Europe LED Lighting Market Size, Share, Price Trends, and Report 2024-2032
Europe LED Lighting Market Report
BROOKLYN, NY, USA, February 12, 2024 /EINPresswire.com/ -- The latest report by IMARC Group, titled “Europe LED Lighting Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2024-2032,“ offers a comprehensive analysis of the industry, which comprises insights into the Europe LED lighting industry. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The Europe LED lighting market size reached US$ 22.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 51.6 Billion by 2032, exhibiting a growth rate (CAGR) of 9.3% during 2024-2032.
Factors Affecting the Growth of the Europe LED Lighting Industry:
• Technological Advancements:
Innovations in light emitting diode (LED) lighting assist in improving their performance and versatility. Advancements in smart lighting and the integration of the Internet of Things (IoT) have expanded the functionality of LED lights beyond basic illumination to include features, such as remote control, light color adjustment, and integration with home automation systems. These technological advancements are broadening the application of LED lighting, making it suitable for a wide range of settings, ranging from residential and commercial spaces to industrial and urban environments.
• Environmental Awareness:
The escalating demand for LED lighting due to rising environmental concerns is propelling the growth of the market in Europe. The increasing adoption of LED lighting, as it is eco-friendly, is impelling the market growth. LEDs consume less power for the same level of light output as compared to traditional lighting solutions, leading to a reduction in carbon emissions. Moreover, LEDs have a longer lifespan and less frequent replacements, reducing waste. The growing adoption of LED lighting solutions due to the rising public and corporate commitment to sustainability goals is offering a positive market outlook.
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• Rising Focus on Energy Efficiency:
The increasing focus on energy efficiency on account of the implementation of stringent energy efficiency standards in the region is bolstering the market growth. These regulations aim to reduce energy consumption and mitigate climate change impacts, making LED lighting an attractive solution due to its superior energy efficiency over traditional lighting technologies. Besides this, governing agencies in Europe are offering various incentives, such as rebates for energy-efficient products and financial support for retrofitting lighting systems in public and commercial buildings, which is propelling the market growth.
Europe LED Lighting Market Trends:
The rising adoption of LED lighting than conventional lighting solutions due to its cost-effectiveness is propelling the market growth. LED lighting benefits in reducing energy consumption and maintenance costs. The lower cost barrier is making LEDs more accessible to a broader range of individuals, encouraging the replacement of traditional lighting systems with energy-efficient LED solutions across residential and commercial sectors in Europe.
The increasing demand for smart homes and buildings among individuals in the region is propelling the market growth. LED lighting is easily integrated with control systems and IoT devices.
Explore the Full Report with Charts, Table of Contents, and List of Figures: https://www.imarcgroup.com/europe-led-lighting-market
Competitive Landscape:
The report has provided a comprehensive analysis of the competitive landscape in the market.
• 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
• Zumtobel Group AG
Europe LED Lighting Market Report Segmentation:
By Product Type:
• LED Lamps and Modules
• LED Fixtures
LED lamps and modules represent the largest segment as they offer enhanced energy efficiency, longevity, and versatility.
By Installation:
• New Installation
• Replacement
New installation holds the biggest market share due to the rising construction of modern spaces.
By Application:
• Residential
• Outdoor
• Retail and Hospitality
• Offices
• Industrial
• Architectural
• Others
Residential accounts for the largest market share on account of the increasing focus on lowering electricity bills.
Regional Insights:
• Germany
• United Kingdom
• France
• Italy
• Spain
• Others
Germany enjoys a leading position in the Europe LED lighting market, which can be attributed to the rising need to maintain environmental sustainability.
Key highlights of the Report:
• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• COVID-19 Impact on the Market
• Porter’s Five Forces Analysis
• Strategic Recommendations
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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Claight Corporation
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