According to the latest report by IMARC Group, titled "Europe LED Lighting Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the Europe LED lighting market size reached US$ 17.6 Billion in 2019. A light-emitting diode (LED) is a semiconductor device that is widely utilized for numerous residential, commercial and industrial purposes. It generates a non-coherent and narrow-spectrum light upon passing an electric current through it. These lighting solutions are compact in size, have a long shelf life and offer low heat output. They are also extremely reliable, facilitate fast switching and generate minimum radiation emission. Apart from this, since these lights are environment-friendly in nature and consume lesser amounts of energy, their usage can save around 90% of the overall energy. As a result, they are extensively replacing conventional lighting technologies, such as incandescent and fluorescent lights, across the European region.
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 is primarily driven by the increasing power consumption and the high energy costs in Europe. This has led to the rising demand for energy- and cost-efficient lighting solutions, which is being further facilitated by the growing environmental-consciousness among the masses. The market is further driven by the numerous favorable policy measures set by the European Union (EU) over several years. The region has gradually phased out inefficient lighting technologies, such as incandescent, directional halogen and non-directional halogen lamps, which has largely influenced the demand for LED lighting. Governments of several countries are also offering subsidies and incentives to facilitate the adoption of LED lights among the masses, thereby creating a positive outlook for the country. Some of the other factors contributing to the market growth include reducing average selling prices of LEDs, significant infrastructural growth and growing preference for smart construction in the region. On account of the aforementioned factors, the market is projected to exhibit moderate growth during 2020-2025.
- 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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