The Europe LED Light Engine Market would witness market growth of 12.5% CAGR during the forecast period (2021-2027).
Factor like rising demand for better & energy-efficient lighting systems is one of the key aspects propelling the market growth. Several modernizing and developing infrastructures like smart cities are resulting in the growing application of IoT-based lighting technologies that further bolster the market growth. In addition, the high penetration of LEDs as light sources in conventional lighting, minimized LED prices, and the fast growth of LED technology across standard lighting are offering a boost to the market growth. The indoor lighting would gain more traction in the market over the forecast period. The housing market is also projected to create more opportunities in the coming years.
The presence of various key players in the market like OSRAM is anticipated to bolster the growth of the regional LED light engine market. The high demand for these LED light engines in various nations of the region would augment the growth of the regional market. In addition, the greater usage of the LED light engine in the various infrastructure of the region would bolster the regional growth.
Moreover, the growing demand for decorative lights along with the increasing consumer spending on improving the interiors of their homes would further spur the growth of the regional LED light engine market over the forecast period. All such determinants are contributing to the increased demand for the LED light engine market in this region over the forecast period.
The Germany market dominated the Europe Retrofit Installation LED Light Engine Market by Country 2020, thereby, achieving a market value of $2,549.1 million by 2027. The UK market is exhibiting a CAGR of 14.8% during (2021 - 2027). Additionally, The France market is poised to grow at a CAGR of 16.5% during (2021 - 2027).
Based on Product Type, the market is segmented into Luminaire and Lamp. Based on Installation Type, the market is segmented into New Installation and Retrofit Installation. Based on Application, the market is segmented into Indoor and Outdoor. Based on End User, the market is segmented into Commercial, Industrial and Residential. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global LED Light Engine Market Size will Hit $66.6 Billion by 2027, at a CAGR of 13.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Signify N.V., OSRAM GmbH (AMS AG), LEDRAbrands, Inc., Hubbell Incorporated, Zumtobel Group AG, Samsung Electronics Co., Ltd. (Samsung Group), Acuity Brands Lighting, Inc., Lumitech LLC, Lutron Electronics Co., Inc., and Glamox AS
By Product Type
By Installation Type
By Application
By End User
By Country
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