Europe LED Lighting Market To Reach US$ 34.5 Billion by 2027 | CAGR of 11.3% – EIN News

July 23, 2022 by No Comments

Europe LED Lighting Market

SHERIDAN, WY, UNITED STATES, July 19, 2022 /EINPresswire.com/ — According to the latest report by IMARC Group, titled “Europe LED Lighting Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022- 2027,” the Europe LED lighting market reached a value of US$ 18.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 34.5 Billion by 2027, exhibiting a CAGR of 11.3% during 2022-2027. 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.

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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic.

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.

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Europe LED Lighting Market 2022- 2027 Analysis and Segmentation:

Competitive Landscape with Key Players:

• 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

Breakup by Product Type:

• LED Lamps and Modules
• LED Fixtures

Breakup by Application:

• Retrofit
• Retail and Hospitality
• Outdoor
• Offices
• Architectural
• Residential
• Others

Breakup by Country:

• Germany
• United Kingdom
• France
• Italy
• Spain
• Others

Key Highlights of the Report:

• Market Performance (2016-2021)
• Market Outlook (2022- 2027)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• 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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Source: https://www.einnews.com/pr_news/581959746/europe-led-lighting-market-to-reach-us-34-5-billion-by-2027-cagr-of-11-3

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