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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Key Trends in the Market
LED (light-emitting diode) lighting is one of the most energy-efficient and eco-friendly lighting technologies. It consumes less energy to generate the same amount of light as compared to other types of lighting such as linear fluorescent lighting and circadian rhythm electric lights. There are different types of LED lighting, including alphanumeric LEDs, LED strips, colour LEDs, and flash LEDs, among others.
- The lifespan of LED lighting solutions is superior to other lighting types such as incandescent, fluorescent, and low-pressure sodium vapour (LPS). LEDs can generally last for about 50,000 to 100,000 hours, whereas an average incandescent bulb only lasts up to 1,000 hours. This, coupled with their energy efficiency, low maintenance, and high-quality radiation, is supporting the Europe LED lighting market demand.
- Governments and organisations in Europe are actively introducing various initiatives to promote energy efficiency and sustainability, become carbon neutral, and reduce greenhouse gas emissions. For instance, in September 2021, the energy labelling and ecodesign regulations, adopted by the EU in 2019, came into effect. The regulations aimed to save 7 million tons of CO2 emissions by 2030 and ban halogen and fluorescent bulbs while promoting energy-efficient technologies like LED.
- The Europe LED lighting market growth can be attributed to advancements in LED technologies. Smart LED lighting systems that can be remotely controlled, provide enhanced functionality, and offer features like scheduling, customisation, and energy management, among others, are also gaining significant popularity in the country.
Increasing research activities aimed at developing innovative manufacturing techniques and materials that can enhance the versatility, durability, and energy efficiency of LED lighting are likely to favour the market growth in the forecast period.
- LED lights are eco-friendly as they are made without the use of toxic elements and ensure low heat emissions. This enables the users to mitigate their carbon footprints and promote a sustainable future. Moreover, LED lights ensure less energy wastage, they convert 95% of their energy into light with only 5% being squandered as heat.
Europe LED Lighting Market Report Snapshots
Europe LED Lighting Market Size
Europe LED Lighting Market Trends
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 20.03 billion.
The market is estimated to grow at a CAGR of 9.2% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of around USD 44.42 billion by 2032.
The market is being driven by the increased use of LED lighting due to its energy efficiency, growing demand for these lights in the residential sector.
The key trends aiding the market expansion include the growing adoption of LEDs due to their higher lifespan and the introduction of favourable government initiatives aimed at promoting the use of LED lighting.
The major product types in the market report are lamps and luminaires.
The major regional markets are Germany, the United Kingdom, France, Italy, and others.
The key players in the market are Acuity Brands Inc., Signify NV, Ams Osram AG, Eaton Corporation PLC, Savant Systems Inc., Dialight plc, Zumtobel Group AG, TRILUX GmbH & Co. KG, Opple Lighting Co. Ltd., and Seoul Semiconductor Co. Ltd., among others.
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