The Europe Lamps Market would witness market growth of 5.0% CAGR during the forecast period (2023-2030).
People may now afford a wider selection of lighting services, especially in emerging nations, owing to rising disposable income among consumers and falling lighting product prices. The rising demand for lighting services is further fueled by a burgeoning population and an increase in houses. The requirement to illuminate larger places drives the need for lighting services in the business sector.
An increasing preference for lighting solutions that use the least energy is also a growing trend aiding in expanding the market. Energy efficiency has become a crucial factor for both consumers and enterprises. Compared to conventional lighting solutions, desk and floor lamps with light-emitting diode (LED) technology provide significant energy savings. Due to their high efficiency, LEDs use less energy as heat and convert a greater proportion of electrical energy into visible light.
The energy-saving and environmentally friendly attributes of desk and floor lamps based on LEDs align with the ideals of environmentally concerned consumers who prioritize lowering their energy consumption and carbon emissions. Additionally, LED lamps are an appealing long-term investment for residential and commercial customers due to the cost benefits connected to energy-efficient lighting solutions, such as decreased power bills and reduced maintenance costs. The demand for energy-efficient lamps is also increasing because of the growing government support and rules.
Many European nations, including the United Kingdom, want their carbon emissions to be zero by 2050. On the basis of this objective, local manufacturing firms are investing a lot in lighting technologies. Over the projection period, it is anticipated that an increase in the number of strict government restrictions, such as the prohibition of less-efficient sources of lighting as well as incentives and rebates on LED lighting, will considerably drive the market. In addition, this region has several standards that control the performance and safety of parking lighting, garage lighting, and street lighting. Therefore, the regional market is expanding due to rising energy-saving consciousness.
The Germany market dominated the Europe Lamps Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $418.2 million by 2030. The UK market is poised to grow at a CAGR of 4.1% during (2023 - 2030). Additionally, The France market would witness a CAGR of 5.8% during (2023 - 2030).
Based on Product, the market is segmented into Desk Lamp, and Floor Lamp. Based on Type, the market is segmented into Decorative Lamp, and Reading Lamp. Based on Application, the market is segmented into Commercial/Hospitality, and Residential/Retail. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide Lamps Market is Projected to reach USD 6.5 Billion by 2030, at a CAGR of 5.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Panasonic Holdings Corporation, Koninklijke Philips N.V., Stanley Electric Co. Ltd., ams-OSRAM AG, General Electric Company, Toshiba Corporation, Siemens AG, Samsung Electronics Co., Ltd. (Samsung Group), OPPLE Lighting Co Ltd., and Maxlite, Inc.
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