Europe LED Lighting Market to Showcase Continued Growth in the Coming Years | Key Players are Acuity Brands, Cree, Dialight, GE, Hubbell Incorporated, Opple Lighting, Panasonic, Philips Lighting, Samsung Electronics, Sharp Electronics Corporation USA
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.
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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 key players covered in this study: -
1. Acuity Brands
2. Cooper Industries, Inc.
5. ENDO Lighting Corporation
6. Shanghai Feilo Acoustics Co., Ltd.
8. Hubbell Incorporated
9. Iwasaki Electric Co Ltd
10. LG Innotek
11. Nichia Corporation
12. Ocean's King Lighting Science & Technology Co., Ltd
13. Opple Lighting
14. OSRAM Opto Semiconductors GmbH
16. Philips Lighting
17. Samsung Electronics
18. Seoul Semiconductor
19. Sharp Electronics Corporation USA
20. GreenStar LED Products, Inc
21. Virtual Extension
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. 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.
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The Europe LED lighting market is also fueled by new installations where consumers, spurred by greater energy cost savings, are replacing their conventional lighting solutions. Indeed, new installations, which accounted for a revenue share of approximately 65% of the industry share according to a 2017 estimate, would be witnessing sizable gains over 2018-2024, attributed to the EU’s ban on the distribution & sale of conventional one-directional halogen lamps.
The rising rate at which LED lightings are being incorporated across commercial buildings & offices, hospitality centers and healthcare facilities throughout the continent will ensure that Europe LED lighting market would most certainly depict an appreciable growth rate in the years ahead. The application of LED lights in commercial applications is gaining considerable prominence due to the modern and stylish aesthetics the systems bring with them.
In commercial setups such as banks & offices, LED lights facilitate an improved working environment for the employees. Moreover, the added advantage of enhanced energy cost savings offered by LED lights would be responsible for the system’s incorporation across the commercial sector, driving the growth of the European LED lighting industry.
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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Attributed to the most prominent trends mentioned herewith, it is rather overt that the European LED lighting industry is well positioned to acquire sizable gains in the years to come. The projection is further supported by a report from Global Market Insights, Inc., claiming that the Europe LED lighting market will exceed a valuation of more than $30 billion by 2024.
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology
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