European LED Lighting Market to Reach $30 Billion by 2024

The European LED lighting market is expected to reach over $30 billion by 2024, according to research by MarketStudyReport.com. Growing awareness about smart and greener cities in the European countries is contributing to the demand for LED lighting systems.

This is resulting in the increasing deployment of LED lighting systems across all countries. For example, the road and street lighting transformations in Copenhagen that includes deployment of LED street lights is driving the European LED lighting market. These street lights deployed in Copenhagen have situational dimming capabilities that brighten when vehicles arrive and dim down when they pass.

Deployment of LED products in retrofit installations is a rapidly emerging trend across the European LED lighting market due to the low CO2 emissions benefits. Increasing infrastructure transformation projects going on in the European Union involves the transition of traditional halogen-based lighting systems. This factor, along with electricity cost saving advantages, is a major reason contributing to the growing demand for LED lamps and luminaires in the retrofit settings further contributing to the European LED lighting market growth. Moreover, the public infrastructure development and high investment in the LED-based street lighting projects also undergoes the replacement of conventional lamps and lights to LEDs.