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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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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