According to a new report by Expert Market Research titled, “Europe LED Lighting Market Share, Size, Report and Forecast 2024-2032″, the Europe LED lighting market size was nearly USD 20.03 billion in 2023. Aided by the increasing emphasis on energy efficiency and sustainability and the rapid adoption of smart LED lighting systems, the market is estimated to grow at a CAGR of 9.2% during 2024-2032, to reach around USD 44.42 billion by 2032.
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.
LED lighting’s energy efficiency is one of its most compelling attributes. By consuming up to 80% less energy than traditional incandescent bulbs, LED lighting offers significant cost savings over time. This is particularly relevant in Europe, where energy costs are relatively high. This is one of the key Europe LED lighting market trends.
Get a Free Sample Report with Table of Contents: https://www.expertmarketresearch.com/reports/europe-led-lighting-market/requestsample
The lower energy consumption of LED lighting translates directly into reduced electricity bills for consumers and businesses alike. Additionally, the longer lifespan of LED bulbs compared to traditional lighting options means fewer replacements are needed, further contributing to cost savings and reducing the environmental impact associated with manufacturing and disposing of light bulbs.
The Europe LED lighting market growth is propelled through the adoption of regulations and initiatives aimed at promoting energy efficiency. The European Union’s Ecodesign Directive, for instance, sets stringent energy efficiency requirements for lighting products, pushing manufacturers and consumers towards more sustainable options like LED technology. In addition to regulatory measures, government incentives, such as subsidies or tax rebates for energy-efficient lighting, further encourage the transition to LED lighting. These initiatives not only support environmental goals but also stimulate innovation and competitiveness in the lighting sector.
The Europe LED lighting market is continually evolving, with technological advancements enhancing the functionality and appeal of LED solutions. Smart lighting and connected systems represent a significant innovation, allowing users to control lighting remotely, adjust brightness and colour, and integrate lighting with other smart home devices. This has opened up new possibilities for personalised and adaptive lighting environments in homes, offices, and public spaces. Moreover, advancements in LED technology have led to improvements in light quality, colour rendering, and design flexibility, making LED lighting more attractive for a wide range of applications.
Read Full Report with Table of Contents: https://www.expertmarketresearch.com/reports/europe-led-lighting-market
The growing awareness of environmental sustainability is a key driver behind the Europe LED lighting market. Consumers and businesses are more conscious of their environmental impact and are seeking eco-friendly solutions to reduce their carbon footprints. LED lighting, with its energy efficiency and longer lifespan, is seen as a sustainable alternative to traditional lighting options. The reduction in energy consumption and waste associated with LED lighting aligns with broader environmental goals, such as combating climate change and promoting sustainable development.
In the LED lighting market in the United Kingdom, lighting applications account for a significant portion of electricity consumption. The Department for Business, Energy and Industrial Strategy (BEIS) estimates that around 20% of the electricity generated in the country is used for lighting. This highlights the substantial potential for energy savings in this sector.
In September 2021, the UK government took a significant step to promote energy efficiency by banning the sale of halogen light bulbs. This move is part of a broader effort to combat climate change and reduce energy consumption. By phasing out less efficient halogen bulbs, the government aims to increase the market share of LED light bulbs to 85% by 2030.
Market Segmentation
The Europe LED lighting market can be divided based on product type, application, end use, and country.
Market Breakup by Product Type
• Lamps
• Luminaires
Market Breakup by Application
• Indoor
• Outdoor
Market Breakup by End Use
• Commercial
• Residential
• Industrial
Market Breakup by Country
• Germany
• United Kingdom
• France
• Italy
• Others
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the Europe LED lighting market. Some of the major players explored in the report by Expert Market Research are as follows:
• 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.
• Seoul Semiconductor Co. Ltd.
• Others
Read More Trending Reports
India Bakery Market: https://www.expertmarketresearch.com/reports/indian-bakery-market
Family Offices Market: https://www.expertmarketresearch.com/reports/family-offices-market
Onion Powder Market: https://www.expertmarketresearch.com/reports/onion-powder-market
About Us
Acquire unparalleled access to critical industry insights with our comprehensive market research reports, meticulously prepared by a team of seasoned experts. These reports are designed to equip decision-makers with an in-depth understanding of prevailing market trends, competitive landscapes, and growth opportunities.
Our high-quality, data-driven analysis provides the essential framework for organisations seeking to make informed and strategic decisions in an increasingly complex and rapidly evolving business environment. By investing in our market research reports, you can ensure your organisation remains agile, proactive, and poised for success in today’s competitive market.
Don’t miss the opportunity to elevate your business intelligence and strengthen your strategic planning. Secure your organisation’s future success by acquiring one of our Expert Market Research reports today.
Media Contact
Company Name: Claight Corporation
Contact Person: John Walker, Corporate Sales Specialist – U.S.A.
Email: sales@expertmarketresearch.com
Toll Free Number: +1-415-325-5166 | +44-702-402-5790
Address: 30 North Gould Street, Sheridan, WY 82801, USA
Website: https://www.expertmarketresearch.com
Aus Site: https://www.expertmarketresearch.com.au
