As per our report, the size of the European LED lighting market was valued at USD 19.54 billion in 2023 and is estimated to be growing at a CAGR of 15.5%, reaching USD 40.17 billion by 2028.
LED lamps are very effective in consuming energy and immediately emit light with full brightness. Multiple LEDs are used in lighting applications where the circuit exhibits superior characteristics like heat dissipation and light distribution. The lamps are designed according to their applications with different temperature ranges.
The rise in the demand for advanced lighting systems is a key driving factor for the European LED lighting market. The growing concern towards environmental safety is additionally fuelling the demand for LED lighting products and propelling the European market growth. Growing support from the government through investments in the electronics and electrical industries is to surge growth opportunities for the European market. Furthermore, the market is lavished by increasing disposable income in urban areas.
However, rapid changes in economic strategies are slowly degrading the European market growth. The rise in failures due to manufacturing defects is limiting the growth of the European market.
REPORT COVERAGE:
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2022 to 2028 |
|
Base Year |
2022 |
|
Forecast Period |
2023 to 2028 |
|
CAGR |
15.5% |
|
Segments Covered |
By Application, Installation & Country |
|
Various Analyses Covered |
Global, Regional, and country-level analysis; Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
|
Regions Covered |
UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic, Rest of Europe |
This research report on the Europe LED Lighting Market has been segmented and sub-segmented into the following categories.
Europe LED Lighting Market-By Application:
Based on application, the Lamps segment holds the largest share of the European market owing to the rise in the manufacturing of innovative products in favor of the end-user industries.
Europe LED Lighting Market-By Installation:
Based on the installation, the retrofit installations segment is leading with a prominent share of the regional market during the forecast period owing to the growing repairs and replacement of older lamps with new ones.
Europe LED Lighting Market-By Country:
Geographically, Europe witnessed the fastest growth rate over the past few years and is also expected to have the highest CAGR in the foreseen years owing to the emergence of the latest technological developments and the launch of various techniques in manufacturing procedures. Germany accounted for the leading share of the European market in 2022 and the German market is also expected to register a healthy CAGR during the forecast period owing to the growing trend towards energy-efficient lighting and cost-efficient products. Increasing the construction of smart home buildings is prompting the growth of the market extensively. Growing priority for long-life products with energy efficiency is gearing up the market growth in this vicinity.
KEY MARKET PLAYERS:
Key market participants in the Europe LED lighting market are Cree, Inc., Osram GmbH, Digital Lumens Inc., Eaton, Signify Holding, General Electric, and Dialight.
Frequently Asked Questions
Challenges include initial high costs of LED products, consumer awareness and acceptance, potential issues related to the disposal of LED products, and competition within the market.
Yes, there can be variations in adoption rates based on factors such as economic development, government policies, and awareness levels. Western European countries often exhibit higher adoption rates compared to some Eastern European nations.
The growth of the LED lighting market in Europe can be attributed to factors such as government regulations promoting energy-efficient lighting, increasing sustainability awareness, cost savings associated with LED technology, and ongoing technological advancements.
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