaton Corporation), Trilux, Zumtobel etc. The major companies are focusing on developing technically advanced LED products that have longer lifetime and meet the environmental standards applied by the European government.

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