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.
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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.
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Regional Takeaway
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.
Industry Updates
April 2021- PureEdge
Lighting continues in innovating and expanding its outdoor lighting portfolio
for helping designers in creating unique environments.
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