To Reach US$ 35 Billion by 2027 in Europe LED Lighting Market
The Europe LED lighting market reached a value of US$ 18.2 Billion in 2021. Looking forward, WE expects the market to reach US$ 35 Billion by 2027, exhibiting a CAGR of 11.4% 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.
