Europe LED lighting market trends are driven by stricter sustainability regulations and increased adoption of smarter and greener solutions. Many European countries are replacing their existing lighting infrastructure with new smart solutions powered by LED technology.
Taking a recent instance, in November 2020, German railway company Deutsche Bahn (DB) had announced plans to convert all of its lighting systems to the more climate friendly LED as part of its efforts to achieve completely green rail operations by 2050.
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Highly efficient LED lights that facilitate quality lighting with lower energy costs and fewer environmental impacts have historically come at significantly higher prices. However, over time, the overall costs of energy lamps have significantly declined owing to increased market demands, government regulations and technological innovations.
According to a recent study by Danish Energy Agency, CLASP and Energy Piano, the price of LED lamps from high-quality suppliers in Europe are steadily declining and significantly improving in efficiency at a much quicker rate than previously predicted. The study found that the price points of LEDs presently are about 5 to 11 years ahead of the expert forecasts. In fact, LED lightings in Europe have become so affordable that some LEDs are expected to pay back for themselves in terms of energy cost savings in as little time as a year, that would further propel Europe LED lighting market in the forthcoming years.
The EU’s step to embrace and promote energy efficient lighting across a plethora of different industrial & commercial sectors by imposing a continent-wide ban on the sale of conventional non-directional halogen lamps on the 1st of September 2018 is projected to accelerate the adoption of LED lighting in the region, thereby boosting Europe LED lighting market size exponentially. The latest policy is expected to prompt consumers to gradually phase out their inefficient, old and obsolete halogen lamps and replace them with the latest LED lamps.
According to a report by the European Commission, switching to LED lamps from an average halogen lamp would save consumers approximately €115 over the entire lifetime of the LED, which is at least 20 years. Moreover, the switch would be bringing annual energy savings to about 48.0 TWh of electricity and save over 15.2 million tons of CO2 emissions by 2025, thereby significantly driving the growth prospects of the market.
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The rising rate at which LED lightings are being incorporated across commercial buildings & offices, hospitality centers and healthcare facilities throughout the continent will ensure that Europe LED lighting market would most certainly depict an appreciable growth rate in the years ahead. The application of LED lights in commercial applications is gaining considerable prominence due to the modern and stylish aesthetics the systems bring with them.
Major Key Points from Table of Content:
Chapter 4 Europe LED Lighting Market, By Product
4.1 Key trends by product
4.2.1 Market size & forecast, 2013 - 2024
4.3.1 Market size & forecast, 2013 - 2024
Chapter 5 Europe LED Lighting Market, By Installation
5.1 Key trends by installation
5.2 New installation
5.2.1 Market size & forecast, 2013 - 2024
5.3.1 Market size & forecast, 2013 - 2024
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