The Europe LED lighting market reached a value of US$ 12.6 Billion in 2018. A light-emitting diode (LED) refers to a semiconductor device that produces non-coherent and narrow-spectrum light when electricity passes through it. LED based lights are preferred over conventional lighting technologies as they are environment-friendly, have longer life span, are energy efficient and have low power consumption. With the lighting industry transformation towards LED sources and solid-state lighting, Europe represents one of the most innovative lighting markets across the globe.
A key factor driving the demand of LED products in Europe has been the European Union’s policy measures banning the sale of inefficient lighting technologies. In 2009, Europe phased out incandescent lamps in the region. In 2016, directional halogen lamps were also phased out. Similarly, in September 2018, the region also banned the sale of non-directional halogen lamps. These policy measures have facilitated consumers to gradually replace their traditional lighting products with LED technology-based products. Moreover, to generate cost-savings for consumers, switching to energy efficient LED lights have provided significant environmental benefits. The high energy costs in the region are forcing households, public investors and governments to consider energy saving lighting solutions. The governments across the region are also providing subsidies and incentives to increase the adoption of LED products among consumers and phasing out older and less efficient technologies to enhance the overall efficiency of the lighting industry in Europe. Other key factors driving the demand of LED products in Europe include infrastructure growth, upcoming smart building projects and decline in the average prices of LEDs. Looking forward, IMARC Group expects the market to reach a value of US$ 25.2 Billion by 2024, exhibiting a CAGR of around 12% during 2019-2024.
Market Breakup by Country
Germany currently represents the largest market for LED lighting in the European region.
Market Breakup by Product Type
LED lamps and modules currently dominate the market, holding the largest share.
Market Breakup by Application
The report has also examined the competitive landscape of the market and provides the profiles of the key players operating in the industry. Some of the key players operating in the market are:
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