Commercial

4 technology-oriented trends impacting smart elevator market share

Posted on

The global smart elevator market share is on the rise lately owing to the product’s growing adoption in emerging markets like India and China, coupled with growth in the construction and infra sectors worldwide. Smart elevators are estimated to make big strides in the global elevator market owing to the new wave of technology and advancements that are transforming the global landscape.

UK smart elevator market, by application, 2018 & 2025 (USD Million)
UK smart elevator market, by application, 2018 & 2025 (USD Million)

Enumerated below is an insightful summary of the top technological trends which are likely to offer impetus to smart elevators industry share.

1) Internet-connected elevators

The future of elevators is connectivity, which is expected to play a huge role in product demand over the coming years. With several smart elevator manufacturers already considering its implementation, it won’t take long for internet-connected smart elevators to become common. A smart elevator company that is currently exploring this possibility is Otis Elevators. The company has initiated development of smart elevators that are capable of communicating with passengers, service staff, building managers, and others for enhancing performance and passenger experience.

Otis is also looking to develop technologies that can enable passengers to summon elevators through their phone. The implementation of connectivity and smart features is a major ongoing trend which is estimated to overcome problems concerned with efficiency, repair schedules, as well as waiting and traveling time. The burgeoning demand for the integration of such technologies within residential and commercial spaces will pump up smart elevator market share in the ensuing years.

2) IoT driven elevators technology

Technologies like IoT are reshaping the surroundings and helping countless businesses perform better. Smart elevators companies have also started recognizing the potential of these disruptive technologies and are beginning to embrace them. A smart elevator market analysis reveals that IoT seems to have majorly influenced the industry dynamics lately. Case in point, smart elevator company Schindler recently entered a partnership with Spanish telecom giant Telefónica to enhance its cloud-based digital offerings with Telefónica’s IoT connectivity services.

Such provisions will offer greater convenience, interactivity, and personalized services to smart elevator passengers. Also, the extraordinary pace at which high-rise buildings are mushrooming across the globe offers numerous growth opportunities to the technology providers in the IoT domain. The surging adoption of IoT in smart construction and connected buildings will fuel the smart elevator market share over the forthcoming years.

Get a Sample Copy of this Report:https://www.gminsights.com/request-sample/detail/1593

3) Multi-directional elevators

With rapid urbanization, the population in cities will continue to rise, generating a high demand for residential establishments, which can be sufficed by building more high-rise and economical buildings. While the conventional elevator technology obstructs this possibility, the implementation of rope-free and multidirectional elevators seems a viable option.

German elevators giant Thyssenkrupp’s latest innovation Multi is a ropeless multidirectional elevator, which can move up and down a shaft as well as move horizontally. The technology is estimated to bring considerable change to the elevator industry owing to its numerous benefits including more space, less wait time, and fewer restrictions due to elevator shaft height. Successful implementation of this technology could offer new opportunities for the smart elevators industry in the future.

4) Maintenance using augmented reality

Regular servicing and maintenance of a residential or commercial elevator system can fix small problems before they get big enough and end up costing a fortune. The elevator technology is evolving rapidly, triggering the next level of technically advanced maintenance technology. An ideal example in this context is of ThyssenKrupp which has equipped repair engineers with HoloLens, Microsoft’s augmented reality technology.

HoloLens allows repair engineers to effectively communicate with coworkers back in office, by sharing schematics through the display, for accelerating servicing and repair. Such a technology will create a massive shift in the smart elevators industry, giving builders the confidence to invest in technologically advanced elevators that are compatible with such services and facilitate seamless functioning of a building.

The smart elevators market analysis based on the aforementioned trends sheds light on the possibility that this industry will embrace modernizations owing to constant innovation in information technology and other tech sectors. Numerous other trends in the world of technology and elevators overtly indicate a lucrative phase for the business space.

Furthermore, the construction of technically advanced structures and green buildings would spark a technological revolution, thereby boosting the smart elevator market share in the future. According to a smart elevator industry analysis by Global Market Insights, Inc., this market is anticipated to be worth more than $25 billion by 2025.

Author Name :Krithika Krishnan

Advertisements

Concrete surface treatment chemicals market valuation from curing compounds to depict a modest growth rate over 2019-2025, APAC to crop up as a vital growth terrain

Posted on

With concrete tagged as one of the materials of choice for construction projects, it comes as no surprise that the global concrete surface treatment chemicals market is traversing alongside a lucrative growth path. Lately, the growing population and the consequent demand for affordable housing, in tandem with high-end frills brought on by increasing disposable incomes have led to the demand for a number of commercial outlets such as shopping complexes, multiplexes, entertainment centers, restaurants, etc., along with residential edifices. The upswing in construction activities to build residential establishments and commercial setups such as towers, malls, skyscrapers, etc., due to surge in urbanization will contribute to a major hike in concrete surface treatment chemicals industry share.

Europe Concrete Surface Treatment Chemicals Market Size, By End-user, 2014 – 2025 (USD Billion)
Europe Concrete Surface Treatment Chemicals Market Size, By End-user, 2014 – 2025 (USD Billion)

Regionally speaking, Asia Pacific is claimed to emerge as a highly viable growth ground for concrete surface treatment chemicals market. Encompassed mostly with developing economies, the continent plays host to a majority of the global populace. As per estimates, the global population was recorded at over 6 billion in 2000 and as on 2018, it stands at over 7.5 billion. APAC economies India and China are touted to account for a substantial proportion of this estimate, leading to a significant demand for housing.

Proliferation in population density and rising urbanization will thus impact the regional construction industry, which would, in consequence, propel the APAC concrete surface treatment chemicals industry share.

In recent times, consumer demand for durability and strength in buildings is on a consistent rise. This has led to an upsurge in the use of concrete curing chemicals to ensure strong construction with minimal use of water. Curing compounds, as a matter of fact, help provide optimal curing at a time when protection from solar heat is necessary. These compounds are majorly used in the construction of highways, curb paving, streets, runways, etc., and are applied through the spraying procedure.

Get a Sample Copy of this Report https://www.gminsights.com/request-sample/detail/3259

Incidentally, curing compounds find applications across regions with scarcity of water and high temperatures, since protection of concrete structures from a harsh environment has become mandatory. The growing demand for strong, durable edifices across the urban landscape is likely to boost concrete surface treatment chemicals industry share from curing compounds, slated to depict a CAGR of 6.5 percent over 2019-2025.

One of the most profound factors that is expected to augment the growth of the global concrete surface treatment chemicals industry is the penetration of numerous companies in the construction chemicals market. The expansion of the construction chemical industry has been, as a matter of fact, attracting existing chemical majors to increase their market share in the vertical. Citing an instance validating the same, recently, BASF and Adani Group joined hands to set up a petrochemical plant worth INR 16,000 crore in Mundra. This plant will manufacture chemicals that would be deployed across a score of industry verticals, including construction.

Citing yet another instance, Birla Corporation, last year in the fourth quarter, unveiled its plans to enter construction chemicals and additive market, pertaining to the surging demand for construction additives like waterproofing material and wall putty. The increasing interest of companies to invest in the construction chemicals industry is certain to provide a positive impetus to the expansion of concrete surface treatment chemicals market.

Powered by the increasing number of construction activities, in tandem with the rising demand for building repair, reconstruction, and renovation, the growth map of concrete surface treatment chemicals market is certain to remain exponential in the years to come. Manufacturers have been consistently planning to invest in the development of construction chemicals and have been striving to bring forth a spate of innovations in the industry, which would eventually propel concrete surface treatment chemicals market size.

Author NameAnchal Solanki

Global structured cabling market remuneration to hit USD 25 billion by 2025, escalating product demand from data center facilities to fuel the industry landscape

Posted on

Propelled by extensive proliferation of digitization, the structured cabling market is slated to establish itself as an extremely lucrative investment ground in the forthcoming years. A number of legacy facilities are finding it difficult to maintain the order & ease with which a cabling infrastructure can be accessed. However, the extensively used cable management solutions & products in structured cabling can be installed with relative ease & can facilitate modular and simple designs, providing these legacy facilities with an ideal solution for the challenges they face, thereby driving the structured cabling market landscape.

U.S. structured cabling market, by application, 2018 & 2025 (USD Million)
U.S. structured cabling market, by application, 2018 & 2025 (USD Million)

Apart from industrial applications, structured cabling is also finding deployment in modern residential & commercial construction projects. One of the latest avenues of growth for the market is the rapidly developing smart building & intelligent lighting industry, fraught with LED lights, integrated with sensors & controls that perform a number of different tasks, ranging from motion sensitive lighting and controlling brightness & color through the smartphone to managing ventilation according to the number of individuals in a room.

Global structured cabling market | Impact of the growing data center demands from businesses

The increasing adoption of several digital services as well as the growing population of internet users has been augmenting data center demands across the world, which is in turn fueling structured cabling market growth. The world is becoming increasingly more digital & connected – indeed, according to a Cisco Visual Networking Index, the annual IP traffic across the world would be reaching the 3.3 zettabytes (ZB) mark by year 2021 and would be increasing more than threefold over the coming five years, driving extensive demand for data centers.

Structured cabling systems are a crucial part of data centers as they facilitate faster data-transfer rates and ensure effective connectivity of the different IT devices in the facility, thus lessening the chances of system failure & downtime, which significantly improve the effectiveness of a business’ decision-making process, helping it maximize its profits.

Get a Sample Copy of this Reporthttps://www.gminsights.com/request-sample/detail/3125

Moreover, increasing high-speed connectivity demands of data center & device convergence would also be responsible for driving the market’s growth. The industry is witnessing an increasing rate of adoption of coaxial & fiber optic cables to quench the high-speed connectivity demands. These cables boast of a significantly greater level of bandwidth & can transfer much larger amounts of data per unit of time in comparison to conventional metal cables, making them a must-have for modern networks and thereby driving structured cabling market further.

Global structured cabling market | Impact of the IT & Telecom sector’s growing dependence on structured cabling

With increasing demand for faster connectivity & higher bandwidth, network designers are of the opinion that the fiber-optic structured cabling segment would be establishing itself as a backbone for the global telecom industry infrastructure. The modern technology-driven world has been changing the operating demands of almost all of the industrial sectors. Moreover, with the rapid evolution of smart devices such as tablets, smartphones & smart watches, that consume voice & data services on a regular basis, the integration of IT & telecommunication is getting rather advanced. This amalgamation is expected to drive more standardization in the two industries during the implementation of advanced technologies & infrastructures that enhance the voice & data services. This has put an increased amount of pressure on telecom companies to facilitate uninterrupted & better services to their customers.

The fiber-optic structured cabling solution is being termed an ideal way with which the industry can fulfil its connectivity requirements as they provide an optimal environment that can transmit voice & data at extremely high speeds. Moreover, as data centers are telecom operators’ foundation in present scenario, the upgradation of these facilities to enhance user experience would also be driving the structured cabling industry size from the IT & telecom sector.

Furthermore, according to a 2018 report by TeleAnalysis, adapting to changing circumstances, more than 60% of the world’s telecommunication network facilities are projected to become data centers over forthcoming years, enabling the structured cabling market to depict sizable growth from the IT & telecom applications.

Owing to the presence of a connectivity-driven foreground, the global structured cabling market would be drawing in significant growth over the years to come. In fact, according to a research report by Global Market Insights, Inc., the overall structured cabling market size would be exceeding a valuation of $25 billion by 2025.

Author NameAkshay Kedari

North America people counting system market to gain massive proceeds by 2025, robust adoption of technologically advanced products to fuel the regional industry expansion

Posted on

The global people counting system market is poised to witness remarkable growth in the years to come, owing to the robust adoption of digitized systems for supporting regular operations across a number of application domains. These systems provide installers with numerous operational enhancement benefits like tracking the busiest time slots as well as staff optimization. Further, the rising awareness of business intelligence platforms in a number of industries like hospitality, entertainment, and retail is creating huge demand as well, for enhanced customer tracking solutions.

UK people counting system market, by application, 2019 & 2025 (USD Million)
UK people counting system market, by application, 2019 & 2025 (USD Million)

It is imperative to state that the people counting system market is also witnessing a technological evolution, like the development of behavior analysis technologies, thermal imaging counters, and 3D stereographic components. These advancements have been captivating core industry players to adopt innovative technologies that will help drive the people counting system market growth in the years to come.

A rise in the demand for effective technologies for analyzing, detecting and converting potential customers, and enhancing profitability and business is a crucial factor that will propel the people counting system market. A number of industrial sectors like clubs, pubs, restaurants and hospitals are witnessing high adoption of this technology to track the number of customers that are entering or exiting the facility. Such systems also assist companies in developing effective marketing and sales strategies to attract customers and analyze their buying behavior. Strategies like these would further assist them in competing with prominent companies in terms of sales revenue and the customer base.

Get a Sample Copy of this Report @ https://www.gminsights.com/request-sample/detail/2546

Regionally speaking, North America has been touted to emerge as a viable growth ground for people counting system industry. Powered by the presence of numerous system developers in application industries and the robust adoption of technical advancements across the economies of U.S. and Canada, the North America people counting system market size has been growing at an exceptionally rapid pace. The regional industry is touted to depict commendable gains in the years ahead, as the continent continues to witness the proliferation of technologically advanced transportation facilities incorporating automated management systems and the smart city projects.

Notable companies partaking in people counting system market share have apparently retained focus on technological advancements by developing specialized passenger counting systems with different capabilities which would offer better management capabilities in varied application segments. A gist of the contribution by some of the major companies in the people counting system market is mentioned below:

Axis Communications AB

The surveillance industry is remnant of very specific challenges and core players often seek to achieve benefits from niche applications like surveillance in psychiatric wards, interview rooms, and elevators which are commonly left unaddressed by standard products available in the market. To tackle this problem, the Sweden-based Axis Communications has recently introduced two specialty camera models for corner-mount use, with distinct design features for meeting specific use cases.

One of the camera models has a perfect design to blend into the aesthetic in elevators, while the other is ligature-resistant (anti-ligature), ideal for the healthcare sector, among many others. Such product advancements by notable industry players are anticipated to drive the commercialization landscape of the people counting system market in the years to come.

V-Count Inc.

As a part of its exponential growth tactics, V-Count in the recent years, has executed aggressive expansion plans to establish itself in major regions across the globe. In December 2017, the company had made its debut in Dubai, owing to the city’s dynamic, tech-savvy market and its strategic location, which made it an ideal location for V-Count‘s new offices. This move was a part of continuous effort from the company to expand its presence, and respond to the increasing demand for retail analytics and advanced people counting solutions.

The company further made its entry in the UK and other European markets for supporting both new and existing customers in implementing powerful analytics technologies across their businesses. Regional expansion tactics thus, are bound to help augment the scope of the people counting system industry in the forthcoming years.

Considering the aforementioned efforts undertaken by prominent industry players, it is clear that the people counting system market would depict tremendous growth in the coming years. The competitive spectrum of this industry is quite diverse, and consists of renowned companies such as HELLA Aglaia Mobile Vision, RetailNext Inc., Iris-GmbH Infrared & Intelligent Sensors, InfraRed Integrated Systems Ltd., Infodev Electronic Designers International Inc., FLIR Systems Inc. and Eurotech, among others.

Author NameSaurav Kumar

U.S. solar EPC market to gain commendable traction by 2025, global industry to be characterized by a rising number of rooftop installations

Posted on

The global shift towards clean, affordable and reliable electricity along with rising focus towards curbing CO2 emissions will drive solar EPC market growth in the upcoming years. Reportedly, solar PV is recorded to be one of the most installed power generation technologies across the globe in recent years, having been accountable for the deployment of extensive new capacity than fossil fuels and nuclear combined. As per SolarPower Europe, in 2017, a total of 99.1 GW of on-grid solar systems were installed across the globe – depicting almost 30% y-o-y growth over the 76.6 GW capacity in 2016, thereby indicating that solar EPC industry is here to stay.

Solar EPC Market Size, By Ground Mounted, 2018 & 2025 (USD Million)

Solar EPC Market Size, By Ground Mounted, 2018 & 2025 (USD Million)

In terms of installations, it would be apt to quote that roof-top installations are likely to depict maximum instatement, specially across the commercial and residential sectors in the years to come. Roof-top solar is increasingly cost-effective for business owners, homeowners and communities. Affordable technology prices, supportive financing and the growing network of solar companies and financers are anticipated to help reduce the prices for household roof-top systems in the U.S.

Customers generally prefer roof-top PVs as they don’t require a dedicated land area for installation and can efficiently occupy roof space that is widely available even in urban areas. Apparently, India’s National Solar Mission shares similar goals on using roof-top PVs, as it officially announced plans to install 100 GW of solar by 2022, of which 40 GW would be credited to rooftop solar. In essence, the integration of decentralized generation units in order to cater to the growing demand for energy will massively augment solar EPC market from roof-top installations over 2019-2025.

Large-scale utility installation will positively influence the global solar EPC market. The utility sector, that mainly deploys ground-mounted solar power systems, is touted to have been recorded as one of the most lucrative end-use sectors for the solar EPC market in 2018. With the escalating growth in smart cities and electric vehicles reaching the masses, there is increasing pressure on the utility sector for delivering sustainable energy to manufacturing industries and customers. Rising focus toward curbing CO2 emissions from large industries and power generating plants in tandem with favorable fiscal benefits on the grounds of the development of energy efficient solar systems will further augment solar EPC industry size from utility applications.

Get a Sample Copy of this Report @ https://www.gminsights.com/request-sample/detail/3072

Geographically, speaking the United States is touted to emerge as one of the most prominent regional markets for the solar EPC industry. As per estimates, the U.S. solar EPC market is projected to exceed $14 billion by 2025, driven by the fact that solar power has proven to be a strong driver of the region’s economic growth. Reportedly, in 2014, the U.S. solar industry employed over 170,000 people, offering a job growth rate that positively influenced the overall economy.

Regulatory measures to reduce dependence on conventional fossil fuels coupled with financial funding to integrate renewable energy will also stimulate product penetration. In addition to offering new jobs, the U.S. government, in 2017, proposed plans to decrease in their tax reforms by reducing corporate taxes in a bid to boost the clean energy business potential, that would further stimulate the U.S. solar EPC market growth.

Another region that has gained traction in solar EPC market is the Asia Pacific, on account of the rising investments in the renewable sector backed by favorable government initiatives. Investment subsidies, positive regulatory programs, renewable integration targets and government reforms have certainly reinforced the APAC solar EPC industry in recent years.

For instance, recently India’s Cabinet Committee on Economic Affairs (CCEA) approved a proposal to set up 12 GW of solar projects using locally-made equipment by 2023, an initiative the will certainly boost the region’s economic growth, in turn, paving the way for the expansion of APAC solar EPC industry.

A vital form of contracting procedure, solar EPC is extensively used to provide end-to-end services associated with construction, design, procurement and commissioning. Powered by the growing demand by emerging countries for clean, sustainable electricity and the robust efforts by industry players to develop new high-efficient systems, the global solar PV market is expected to emerge as one of the most remunerative verticals of the overall energy sphere.

Author NameMateen Dalal

Power optimizer market to accumulate modest proceeds from residential applications, surging advancements in product design & manufacturing to augment the industry expansion over 2019-2025

Posted on Updated on

Pertaining to the growing adoption of renewable energy in tandem with stringent regulations to curb CO2 emissions, the global power optimizer market is likely to traverse alongside a highly remunerative growth graph in the years ahead. Essentially a module-level power electronic (MLPE) device that can efficiently increase a PV solar panel system’s energy output and adjust DC characteristics to maximize energy yield, the product has become a technologically essential component in many residential, commercial and utility-scale solar system designs.

Europe Power Optimizer Market Size, By End Use, 2018 & 2025 (USD Million)

Europe Power Optimizer Market Size, By End Use, 2018 & 2025 (USD Million)

By utilizing modules that are integrated with power optimizers, system designers can now reduce the overall power loss from interrupting shade obstructions, thus protecting the systems from long-term module mismatch owing to uneven soiling or debris. Several PV module OEMs are also incorporating this next generation DC performance optimization technique to gain an edge in the power optimizer industry, further pushing the market trends.

Power optimizers are increasingly emerging as an ideal substitute for module level power monitoring & management, enhancing the benefits of MPPT with higher operational efficiencies of string inverters. Furthermore, the product’s ability to offer constant, uninterrupted output in a partially shaded environment is anticipated to facilitate its adoption sooner than ever. Indeed, shade on any part of a PV solar panel affects a system’s total output performance. However, with the capability of power optimizers to mitigate the shading losses, users are benefitted with stable output power, irrespective of changing sun exposure. This would serve to majorly expedite the demand for the product across countries such as China, Russia and Iceland, impelling the global power optimizer industry trends.

The residential construction sector has been touted to emerge as an invaluable growth hub for power optimizer market. This can aptly be credited to the escalating number of schemes mandated by regional governments – such as incremental energy efficiency grants to support residential roof-top installations. The product has also gained traction in power optimizer industry on account of the rising influx of new, flexible module designs. Say for example in 2018, GreenBrilliance USA, a solar solution provider launched an AI-based solar power optimizer for residential homes called Neurobotz. As per reports, the system’s predictive analytics algorithm generated an optimal load curve and could effectively control the incoming power flow to significantly reduce the amount of electricity consumed in residential zones.

Get a Sample Copy of this Report @ https://www.gminsights.com/request-sample/detail/3075

Advancements such as the aforementioned are anticipated to pave the way for next-gen solar energy systems, thereby impelling power optimizer market growth. Driven by the robust technological advancements in product design and development and the advantages provided by government subsidies, power optimizer market size from residential applications has been estimated to cross annual installations of more than 10 million units by 2025.

Apart from GreenBrilliance, some of the other pivotal players in power optimizer market include SolarEdge, SMA Solar, Altenergy, Ampt, Tigo, Huawei, Kuby Renewable Energy, igrenEnergi, Maxim Integrated, Darfon Electronics, Texas Instruments, Alencon, ABB, Mornsun, Xandex, Ferroamp and Fronious. Companies have been consistently investing in R&D programs and have been looking out to tap the latest technologies to gain an edge in the industry. Last year in September for example, Panasonic Eco Solutions and SolarEdge Technologies launched the HIT S Series Module – an all-new premium smart module, optimized by SolarEdge, for the U.S. residential market. Reportedly, the  module is indicative of the integration of the leading solar technology from both Panasonic and SolarEdge in order to accelerate solar module installation and ensure more power delivery to homeowners.

Power optimizers are irrefutably essential in almost all PV panel systems to attain ensure stable performance, particularly in partially shaded environments. Powered by the product’s robust deployment across the residential, commercial and utility-scale solar designs and escalating technological advancements, power optimizer market size is likely to cross 30 million units in terms of annual installations by 2025.

Author Name :Mateen Dalal

Top 3 trends impacting Europe LED lighting market expansion

Posted on

Having taken the conventional global lighting marketplace by storm, Europe LED lighting industry, in the recent years has emerged to a fertile investment ground for potential investors. The LED (light-emitting diode) technology, of late, has been gaining traction form variety of reasons, but most notably because of its extended lifespan, lower maintenance, and low energy consumption abilities. In addition, given the strict regulations and energy norms in Europe toward energy efficient solutions, it wouldn’t be wrong to quote that Europe LED lighting market share would soar several notches up in the years to come.

Germany Europe LED Lighting Market Size, by End-Use, 2017 & 2024 (USD Million)
Germany Europe LED Lighting Market Size, by End-Use, 2017 & 2024 (USD Million)

The impact of banning halogen lightbulbs on Europe LED lighting market  

According to reports, the EU announced a ban on the halogen light bulbs in Europe on September 1, 2018 and since then has been encouraging the consumers to switch to more energy-efficient LED technology.  The ban and the switch – forming a part of Europe’s massive efforts in limiting environmental damage – have undeniably taken over the traditional lighting sales. According to experts, the move however, has also majorly impacted the masses financially as halogen bulbs are much more cost effective than LED lights. Nonetheless, over the years, many research reports have proved that a halogen bulb may be cheaper to buy, but the fact that the electricity cost will be much more expensive will ultimately nullify the price factor. In addition, halogen bulbs have an average life span of two years, while LEDs last for 15-20 years, in extension promoting the sales of LED lightings.

Another factor that further prompted the ban is the fact that LEDs consume only 1/5th of the total energy consumed by halogen bulbs, and phasing out of these traditional lightings will prevent over 15.2 million tons of carbon emission by 2025. According to EU officials for climate action & energy, this is a significant contribution toward fighting greenhouse gas emissions. Thus, the industry analysts report that the EU’s measures to phase out halogen bulbs will provide a strong ground for the growth of the overall Europe LED lighting industry in the coming years.

Get a Sample Copy of this Report:@ https://www.gminsights.com/request-sample/detail/3035

The smart cities drive to favor Europe LED lighting industry expansion over 2018-2024

According to recent reports, the global urban population has escalated from 751 million in 1950 to over 4.2 billion in 2018, and is further projected to hit 7.7 billion by 2050. With the demographic changes, smart city projects have been identified as effective and promising way, many of the most emerging in Europe. In fact, the IDC (International Data Corporation) estimates the European spending on smart cities to surpass USD 19 billion in 2018.

Quite overtly, the increasing rate of smart city projects are indirectly expected to favor the growth of LED lightings, given the demand for smart and sustainable lighting products. It is prudent to mention that this trend has also been majorly fueling the smart lighting market, which is recently traversing on a lucrative roadmap, given the crucial role these components play in smart city infrastructure. The regional government has furthermore launched several smart city programs for deploying smart lighting solutions in the outdoor and indoor spaces. The need for sustainable as well as energy efficient lighting systems will further draw lucrative growth avenues for the Europe LED lighting market in the ensuing years.

Europe LED lighting industry magnates to play a major role in altering the business dynamics

With the advent of LED lightings, it comes as no surprise that there have been significant strides amongst the industry leaders to strengthen their regional foothold. Product breakthroughs and innovation remained the most adopted growth strategies for leading the way. A substantiation validating the fact is of Philips Lighting, that has recently introduced smart outdoor LED light bulbs which automatically turns on at night and turns off in the morning. Reportedly, these Philips’ LED Dusk-to-Dawn A19 Frosted Light Bulbs are gaining immense momentum with the smart city drives in the region.

Industry analysts further point out that the government-imposed energy efficiency norms have also been majorly contributing to the overall growth of Europe LED lighting market contenders. An instance bearing testimony to the same is of Future Designs, that has recently announced the development of custom-made LED luminaries to be deployed across many of the stations for the Crossrail transportation system in London, UK. It has been reported that such use of LED lightings in rail settings and subways will be fostering Europe LED lighting market share. Cree is another renowned name, that has recently announced an LED lights retrofit project for the street lights in the quaint New England community.

Clearly, all the above trends are playing a crucial role in the development of Europe LED lighting market size, which is certain to proliferate the profitability quotient of this business sphere. A presumption validating the same is of Global Market Insights, Inc., that claims the Europe LED lighting to surpass a remuneration portfolio of USD 30 billion by 2024.

Author NameOjaswita Kutepatil