LED Lighting Market in Europe is expected to surpass a revenue of USD 30 billion by 2024 when the global industry shipments are predicted to register 18% growth rate; according to a new research report by Global Market Insights.
European LED lighting market is anticipated to grow over the forecast timeframe due to the factors such as increasing demand for energy efficient lighting solutions, need to cut-down electricity-related costs, high disposable income, rising investments in infrastructure which include roadways, construction of new offices, residential complexes, parks, hotels, etc. among others.
The LED Lighting Market across Europe is majorly driven by the new installation which held a revenue share of over 65% in 2017. The government has launched several smart city initiatives across the region for deploying smart lighting solutions in the indoor and outdoor spaces.
Furthermore, increasing adoption of the LED lamps in the region also fosters the market growth. The need for energy-efficient lighting systems has increased significantly over the past decade to reduce energy consumption and improve energy security among the developed and the developing countries alike.
Elderly care homes and healthcare facilities are the emerging segments in the Europe LED lighting market owing to the development of patient-centric facilities and the focus on providing the residents’ comfort & security. To keep elderly home residents in a secure atmosphere and to maintain their health, the care centers are adopting facility transformation initiatives that include the replacement of conventional lighting systems with the innovative LED technologies. These lighting units improve the residents’ moods and provide appropriate illumination & brightness that will support the eyesight of the elderly people.
The recently developed LED lights are not compatible with the traditional switching boards fixed across residences, offices, buildings, etc., due to the changes in circuitry designs challenging the European LED lighting market growth. The incompatibility issues result in increasing the possibilities for changing the entire switch systems, increasing the deployment cost of consumers. LED bulbs are developed to generate a lesser amount of heat as compared to the conventional products. Fixing these bulbs in old & enclosed light fittings increases the heat amount and results in failures.
Commercial applications are gaining traction in the European LED lighting market due to a high implementation of the modern & stylish lighting systems in hospitality centers, commercial buildings & offices, and healthcare facilities across Europe. In commercial set-ups including offices, banks, etc., LED lights provides a better working atmosphere for employees and create mood enhancement due to the situational illumination control features. Such facilities deploy the energy-efficient technologies to save the electricity costs and incorporate wireless lighting control systems.
It was also found that the hospitality segment including restaurants, hotels, recreation centers, etc., in the European LED lighting market is increasingly adopting these technologies to efficiently manage the electricity resources and provide an enhanced experience to consumers. Due to the rapidly-developing tourism sector in Europe and the demand for luxurious hospitality facilities by consumers & tourists, the hotel & restaurant owners are focusing on transforming their facilities with luxurious interiors, advanced lighting technology, and better services.