The outdoor Smart lighting market in europe to register the fastest growth up to 2024 due to the growing popularity of smart street lighting systems in the region and the initiatives undertaken by the companies to establish extensive smart street light networks.
Pune, Maharashtra -- (SBWIRE) -- 02/19/2019 -- The Europe Smart Lighting Market growth is primarily attributed to the increasing uptake of smart lighting solutions for facilitating the 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.
Graphical Research presents a most up-to-date report on "Europe Smart Lighting Market analysis based on Component, Lighting Source, Application, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2018 - 2024", estimated to exceed USD 9 billion by 2024.
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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 the 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.
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Segments We Cover:
Europe Smart Lighting Market Statistics, By Component
Product
Technology
Europe Smart Lighting Market Trends, By Lighting Source
LED
Fluorescent Lamp
CFL
HIDL
Europe Smart Lighting Market, By Application
Indoor Lighting
Outdoor Lighting
The above information has been provided for the following countries:
UK
Germany
France
Italy
Spain
Netherlands
Browse key industry insights from this 2018 report @
https://www.graphicalresearch.com/industry-insights/1023/europe-smart-lighting-market
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