The Europe LED Lighting Market would witness market growth of 11.1% CAGR during the forecast period (2021-2027). LEDs are extremely effective, reliable, and provide a higher life span, which would fuel their adoption rate in indoor as well as outdoor settings.
These lights are cost-efficient in comparison to incandescent lights, offering approximately 50,000 hours of illumination with low consumption of energy. Less price of operation and decreased heat losses also make them an appropriate alternative for incandescent lights. The demand for the product is also boosted by technological developments, switch from traditional to green lighting, and improved energy-efficiency standards.
The installation of LED lighting is supported by the strict norms to ban or restrict the usage of inefficient lighting technologies and government rebate and retrofit programs, thereby boosting the market growth. LED lighting is relatively costly; though, it provides longer service life and better lumen power at less wattage in comparison to incandescent, CFL, and halogen light sources. In addition, the growth of the market would be boosted by the constantly reducing cost of LED lamps and luminaries and the availability of smart lighting solutions, along with updated energy policies around the world.
The Germany market dominated the Europe LED Lighting T Lamps Market by Country 2020, growing at a CAGR of 9.5 % during the forecast period. The UK market is exhibiting a CAGR of 9.8% during (2021 - 2027). Additionally, The France market is poised to witness a CAGR of 11.4% during (2021 - 2027).
The Luminaires market dominated the Spain LED Lighting Market by Product 2020, thereby, achieving a market value of $1,238.9 million by 2027. The Lamps market is expected to witness a CAGR of 12.8% during (2021 - 2027).
Based on Product, the market is segmented into Luminaires and Lamps. Luminaires segment is further categorized into Downlights, Streetlights, Troffers and Others. Lamps segment is further bifurcated across A Lamps, T Lamps and Others. Based on Application, the market is segmented into Indoor and Outdoor. Based on End User, the market is segmented into Commercial, Residential, Industrial and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global LED Lighting Market Size will Hit $115.6 Billion by 2027, at a CAGR of 11.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Dialight PLC, LSI Industries, Inc., Zumtobel Group AG, Heliospectra AB, Nichia Corporation, Seoul Semiconductor Co., Ltd., Lumileds Holding B.V., Signify N.V., Hubbell, Inc., and Acuity Brands Lighting, Inc.
By Product
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By End User
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