Market Trends of europe outdoor led lighting Industry
Upgradation, replacement, and construction of new stadiums will drive the growth of LED lights
- The number of stadiums is expected to witness growth from 1,700 units in 2022 to 1,760 units in 2029, exhibiting a CAGR of 0.5%. The sports sector has undergone several changes in recent years. For instance, London Stadium and Musco collaborated in 2020 to upgrade the lighting system and install LED lights. The Aviva Stadium in Dublin had spectacular lighting effects by 2020. Red, green, blue, and white (RGBW) LED fixtures with 52 color-changing options make up the recently installed system. The stadium at Ciutat de València underwent renovation in 2020, and LED floodlights were added. Six stadiums in Europe got new lighting by Signify in 2021. These elements support the expansion of the LED market in the area.
- European clubs set aside more than EUR 2.5 billion (USD 2.69 billion) for facility renovations. Valencia, Spain, which committed EUR 300 million (USD 323.77 million) to constructing the Nou Mestalla stadium in 2022, made the second-most expensive investment. With UEFA's assistance, the Football Association of Serbia (FSS) invested more than EUR 20 million (USD 21.58 million) in 2023 to upgrade a number of the nation's stadiums. Barcelona obtained EUR 1.45 billion (USD 1.6 billion) in financing from several investors to start building the Camp Nou stadium in 2023. Brussels invested EUR 6 million (USD 6.47 million) in building a major stadium in 2022. UEFA Euro 2024, EuroBasket 2025, and other events are a few of the upcoming sporting occasions in Europe. Thus, the renovation and construction of new stadiums and an increase in sporting tournaments are expected to increase sales of LED lights in the country.
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Increasing residential housing and non-residential buildings may drive the growth of LED lights
- In 2022, Europe had 743.5 million people. The Member States of the European Union contains over 131 million structures. The European Union has 119 million residential buildings and 12 million non-residential buildings. In 2022, the demand for housing remained high, encouraging the building of new homes in the region, thus benefitting the local LED market.
- There were 197.4 million households in 2021 as opposed to 196.0 million in 2020. In the EU, 49.4% of households had a single child in 2021, followed by 38.6% with two children and 12% with three or more. About 70% of EU citizens were homeowners in 2020. In 2019, European homes had 1.6 rooms per person on average. The use of LEDs in homes and business spaces may increase as the population and the number of households rise.
- As of 2019, there were 242.7 million cars on the road in the European Union, an increase of 1.8% from the previous year, and more than 28 million vans on the road. France has by far the largest fleet of vans, with six million vehicles, followed by Italy (4.2 million), Spain (3.8 million), and Germany (2.8 million). EU roadways have 6.2 million medium and heavy commercial vehicles. Even though registrations have gone up recently, only 4.6% of all EU vehicles are alternatively powered. Hybrid electric vehicles make up 0.8% of all vehicles on EU roads, while battery-electric and plug-in hybrid vehicles each account for only 0.2% of the total. The increase in automotive vehicle sales may positively impact LED sales in the region.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Increasing vacancy rates and leasing activity of real estate properties may drive the growth of the LED market
- Government programs and the prohibition of the sale of halogen bulbs may drive the growth of LED lighting
- Government regulations and policies to ban the use of fluorescent lighting, as well as smart building initiatives, may drive the use of LED lights in the region
- Government policies to limit the use of conventional bulbs and the target to increase EV sales may promote the use of LED lights
- Increasing disposable income and government incentives may lead to more LED penetration
