What's Driving the Europe LED Lighting Market Growth? Acuity Brands, Cree, Dialight, Hubbell Incorporated, Opple Lighting, Philips Lighting, Sharp Electronics Corporation USA

According to the latest research report compiled by Global Market Insights, Inc., Europe LED lighting market is likely to surpass a valuation of $30 billion by 2024.

Driven by growing visibility regarding the positive attributes of LED technology, Europe LED lighting market is showcasing signs of gain in growth momentum. LED lighting has been gaining traction due to lower maintenance, low energy consumption abilities, and extended lifespan of the LED lights. Intensifying awareness about energy-efficient solutions along with government initiatives directed towards fueling adoption of LED technology will augment Europe LED lighting industry share. Many cities in the region have started deploying LED lighting systems in streets, houses, buildings, etc. to lower energy consumption and reduce costs.

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Europe LED lighting industry demand has risen due to accelerated development of smart and greener cities. This has, in turn, fostered the deployment of LED lighting systems throughout the region. For example, in Copenhagen, LED lights are being used for streetlights with situational dimming capabilities. These lights brighten at vehicle arrival and dim after the vehicle passed. This has transformed the road & streetlight system in the city. A number of European governments have introduced initiatives and incentives for raising the use of low energy consuming and cost-effective lights in the region, which will spur Europe LED lighting market growth.

The demand for luminaire LED lighting products has inflated due to their significant incorporation in the lighting systems of office, restaurants, and hotels as they render sophisticated and aesthetic designs. Advanced luminaries provide human-centric lighting capabilities, which are highly used in elderly care homes and healthcare organizations. Luminaries can be easily integrated with smart lighting control systems, which is likely to further foster Europe LED lighting industry growth.

European Union has drafted various energy policies to tackle the intensifying problem of climate change. Various government agencies are encouraging the adoption of energy-efficient lighting solutions, which has triggered industry demand. Also, LED lamps & luminaries are witnessing increased demand in retrofit settings as they are energy-efficient, which results in significant cost savings. Investment on LED-based streetlighting projects is also likely to propel Europe LED lighting industry growth. Also, residential projects in the European Union are contributing to enhancing deployment of LED lights, which will translate into additional demand for LED lights.

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Rapid adoption of LED lighting solutions across the residential sector is a key impetus driving industry growth. European citizens have started installing LEDs in houses, offices, and apartments as a result of promotions carried out by government for the use of energy-efficient lights. Energy policies introduced by the EU to limit CO2 emissions, global warming, and climatic changes will contribute to expanding Europe LED lighting industry size. Additionally, construction of new buildings with smart lighting may trigger Europe LED lighting market demand.

Which are some of the major business participants pushing Europe LED lighting industry growth?
A few key Europe LED lighting market players are Panasonic Corporation, Philips, Osram, Trilux, Cooper Industries (Eaton Corporation), Zumtobel, and others.

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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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