According to the latest report by IMARC Group, titled "Europe LED Lighting Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026, the Europe LED lighting market size reached US$ 16.7 Billion in 2020. A light-emitting diode (LED) refers to a semiconductor device that emits a non-coherent and narrow-spectrum light when an electrical current passes through it. LED lights are extremely durable, energy-efficient and require lower energy consumption. Along with this, they are characterized by improved physical robustness, faster switching, low heat output and minimum radiation emission. LED lighting is widely available in a vast array of home and industrial products that are increasingly gaining prominence across numerous segments. They are extensively utilized as the key light source for walkways, streetlights, parking garage lighting, outdoor area lighting, modular lighting, and task lighting.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Europe LED Lighting Market Trends:
The market in Europe is majorly driven by an enhanced focus on sustainable development. The growing awareness regarding the low power consumption and energy efficiency associated with the usage of LED lightings is creating a positive outlook for the market. This is supported by the rapid expansion of smart cities across the region. Along with this, the rising preference for green construction and significant infrastructural growth in European countries are acting as major growth-inducing factors. Moreover, the numerous initiatives undertaken by multiple regulatory bodies to spread awareness regarding the benefits of the adoption of LED lighting solutions are expected to create a positive outlook for the market. Additionally, the governments of multiple countries are introducing favorable initiatives to replace incandescent, directional and non-directional halogen lamps with LED lights, thereby propelling the market growth. Some of the other factors contributing to the market growth include the reduced average selling prices of these lights and the introduction of intelligent LED lighting systems that offer improved control methods. On account of the aforementioned factors, the market is projected to exhibit strong growth during 2021-2026.
- Based on the product type, the market has been bifurcated into LED lamps and modules, and fixtures, wherein LED lamps and modules exhibit a clear dominance in the market.
- On the basis of the application, the market has been classified into retrofit, retail and hospitality, outdoor, offices, architectural, residential, and others.
- On the geographical front, Germany holds the leading position in the market. Some of the other key regions include the United Kingdom, France, Italy, Spain and others.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include OSRAM Opto Semiconductors GmbH, Philips Electronics Nederland B.V., Zumtobel Lighting GmbH, Eaton Corporation plc, Panasonic Corporation, and TRILUX GmbH & Co. KG.
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