Europe LED Lighting Market Size, Share, Trends Analysis Report 2020-2027
The Europe LED lighting market was valued at USD 5,227.3 million in 2019 and it is expected to witness a growth rate at a cagr of 11.3% over the forecast period. The covid-19 had created a substantial impact on the European LED lighting industry, most of the manufacturing facilities in countries such as the Netherland and Germany were shutdown which adversely impacted the overall demand and supply chain. The government is expected to support the lighting industry by offering some economic package for the manufacturers, to improve the economical balance in the region.
The European region has one of the strictest regulatory policies related to the lighting sector, the governments have formed various regulations and have started many promotional programs to increase the adoption of energy-efficient lighting such as LED in the region. Many private sector companies are also launching various schemes and subsidies to attract commercial and industrial customers. The rebate policy has significantly helped the lighting industry to transform from traditional lighting sources such as incandescent and CFL to highly advanced LED lightings.
The substantial growth in the construction industry in the recent few years has positively benefited the growth of the LED lighting market in Europe. The industrial and commercial LED lighting market in Europe witnessed the highest growth rate of over19% between 2017 to 2019. However, due to the covid-19 pandemic, the overall growth rate of the regional market has decreased to 11.3% from the previous estimate of 18.5%.
The LED lightings are a highly advanced lighting technology that offers many benefits compared to traditional lighting sources such as incandescent and CFL lamps. The key advantage of using LED light is very low power consumption, it is assumed that the LED lamp has a shelf life of 50,000 hours, which is equivalent to 18 incandescent bulbs. Therefore LED lights are economic, power-efficient, less heat-producing, and provide better brightness with its cool daylight.
Europe LED lighting market is highly competitive in nature with the presence of large LED lighting manufacturers such as Philips Lighting and Osram. Europe accounts for nearly 35% of Global LED lighting export. However, In the recent few years due to the emergence of e-commerce and international shopping trends, the European LED lighting manufacturers are facing fears of competition from the Chinese LED lighting manufacturers. China is the largest exporter of LED lightings to Europe, however, the Chinese manufacturers are assumed to supply substandard quality products to the European Nations, therefore the government is planning to implement minimum quality standards for imported lighting. This step will encourage the regional lighting manufacturers and shall help to boost their sales in Europe.
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