Europe LED Lighting Market Size

Europe LED Lighting Market Size

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.

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.