According to a research report by Graphical Research, the European smart-lighting market share is set to hit $9 Billion by 2024. 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.
According to the research firm, 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 the energy consumption cost.
- Governments 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 grow at a CAGR of around 20% between 2018 and 2024.
- 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.
For more details, request a sample of the Europe smart lighting market research report.