ID: MRFR/SEM/6868-HCR | 111 Pages | Published By Shubham Munde on March 2023
Outdoor Lighting Market is expected to grow at USD 48.2 Billion by 2030, at a CAGR of 8.20% during the forecast period 2022-2030.
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.
Currently, outdoor lighting is used to add aesthetic appeal and increase safety and security. Global industry players are expanding their market reach through the development of innovative solutions in outdoor lighting portfolio. The vendors of the outdoor lighting systems provide various advanced solutions to the users with easy and smart control operation, better energy efficiency, and superior illumination with low power consumption.
However, high import duties on lighting solutions can restrain the market during the forecast period. Development of wireless technologies for outdoor lighting systems and the adoption of IoT technology for smart street lighting and smart city projects are expected to create growth opportunities in the outdoor lighting market. Philips offers various outdoor lighting products for a number of end-use applications such as road and urban lighting, floodlighting in sports arenas tunnel and underpass lighting, and landscape lighting which are easy to install and provide a high level of illumination.
The global Outdoor lighting market Analysis by lighting type, distribution channel, application, and region.
Globally, the outdoor lighting market trends have been categorized into five regions—North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. Europe is expected to dominate the outdoor lighting market during the forecast period. Presence of global players such as Philips Lighting and Osram Licht AG and government initiatives in the favor of smart lighting control systems are expected to dominate the market in this region.
Asia-Pacific is expected to be at the second position and grow at a faster rate during the forecast period due to various infrastructure development projects such as smart cities across the region. Countries such as China, Japan, South Korea, and India are expected to dominate the outdoor lighting market during the forecast period.
North America is expected to occupy the third position in terms of outdoor lighting market share due to the early adoption of the latest technologies and presence of global players such as Cree Inc. and General Electric Company. The US is expected to dominate the outdoor lighting market growth during the forecast period. However, Canada is expected to grow at a higher rate during forecast period.
The global outdoor lighting industry consists of various global, regional, and local service providers who are continuously evolving their product portfolio to enhance their market positions. The major players are likely to strengthen their presence worldwide through the mergers and acquisition of local and regional players for expanding the reach of their solutions during the review period. Improvements in the global economic scenario combined with technological advancements in the emerging economies in India, South Africa, China, Brazil, and Argentina, are likely to fuel the market growth, thereby making it an ideal time for the vendors to expand the market to untapped geographies and increase the outdoor lighting market share.
Therefore, vendors must develop new technologies and stay abreast of emerging technologies that could affect the continuing competitiveness of their product lines in the market.
The key players in the outdoor lighting market are Philips Lighting Holding B.V.(The Netherlands), General Electric Company (US), Osram Licht AG (Germany), Cree, Inc. (US), Eaton Corporation PLC (Ireland), Hubbell Incorporated (US), Dialight PLC (US), Zumtobel Group AG (Austria), Syska (India), Virtual Extension (Israel), Evluma (US) Halco Lighting Technologies (US), and Masco Corporation (US) among others.
|Market Size||USD 48.2 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Lighting Type, Distribution Channel, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Philips Lighting Holding B.V.(The Netherlands), General Electric Company (US), Osram Licht AG (Germany), Cree Inc. (US), Eaton Corporation PLC (Ireland), Hubbell Incorporated (US), Dialight PLC (US), Zumtobel Group AG (Austria), Syska (India), Virtual Extension (Israel), Evluma (US) Halco Lighting Technologies (US), Masco Corporation (US)|
|Key Market Opportunities||Development of wireless technologies|
|Key Market Drivers||
Highways, Street Lighting, Parking Lots, Stadiums, Parks, and Tunnel Lights, are the significant applications of outdoor lighting.
Outdoor lighting is used for adding aesthetic appeal and also elevate the increase safety and security.
Emergence of wireless technologies for outdoor lighting systems coupled with the rising adoption of IoT technology for smart street lighting as well as smart city projects are creating growth opportunities in the market.
In July 2019, Evluma had launched OmniMax LED replacement lamp that finds use in decorative streetlights. The lamp featured built-in Bluetooth connectivity along with instant dimming.
Europe, Asia Pacific, North America, South America and the Middle East & Africa are the regions where the market can gain traction in the coming period.
LED Lamps, HID Lamps, Plasma Lamps, Fluorescent Light