LONDON, Sept. 26, 2013 /PRNewswire/ -- Stringent European Union directives, awareness programmes, and partnership projects are promoting steady growth in the European lighting equipment market.
New analysis from Frost & Sullivan ( http://www.buildingtechnologies.frost.com), European Lighting Equipment (Luminaires) Market, finds that the European Union market for luminaires earned revenues of $15.51 billion in 2012 and estimates this to reach $17.66 billion in 2017.
The research reveals that Germany will continue to lead the market given the strict energy efficiency measures established by the government. With Germany, the United Kingdom and France are also likely to witness rapid growth in 2013 and 2014 as a result of national initiatives and of the uptake of Solid State Lighting (SSL) technologies.
EU-initiated awareness programmes and partnership projects to phase out traditional equipment are some of the key factors that are driving the market. In fact, they are encouraging investments in energy-efficient luminaires."These funded projects have widened market potential particularly in the street lighting and residential end user sectors," said Frost & Sullivan Energy and Environmental Research Analyst Balaji Anand Sagar. "The outdoor segment will experience the highest growth largely due to rising awareness on the efficiency of luminaires and its potential for energy-saving." Although test cases for modern luminaires such as light-emitting diodes (LEDs) were observed in all end-user segments across Europe, customer perception on initial cost versus payback period is unfavourable. This is especially true in the key residential segment, which in turn, diminishes overall market scope. Along with the high prices of advanced luminaires, economic uncertainty in the region has curbed market revenues, as end users prefer low-cost lighting solutions even if they are less energy-efficient than LED luminaires.