The Outdoor LED Strip market industry Size was valued at USD 2.6 billion in 2022. The Outdoor LED Strip Market is projected to grow from USD 2.9 billion in 2023 to USD 9.1 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 13.5% during the forecast period (2023 - 2032). Increased development of smart cities, growing adoption of smart lighting, and rising use of light-emitting diodes are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Market CAGR for outdoor LED strip is driven by the rising development of smart cities. Numerous governmental entities have been implementing smart city initiatives to bring about both national modernization and improved civilian quality of life. For example, the Indian government's Smart Cities Mission is an urban redevelopment and retrofitting initiative that aims to transform 100 cities into smart cities. In order to deliver quantifiable energy and resource efficiency, it seeks to bring together cities, people, and businesses to showcase ideas and business models that can be expanded upon and duplicated.
Additionally, LED lights are more efficient in terms of energy use and have a longer lifespan than conventional incandescent bulbs and lamps. LED illumination has many benefits, which have led to its widespread usage in many applications, such as residential and commercial facilities, warehouses, and government buildings. Electricity is generally used for lighting cities, villages, streets, and public spaces worldwide. A prototype shift from traditional lighting systems to LED technology is the key to cost-effectiveness in all lighting applications. Smart lighting systems will be the major force behind global market progress in the projection period. Government executives in cities across the US are concentrated on modern innovations in lighting as they give it more than a lighting tool. Smart lights can interconnect wirelessly with several networks, gathering various types of data such as nearby foot traffic and even assisting in lessening crime rates. The LED lighting system is gaining traction from developing countries as it forms part of their economic upgrade plan.
There has been a rise in the use of light-emitting diodes (LEDs) and lighting efficiency. More than ten years have passed since several nations began to phase out incandescent lighting; in contrast, many nations are currently doing the same with fluorescent lighting and are beginning to transition to LEDs as the primary lighting technology. LED technology is used in more than half of the worldwide lighting market. Furthermore, the demand for outdoor LED lighting has also increased due to rising government initiatives, rising awareness of the introduction of LED lighting in key cities, and rising socioeconomic growth. As a result, it is anticipated that throughout the projection period, demand for outdoor LED strips will increase due to the rising development of smart cities. Thus, driving the Outdoor LED Strip market revenue.
The Outdoor LED Strip Market segmentation, based on type, includes 5050, 3528, and others. The 3528 segment dominated the market, accounting for the maximum market revenue due to its usage in TV backlighting, color-splashing walls, under tables and cabinets, and accent lighting for crown modeling.
The Outdoor LED Strip Market segmentation, based on application, includes Home Use And Commercial Use. The home use category generated the most income due to its stylish, flexible, and energy-efficient lighting features. Moreover, the LED strip is available in various sizes, forms, colors, brightness, ease of installation, and efficiency.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Outdoor LED Strip market area will dominate this market, owing to an increase in technological advancement. In addition, the growing smart cities and rising usage in transportation hubs will boost market growth in this region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Outdoor LED Strip market accounts for the second-largest market share due to the rising government initiatives. Further, the German Outdoor LED Strip market held the largest market share, and the UK Outdoor LED Strip market was the fastest-growing market in the European region.
The Asia-Pacific Outdoor LED Strip Market is expected to grow at the fastest CAGR from 2023 to 2032 due to rising demand for LED lights and increasing organizations' investment in outdoor LED screens to give real-time information. Moreover, China's Outdoor LED Strip market held the largest market share, and the Indian Outdoor LED Strip market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Outdoor LED Strip market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Outdoor LED Strip industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Outdoor LED Strip industry to benefit clients and increase the market sector. In recent years, the Outdoor LED Strip industry has offered some of the most significant advantages to LED market. Major players in the Outdoor LED Strip market, including Forge Europa, LEDVANCE, Ledridge Lighting, Digital Advanced Lighting, Lighting Ever, LEDMY, OML Technology, Jiasheng Lighting, Osram, Philips, Sidon Lighting, Optek Electronics, NVC Lighting, Opple, Jesco Lighting, Ledtronics, PAK, FSL, and others, are attempting to increase market demand by investing in research and development operations.
Option is a publicly traded technology business with headquarters in Leuven, Belgium. Broadband wireless technology device design, development, manufacturing, and commercialization are Optioon's areas of expertise. Option enjoyed strong margins across its entire product line and was the global market leader in the wireless broadband sector. The new Intel-Nokia partnership's short-lived and swiftly abandoned plans to erode Option's market share, demonstrating Option's market supremacy and substantial entry obstacles, even for major enterprises. Jabil in Bergamo, Italy, handled the majority of the production, with Celestica in Kladno, Czech Republic, providing extra capacity. All gadget manufacturing is now carried out in Wuxi, China. Although the goods are reconditioned and branded in Ireland, they were originally designed in Leuven. In April 2023, Crescent Lighting declared that it would be adding more lighting options to its lineup for use in commercial, outdoor, residential, industrial, architectural, and interior environments. The company sells long-lasting, environmentally friendly items with a maximum of 50,000 hours of operation, according to LM80 certificates.
OSRAM Licht AG is a German electric light manufacturer with headquarters in Munich and Premstätten, Austria. OSRAM presents itself as a cutting-edge photonics business with a growing emphasis on sensor technology, light treatment, and visualization. The business provides services to clients in the industrial, automotive, healthcare, and consumer technology industries. OSRAM GmbH is the operating corporation of OSRAM. Opto semiconductors, which are essential components of sensors, lighting, and visualization, are supplied by the Opto Semiconductors Business Unit. In addition to infrared, laser, and optical sensors, OSRAM Opto semiconductors provide a broad selection of LEDs in the low-power, mid-power, high-power, and ultra-high-power classes that are utilized in general illumination, automotive, consumer, and industrial applications. These companies' primary markets include the automobile industry, smartphones, wearable technology, general lighting, lighting for plants, industrial lighting, and projection. In May 2022, Signify NV successfully acquired Fluence from ams OSRAM, aiming to enhance its range of agricultural lighting products. The acquisition increases the company's market share in North America for horticulture lighting as well as its worldwide growth platform for agriculture lighting.
May 2023: Signify NV introduced new energy-efficient LED outdoor lights. These lights were made to function in a variety of weather conditions and use less power. The new items were made to withstand intense sunlight, ultraviolet (UV) radiation, torrential rain, and weather humidity of up to 85% without rusting or corroding.
June 2022: Hella GMBH unveiled new S-Series energy-efficient work lamps and floodlights. When proper work area lighting is required to enhance worker safety, HELLA work lamps and floodlights are used. When compared to conventional light sources, all of the goods have a lower power consumption, suggesting that light sources have a long-lasting effect on reducing CO2 emissions. The lighting features of the gadgets make sure that the workspace is optimally lighted, which reduces worker weariness. It also lowers the likelihood of accidents and increases productivity.
April 2022: RoadMax, a brand-new product from LED lighting company Evluma, was launched. The RoadMax series is designed to replace outdated HID 100W, 250W, and 400W cobra heads. It is available in three sizes: small, medium, and large. RoadMax is an evolution of Evluma's well-known low-glare, visually pleasing outdoor lighting. RoadMax addresses current issues about glare for individuals with a disability and light trespassing while maintaining excellent pole spacing.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 2.6 Billion |
| Market Size 2023 | USD 2.9 Billion |
| Market Size 2032 | USD 9.1 Billion |
| Compound Annual Growth Rate (CAGR) | 13.5% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Forge Europa, LEDVANCE, Ledridge Lighting, Digital Advanced Lighting, Lighting Ever, LEDMY, OML Technology, Jiasheng Lighting, Osram, Philips, Sidon Lighting, Optek Electronics, NVC Lighting, Opple , Jesco Lighting, Ledtronics, PAK, FSL |
| Key Market Opportunities | Development of wireless technology |
| Key Market Dynamics | Increase in the development of smart cities Rising adoption of smart lighting |
Frequently Asked Questions (FAQ) :
The Outdoor LED Strip Market size was valued at USD 2.6 Billion in 2022.
The global market is projected to grow at a CAGR of 13.5% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are Forge Europa, LEDVANCE, Ledridge Lighting, Digital Advanced Lighting, Lighting Ever, LEDMY, OML Technology, Jiasheng Lighting, Osram, Philips, Sidon Lighting, Optek Electronics, NVC Lighting, Opple, Jesco Lighting, Ledtronics, PAK, FSL.
The 3528 category dominated the market in 2022.
The home use had the largest share in the global market.
Senior Research Analyst Ankit gupta is an analyst in market research industry in ict and semi industry. with post-graduation in "telecom and marketing management" and graduation in "electronics and telecommunication" vertical he is well versed with recent development in ict industry as a whole. having worked on more than 150+ reports including consultation for fortune 500 companies such as microsoft and rio tinto in identifying solutions with respect to business problems his opinions are inclined towards mixture of technical and managerial aspects.
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