Europe LED Lighting Market Valuation to Cross the 30 Billion USD Mark By 2024, Residential LED Lighting Application To Drive The Industry Expansion

Europe 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.

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Deployment of LED products in retrofit installations is a rapidly emerging trend across the Europe LED lighting market due to the low CO2 emissions benefits. Increasing infrastructure transformation projects going on in the European Union involves the transition of traditional halogen-based lighting systems. This factor along with electricity cost saving advantages is a major reason contributing to the growing demand for LED lamps and luminaires in the retrofit settings further contributing to the Europe LED lighting market growth.

Residential LED lighting application is experiencing substantial growth in the European Union due to the awareness created by government among the residential segment in the Europe LED lighting market. The steps taken by government agencies to promote the deployment & utilization of energy efficiency lights in household, apartments, hostels, etc. is compelling the European citizens to use LEDs. The EU energy policy and initiative to reduce climatic changes such as increased global warming, CO2 emissions, etc. creates awareness among the European households & promotes LED utilization.

Commercial applications are gaining traction in the Europe 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 provide a better working atmosphere to 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.

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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 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.

The players operating in the Europe LED lighting market comprise Acuity Brands Inc., Cooper Industries, Inc., Endo Lighting Corporation, General Electric Company, Hubbell Incorporated, OPPLE Lighting Co., Ltd., OSRAM Opto Semiconductors GmbH, Philips Lighting Holding B.V., GreenStar Products, Inc., The Zumtobel Group AG, etc.

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