We manufacture LED lightings for shelf and commercial refrigeration, and Europe is one of our markets. Today we’d like to share a news about the LED lighting market in Europe in the future.
The Europe LED lighting market reached a value of US$ 18.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 34.5 Billion by 2027, exhibiting a CAGR of 11.3% during 2022-2027.
The market is primarily driven by the escalating demand for energy-efficient lighting systems in the European region. In addition, the growing awareness regarding the low power consumption associated with LED lighting represents another major growth-inducing factor.
Besides this, the governing agencies in the European region are introducing stringent policies to promote the utilization of sustainable lighting solutions, and ban directional and non-directional halogen lamps. This, coupled with the subsidies and incentives provided by the government to increase the adoption of LED products, has encouraged consumers to buy LED technology-based products.
Moreover, the introduction of cost-effective smart LED lighting systems with improved control methods is also contributing to the market growth. Furthermore, significant developments in the infrastructures across the region and the declining prices of LEDs are expected to create a favorable market outlook in the coming years.