Europe LED Lighting Market Size By Product (Lamps, Luminaires), By Installation (New Installation, Retrofit), By End-Use (Residential, Commercial, Industrial, Institutional, Elderly Care), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2018 – 2024
Published Date: Dec 2018 | Report ID: GMI3035 | Authors: Ankita Bhutani, Pallavi Bhardwaj
Europe LED Lighting Market size was valued at over USD 11.5 billion in 2017 and will grow at a CAGR of over 15.5% from 2018 to 2024. The unit shipments are expected to reach over 4 billion units by 2024.
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Rising implementation of advanced lighting system across residential and commercial sector is expected to drive the Europe LED lighting market over the forecast timeline. The projects to implement these systems for traffic signals, street lights, residential end-use are witnessing high adoption across various European countries. Such systems largely aid in optimizing the energy consumption by minimizing the power wastage for street lighting systems. Moreover, the government has taken up various smart city initiatives along with stringent energy regulations to encourage adoption of the Europe LED lighting market.
Various cities in UK have made a significant progress over the last year by developing and applying strategies to improve the public, commercial, and residential lighting infrastructure, thereby reducing the costs and improving the urban environment, driving the overall Europe LED lighting market size. There are around 7.4 million streetlights in the UK, yet less than 10% are presently using new LEDs. The local operators in the UK spend approximately USD 420 million on electricity for streetlights annually, however, it is anticipated that by the increased adoption of LED lights, the annual savings on energy would be around USD 280 million.
Challenges such as installation issues and lack of compatibility with the traditional lighting infrastructure are hampering the Europe LED lighting market. Several newly manufactured products are unserviceable in nature and have repair limits as compared to traditional halogen lamps. Due to these problems, LEDs bulbs need immediate replacements in cases of failures, which will lead to high costs for consumers. Despite the longer life and increased efficiency features, some cases of failures occur due to manufacturing defects. These challenges can be eliminated by offering serviceable light components and efficient LED modules that will support the repairing functions.
|Base Year:||2017||Market Size in 2017:||11.5 Billion (USD)|
|Historical Data for:||2013 to 2017||Forecast Period:||2018 to 2024|
|Forecast Period 2018 to 2024 CAGR:||15.5%||2024 Value Projection:||30 Billion (USD)|
|Pages:||228||Tables, Charts & Figures:||337|
|Geographies covered (10):||UK, Germany, France, Italy, Spain, Belgium, Sweden, Norway, Finland, Denmark|
|Segments covered:||Product, Installation, End-Use and Region|
|Companies covered (23):||Acuity Brands Inc., Cooper Industries, Inc., Cree, Inc., Dialight, Endo Lighting Corporation, Shanghai Feilo Acoustics Co. Ltd., General Electric Company, Hubbell Incorporated, Iwasaki Electric Co. Ltd., LG Innotek Co. Ltd., Nichia Corporation, Ocean's King Lighting Science & Technology Co. Ltd., OPPLE Lighting Co. Ltd. , OSRAM Opto Semiconductors GmbH , Panasonic Corporation, Philips Lighting Holding B.V., Samsung Electronics Co. Ltd., Seoul Semiconductor Co. Ltd. , Sharp Corporation, GreenStar Products, Inc., Virtual Extension, The Zumtobel Group AG|
|Pitfalls & Challenges:||
Europe LED Lighting Market, By Product
Lamps are gaining a high popularity among residential, commercial, and institutional applications in the Europe LED lighting market. The transformation of traditional households, offices, government buildings, etc., to deploy new lighting systems generated a high demand for LED lamps. These products offered by companies such as Philips, General Electric, Osram, etc., are made available in local markets through the flagship, retail outlets, and brand outlets.
In order to save on electricity bills and gain the advantage of long-lasting benefits, several households, restaurants, and offices are shifting toward the replacement of conventional halogen & incandescent lamps. Moreover, the new bulb rules set by the European Commission include the replacement of all household bulbs with LED lamps, fueling Europe LED lighting market demand. These products experience high per unit sales as compared to luminaires due to their high sales ratio in local markets through the local stores.
Europe LED Lighting Market, By Installation
The construction of several new buildings & public facilities in all industry verticals is escalating the demand for newly installed systems in the Europe LED lighting market. The development of new residential, commercial, and industrial setting is creating increased requirements for energy-efficient lighting. In new installations, LEDs provide the cost-saving benefits as they are deployed at the time of the construction with appropriate light fittings, unlike retrofit installations.
The transformation of building architecture & interiors and the need to incorporate intelligent lighting control systems are also driving the demand for new installation setting. Additionally, to comply with European regulations and to support energy conservation initiatives, new construction project owners are moving toward LED lighting systems. The development of public & private infrastructure facilities such as hotels, restaurants, and healthcare facilities including hospitals, elderly care homes, etc., is a major factor responsible for the installation of these system in the Europe LED lighting market.
Europe LED Lighting Market, By End-Use
Rapidly-increasing lighting requirement to provide better customer experiences and illuminated atmosphere in retail stores, restaurants, hospitality facilities, etc., is accelerating the Europe LED lighting market size in commercial sector. The retail store owners gain several benefits from these systems such as increased customer walk-ins, better shelf projectivity, and mood setting due to the illumination capabilities. The incorporation of LEDs into shelves, display systems, and trial rooms gains customer attraction and compels them to purchase the items.
Moreover, these products also aid in saving the electricity cost and add up to the CO2 reduction initiatives in commercial settings. Official buildings are also increasingly deploying these systems due to high electricity consumption in conventional lights and the transformation to intelligent lighting control technologies accelerating the Europe LED lighting market. LEDs provide mood-changing features to employees and create professional environment by providing the situation-based light changing features. In order to provide efficient and healthy lighting facilities to employees, several organizations in Europe are utilizing intelligent lighting systems and LED products, further supporting the industry growth.
Europe LED Lighting Market, By Region
Increasing instances of night light emissions that include unequal brightness in different areas under the traditional lights are leading to the replacement trend in the Germany LED lighting market. According to a study in Germany, the growing night-light emissions create different lighting atmospheres in different places and changes in the outdoor lighting systems. To reduce the impacts of such emissions, the outdoor lighting in several regions has been replaced by LEDs. Moreover, the advancements in industry verticals, such as automotive, hospitality, commercial, and manufacturing sectors, are creating chances for the transformation of lighting systems. The cost-saving benefits associated with LEDs account for the deployment of such systems in newly-developed projects. Moreover, the provision of LED products by leading industry players through their online and retail sales channels is driving the Europe LED lighting market growth.
Competitive Market Share
Prominent companies present in the Europe LED lighting market include Philips, Zumtobel, Osram, Trilux, Cooper Industries (Eaton Corporation), Panasonic Corporation etc. The key players in the industry have significant purchasing power and are capable of procuring raw materials in bulk quantities, investment substantially in R&D activities, can offer wide range of products tailored to the needs of people in the respective area of application. These players are steadily involved in strategic partnerships for enhancing the product portfolio and expanding global presence.
Europe LED Lighting Industry Background
Several benefits associated with the adoption of LED lighting technology across various industry verticals are creating a high acceptance in the European Union. Some beneficiary features of LEDs include efficiency & energy conservation from 50% to 70%, reduced carbon emissions, and high lifespan from about 50,000 to 100,000 hours. These factors along with an efficient integration with the stylish & modern interiors in commercial & residential architectures will lead to a rapid deployment in the Europe LED lighting market. The government and consumer concerns related to saving energy and electricity costs are the key factors adding up to the economic & environmental benefits associated with these systems thereby driving Europe LED lighting market.
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