Most European countries are expected to recover and generate revenues equal to those pre-recession by 2012-2013, according to the report.
Steady growth is predicted throughout the European lighting equipment market. The largest and fastest growing area is the residential segment, followed by retail and hospitality. The report puts this down to ‘their substantial shares in more expensive decorative lighting’.
The analysis predicts the ‘LED revolution will provide significant growth opportunities’ and act as a major driver for the total market.
Frost & Sullivan found the market earned £12.6 billion in revenues in 2010 and expects this figure to rise to £23.9 billion by 2017.
Michael Meyer, Frost & Sullivan industry analysis, said: ‘The trend towards energy efficient lighting is expected to drive all vertical end-user segments.
‘Promoting energy efficient and intelligent lighting technologies is no longer an option, but has become a must for participants to survive.’
Luminaires are the largest product section, accounting for 73 per cent of the total European market. Four per cent of the market was held by controls in 2010, which is expected to increase with the adoption of energy-efficiency.
Germany is the continent’s largest lighting market, driven by customer efficiency awareness and a high adoption rate of new technologies. The UK is Europe’s second largest market.
Most European markets are expected to recover by 2012-2013. However Spain is forecast to not recover until 2015, because of the large impact of the recession on the construction market.