Outdoor Lighting Market Analysis
Globally, the Outdoor Lighting Market size is set to grow at a CAGR of 8.20% from a value of USD 9.4 Billion in 2020 to hit USD 48.2 Billion by 2030 driven by the growing adoption of energy-efficient and affordable products and increasing government focus on energy conservation., according to the latest Market Research Future (MRFR) outdoor lighting market statistics. Outdoor lighting, put simply, is the fixed artificial lighting for illuminating the outdoor areas. This lighting is used to add aesthetic appeal and boost security and safety.
Various factors are fuelling the global outdoor lighting market share. As per the recent MRFR market estimates, such factors include the rising adoption of energy-efficient and cost-effective products, growing focus by the government on energy conservations, creation of wireless technologies for outdoor lighting systems, the use of IoT technology for smart city projects as well as smart street lighting, increasing initiatives by the government towards energy efficiency, rising disposable income, growing population, and rising infrastructure development.
On the contrary, less awareness about payback period and installation price of outdoor LED lights among the masses, high import duties especially on LED lights, and the availability of alternate technologies such as laser technology may impede the outdoor lighting market growth in the forecast period. Besides, the impact of the COVID-19 pandemic due to prohibition of outdoor activities, lockdowns, temporary closure of stadiums and parks, restrictions on travel, fall in the sales of fluorescent lights and energy-efficient LEDs, halt in the export of raw materials, and delays in the construction of tunnels, parks, new stadiums, and roadways that have lowered the use of outdoor lighting may also limit the market growth.
Outdoor Lighting Market Key Players
The prominent players profiled in the global outdoor lighting market report include Cree, Inc. (US), Masco Corporation (US), Philips Lighting Holding B.V. (The Netherlands), Halco Lighting Technologies (US), Dialight PLC (US), Virtual Extension (Israel), Zumtobel Group AG (Austria), Osram Licht AG (Germany), Evluma (US), Hubbell Incorporated (US), General Electric Company (US), Eaton Corporation PLC (Ireland), and Syska (India), among others.
Outdoor Lighting Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global outdoor lighting market on the basis of lighting type, distribution channel, and application.
By lighting type, the market is segmented into HID lamps, LED lamps, fluorescent light, and plasma lamps. HID lamps among these will dominate the market in the forecast period for its high lumen output per watt, small in physical size, and long life.
By distribution channel, the market is segmented into retail & commercial. Of these, the commercial distribution channel will lead the market in the forecast period as these lights are sold mostly in bulk based on their utility, specialist distributors, or companies.
By application, the market is segmented into tunnel lights, stadiums, parks, parking lots, street lighting, highways and others. Of these, street lighting will command the market in the forecast period for different initiatives by the government undertaken for streetlight control systems.
By region, the global outdoor lighting market covers the recent trends and growth opportunity across North America, South America, Europe, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Among these, Europe will command the market in the forecast period for the presence of leading global players in the region coupled with the initiatives undertaken by the government in smart lighting control systems.
In the APAC region, the market is likely to have sound growth over the forecast period for different infrastructure development projects such as smart cities, increasing population, increasing awareness of consumes for energy-efficient lighting products, rising urbanization especially in developing countries, the impact on the environment of conventional lighting systems that have replaced LED lights, different infrastructural developments such as road construction, several development projects that are upcoming, and the growing construction industry in China, India, and Indonesia.
In North America, the market is likely to have steady growth in the forecast period for the quick adoption of recent technologies, the presence of several global players, various regulations being introduced by the government authorities over energy-efficient products, rising disposable income of consumers, and growing use in architectural applications.
April 2021- PureEdge Lighting continues in innovating and expanding its outdoor lighting portfolio for helping designers in creating unique environments.
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