The market growth is primarily attributed to the increasing uptake of smart lighting solutions for facilitating government initiatives to develop highly connected infrastructure for smart city networks across Europe. The Humble Lamppost project allows Europe to save a total of USD $2.46 billion yearly on electricity as around 60 to 90 million 25-year-old street lights have been replaced with more efficient LED devices. Philips raised its investments in the European LED market from USD $285 million in 2014 to USD $342 million by 2018 with an aim to position itself in the European LED component industry.
The commercial lighting segment held a majority share of around 40% in the Europe smart lighting market for indoor lighting applications in 2017. The growth of the market is driven by the growing demand for energy-efficient lighting solutions to reduce energy consumption cost. The governments across European countries are restricting the use of low energy-efficient lighting solutions, such as incandescent and halogen lamps, in the commercial sector. The residential lighting market is projected to exhibit a robust growth at a CAGR of around 20% between 2018 and 2024. The growing awareness regarding the cost-benefits of energy-efficient LED lighting products in the residential sector is expected to fuel the market growth during the forecast period.
Some of the key vendors in the Europe smart lighting market are GE Lighting, Schneider Electric, Hubbell, Silver Spring Networks, Philips Lighting, Cooper Industries (Eaton), Acuity Brands, Bridgelux, Tvilight, Zumtobel, and Cree.
The Europe smart lighting market research report includes in-depth coverage of the industry with estimates and forecast in terms of revenue in USD from 2013 to 2024, for the following segments:
Europe Smart Lighting Market Statistics, By Component
- Light Control
Europe Smart Lighting Market Trends, By Lighting Source
- Fluorescent Lamp
Europe Smart Lighting Market, By Application
- Indoor Lighting
- Outdoor Lighting
The above information has been provided for the following countries: