Europe LED Lighting Market to Reach US$ 51.6 Billion by 2032, Impelled by Escalating Demand for Energy-Efficient Lighting Solutions

The latest report by IMARC Group, titled “Europe LED Lighting Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032,” finds that the Europe LED lighting market size reached US$ 22.5 Billion in 2023. A light-emitting diode (LED) is a semiconductor device that emits a non-coherent and narrow-spectrum light when an electrical current passes through it. LED light is environment-friendly, durable, and consumes 90% less energy as compared to conventional incandescent or fluorescent bulbs. It is also compact in size, physically robust, and has an extended shelf life. As a result, LED lighting is extensively utilized in Europe as a key light source for streetlights, walkways, outdoors, parking spaces, and task lighting across residential and commercial spaces.

Europe LED Lighting Market Trends:

The market is primarily driven by the escalating demand for energy-efficient lighting systems in the European region. In addition, the growing awareness regarding the low power consumption associated with LED lighting represents another major growth-inducing factor. Besides this, the governing agencies in the European region are introducing stringent policies to promote the utilization of sustainable lighting solutions, and ban directional and non-directional halogen lamps. This, coupled with the subsidies and incentives provided by the government to increase the adoption of LED products, has encouraged consumers to buy LED technology-based products. Moreover, the introduction of cost-effective smart LED lighting systems with improved control methods is also contributing to the market growth. Furthermore, significant developments in the infrastructures across the region and the declining prices of LEDs are expected to create a favorable market outlook in the coming years. Looking forward, IMARC Group expects the market value to reach US$ 51.6 Billion by 2032, exhibiting a CAGR of 9.3% during the forecast period (2024-2032).

Market Summary:

• Based on the product type, the market has been bifurcated into LED lamps and modules, and fixtures. At present, LED lamps and modules exhibit a clear dominance in the market. 
• On the basis of the installation, new installation holds a leading position in the market.
• Based on the application, the market has been classified into residential, outdoor, retail and hospitality, offices, industrial, architectural, and others. Amongst these, the residential sector accounts for the majority of the total market share. 
• On the geographical front, Germany holds the leading position in the market. Other major countries include the United Kingdom, France, Italy, and Spain.
• The competitive landscape of the market has also been analyzed in the report, with some of the key players being Cree Inc., Dialight PLC, Eaton Corporation Inc. (Cooper Industries LLC), Osram Licht AG, Panasonic Corporation, Seoul Semiconductor Co., Ltd., Signify N.V. (Philips Inc.), TRILUX GmbH & Co. KG and Zumtobel Group AG.

Report Coverage:

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