According to the latest reports, the outdoor LED smart lighting solution market size is predicted to grow roundabout at USD 15.27 Billion by the end of 2022 with a CAGR of 13.80% between 2016 and 2022. The outdoor LED smart lighting solution is a lighting system that is a part of the digital ecosystem in the city with the help of the internet; it has additional features including alerts and alarms to magnify the security and safety of the city.
The outdoor LED smart lighting solution market is expanding due to the high efficiency of the bulbs and low prices. LEDs are basically solid small bulbs that last long due to the exceeding efficiency of energy. The rise in the development of technology in the digitized infrastructure of outdoor LED smart lighting solution systems has evolved over the past few years, due to the rising utilization of outdoor LED smart lighting in the architecture sector, entertainment sector, and sports stadium. The adoption of outdoor LED smart lighting solutions in these sectors is growing day by day which is ultimately boosting the growth of the global outdoor LED smart lighting solution market.
This report contains all the information on the global outdoor LED smart lighting solution market research and the market strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the global outdoor LED smart lighting solution market analysis and forecast to 2022 is also included in the report.
Covid 19 Analysis
Amidst the covid 19 outbreak, the global outdoor LED smart lighting solution market is observing faltering of production and disturbance in the supply chain which is ultimately leading towards the downfall of manufacturing industries and incapacitating the growth of the industrial output. Along with that, there were many lighting events that got either canceled or postponed due to the covid 19 outbreak.
Furthermost the disturbance n the logistics chain has added additional costs and increased the temporary charges of the outdoor LED smart lighting solution by 3%.
The uses of smart lighting outdoor include commercial, industrial and residential uses therefore the rise in the usage of the LED indoor application is predicted to increase the growth of the outdoor LED smart lighting solution market over the forecast period. The adoption of connected smart lighting systems for commercial and residential purposes is likely to boost significant growth for indoor applications.
The support from the governments in constructing smart cities due to the rise in the disposal income and the changing lifestyle of the people are likely to boost the demand for the outdoor LED smart lighting solution in office buildings, hotels, and restaurants. The power consumption of lights is predicted to account for 40% of the energy consumption of the cities and LED smart lightings to have superiority in terms of access point numbers.
The rise in the use of LED lamps inside the premises for providing lighting is likely to create opportunities for applications due to the utilization of high-speed wireless data communication, indoor lighting infrastructure. It is very cost-efficient for the utilization in the smart buildings.
The lack of awareness among the people about the installation charges of outdoor LED lights, payback period, and the alternative technologies mostly the laser technology are some major hurdles in the global outdoor LED smart lighting solution market growth.
The high installation cost of the LED smart lighting is likely to hinder the growth of the global outdoor LED smart lighting solution market. The factors including the potential of shifting color over lamp life, compatibility of transforming, standardization of performance, and overheating of the bulbs are likely to hinder the growth of the market.
The major challenges in the outdoor LED smart lighting solution market are interoperability, the security of data, connectivity, non-visual effects of lighting, and spectrum. In order to maintain the lifestyles in the cities to keep a safe place and attractive for the visitors and residents in order to develop the economy of the cities, it is required to maintain a balance between the budget constraints and the utilization of the lower carbon footprint by utilizing fewer resources, is the major challenge of the outdoor LED smart lighting solution industry.
The rise in the development of smart cities, the investments, and the initiative of the major key players and government has increased the adoption of the outdoor LED smart lighting solution market. The consumption of energy across the different cities is rising due to the increase in urbanization and industrialization. It is predicted that energy in the cities accounts for more than 60% of the total world’s energy and the lighting sessions consume about 19% of the total world’s electricity.
In order to minimize the consumption of energy, government across the globe is adopting advanced technology solutions to manage resources more deliberately. Hence, this encourages the demand for the development of smart cities which ultimately triggers the outdoor LED smart lighting solution market demand.
According to the latest report, the outdoor LED smart lighting solution market is segmented on the basis of the components, communication technology, and applications. Based on the communication technology, the global outdoor LED smart lighting solution is segmented into wired and wireless. The collaboration of the Internet of Things (IoT) with real-time data and artificial intelligence is the most noticeable feature which helps the consumers in saving money and making better decisions. The wireless segment is expected to account for the majorities of the outdoor LED smart lighting solution market shares in the global market due to its control strategies including daylight harvesting, task tuning, and the delivery of demand-based lighting for each zona.
The market is segmented on the basis of the components, communication technology, and applications. The global outdoor LED smart lighting solution market is expected to witness decent growth during the forecast period.
Based on the application, the market is segmented into Street Lighting, Landscape Light, Stadium, Parking, Waterways, and Others
Based on the propulsion types, the market is segmented into software, hardware, and services
According to the reports, the global outdoor LED smart lighting market is segmented on the basis of the regions such as Asia Pacific, America, Europe, and the rest of the world. The Darwinism of IoT in various industries is likely to drive the growth of the global outdoor LED smart lighting market.
North America is expected to witness tremendous growth due to the adoption of highly advanced technology and the rising efforts of the government in order to eliminate the unpredictable impact of electricity consumption on the environment.
Moreover, according to the research report, the Asia Pacific and the rest of the world are likely to have profitable opportunities in the global outdoor LED smart lighting solution market. Europe is considered as one of the major dominating markets in the smart LED solution.
The outdoor LED smart lighting solution market statistics are competitive due to the consistency of several major key players in the market. Some of these key players are currently dominating the outdoor LED smart lighting solution market share.
Furthermost, with advancements in technology, many companies are raising their potential in the global market by making new contacts and winning other companies. Here is the list of major key players in the outdoor LED smart lighting solution market.
Major Key players
The following report comprises of –
The evolution of the internet of things (LoT) and secure sockets layer (SSL) has modified the global outdoor LED smart lighting solution market
By Installation Type
By End-use Application
The proliferation of the internet of things (IoT) and the collaborative streaming of real-time data are expected to aid in the development of the market.
The income worth USD 15.27 Billion is expected to be gained by a 13.80% CAGR roughly in the forecast period.
The contestants for the main share of the market are Acuity Brands, Inc. (U.S.), Philips Lighting Holding B.V. (Netherlands), Osram Licht AG (Germany), Honeywell International Inc. (U.S.), General Electric (U.S.) and Cooper Industries, Inc. (U.S.).
The lack of building structures that can incorporate smart lighting is expected to restrain the market in the forecast period.
The North American region is expected to forge ahead as the leaders among all the global regions in the forecast period.