The demand for LED lights in Europe is on the rise, and the world's largest lighting company's net profit in the third quarter increased by 20%

Xinnuofei stated that although the Chinese market performed weakly in the third quarter, sales, including the European market, achieved growth. In the third quarter, the company's sales in Europe were 546 million euros (approximately 3.94 billion yuan), a year-on-year increase of 17.4%.

Affected by the Russia-Ukraine conflict this year, Russia's natural gas flow to Europe has been greatly reduced, and European energy supply is tight. Since late August, natural gas and electricity prices in Europe have repeatedly hit historic highs, driving up demand for lighting products such as LED.

Compared to traditional lighting products such as incandescent bulbs, LED is more energy-efficient and environmentally friendly. In the third quarter of this year, LED sales accounted for 83% of Signify's revenue scale. Given the current surge in energy prices in Europe, Signify expects strong demand for energy-efficient lighting solutions in the fourth quarter.

Wang Yun, Senior Vice President and Northeast Asia President of Signify, recently told Interface News reporters that although the business situation in the Chinese market has been affected by factors such as the epidemic this year, Signify still has a positive outlook on the Chinese market.

He believes that China has strong comprehensive advantages, a complete industrial chain, and leading lighting technology, even surpassing foreign markets. At the same time, LED lighting still has a significant market demand in China.

Wang Yun said that although many cities in China have undergone LED lighting renovations in the past few years, 70% of Chinese urban roads still use traditional street lights.

According to its estimation, lighting in China accounts for approximately 13% of the total electricity consumption, equivalent to about 6% of the country's energy consumption. If intelligent interconnected LED street lights are renovated nationwide, it is expected to save up to 9 billion yuan in electricity bills and reduce 15 million tons of carbon dioxide emissions annually.

In July of this year, Xinnuofei announced the upgrade of its Shanghai headquarters to a multinational company's Asia Pacific headquarters, comprehensively enhancing its management and innovation capabilities. Wang Yun stated that in the future, the company's production base in China will continue to expand overseas exports to increase its market share overseas.