Market Research Future Insights
According to marker research future insights analysis, the global outdoor lighting market is expected to register a CAGR of ~ 6.80% from 2022 to 2030 and hold a value of over ~USD 18.3 billion by 2030.
The main drivers of industry growth are the widespread use of energy-efficient lighting systems, expanding government energy efficiency measures, and rising infrastructure construction. Additionally, the market is growing due to the rising government emphasis on encouraging energy conservation through the use of energy-efficient lighting sources, primarily LEDs. This is due to the rapid adoption of energy-efficient lighting solutions. A further factor in creating new highways and streets has been increased traffic. Global traffic congestion is mostly caused by an increase in passenger vehicles, propelled by expanding urbanization and disposable income. Furthermore, solar-powered outdoor lighting is becoming increasingly popular as a sustainable and cost-effective option. Governments in numerous nations are awarding contracts to businesses for producing and installing solar lights in any location that is required. The outdoor lighting industry is growing as a result of all these developments. On the other hand, the largest obstacles to the market for outdoor lighting are a lack of maintenance and connectivity issues. The street lights are unattended after installation. Moreover, these lights need maintenance and regular replacement. The local authority typically ignores such matters and merely accepts the state of affairs.
Outdoor Lighting Market Key Players
Some key market players are
- Syska LED
- Hubbell Incorporated
- Eaton Corporation Plc
- Cree Inc.
- Virtual Extension
- Dialght Plc
- ADM
- General Electric Company
- Zumtobel Group AG
- Osram Licht AG
- Signify Holdings, Cree Inc and Others.
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Report Scope:
Report Attribute/Metric | Details |
Market Size in 2030 | USD 48.2 Billion |
Growth rate: | CAGR of 8.20% from 2022 to 2030 |
Forecast Period | 2022-2030 |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Outdoor Lighting Market USP Covered
Outdoor Lighting Market Regional Analysis
North America dominated the market for outdoor lighting in 2021 because government authorities in this region introduced several regulations governing energy-efficient products. Additionally, the demand for outdoor lighting for architectural applications will be fueled by rising disposable income in nations like the United States, supporting the expansion of the outdoor lighting market in this region.
Asia Pacific is expected to register lucrative growth in the market for outdoor lighting because of different infrastructure upgrades, such as the building of roads. Moreover, there will be a huge need for LED lighting in indoor and outdoor applications due to impending development projects and a booming construction industry in developing nations like China, India, and Indonesia.
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Market Segmentation
The global outdoor lighting market has been segmented into technology, type of lighting, application and distribution channel.
Based on technology, the market has been segmented into control outdoor lighting and fixture outdoor lighting. The single-mode fiber category accounted for the largest share of the market in 2021 because it improves the power and endurance of outdoor lighting. It offers users an energy-efficient alternative and delivers light with balanced intensity. Additionally, an increase in smart city initiatives by both developed and developing economies worldwide is boosting the expansion of the outdoor lighting market globally.
Based on the type of lighting, the market has been segmented into LED lights, plasma lamps, high-intensity discharge (HID) lamps and fluorescent lights. The LED lights category accounted for the largest revenue share in 2021 in the outdoor lighting market. Users of LED lighting benefit from its flexibility, greater light output, energy efficiency, robustness, and longer lifespan. A recent report claims that as more cities implement outdoor LED lighting as security and street lights, the outdoor lighting market will expand globally more quickly.
Based on application, the market has been segmented into street lighting, tunnel lights, highways and others. The street lighting category accounted for the largest revenue share in 2021 in the market for outdoor lighting because different smart city projects are moving forward in various developed and emerging economies. Additionally, these street lights will greatly aid in energy conservation, light intensity control, and the development of cost-efficiency for the users.
Based on the distribution channel, the market has been segmented into retail and commercial. The commercial category accounted for the largest revenue share in 2021 in the market for outdoor lighting. Commercial outdoor lighting contributes to better user illumination, business revenue growth, and the development of durable fixtures that can withstand outdoor conditions.
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