Outdoor Lighting Market Is Expected to Reach $20,269.7 Million by 2030
The worldwide outdoor lighting market was valued at $10,352.1 million in 2020, which is projected to reach $20,269.7 million at a CAGR of 7.0% during 2020−2030.
The rising requirements for energy-efficient lighting, advancing initiatives of government toward the conservation of energy, and growing development of infrastructure are the key drivers for the growth. In addition, China is a major manufacturer of lighting devices and raw material and component exporter. Lighting has become a vital amenity to have at parking lots, streets and highways, large stadia, public parks, and other outdoor spaces.
In 2020, based on lighting type, the LED lights classification held the greatest share of the outdoor lighting market. During the forecast period, the category is also predicted to become the fastest-growing. This will be due to the increasing use of LEDs as a source of light in a variety of applications, including parking lots, stadia, and roads. This will itself be because LEDs allow for more effective use of light settings, thus resulting in greater energy savings.
Hence, due to the rising government focus on encouraging energy savings through the use of energy-efficient lighting sources, primarily LEDs, the outdoor lighting market growth is receiving a boost. LEDs are particularly useful in outdoor lighting applications since they operate effectively for long periods, while requiring little maintenance. LEDs are also great directional light sources and have a long lifespan. Because of these advantages, numerous local governments, including municipalities, have begun making efforts to convert their outdoor lighting systems entirely to LEDs.
The worldwide outdoor lighting market is fragmented with multiple competitors; in recent years, firms have engaged in acquisitions and mergers, as well as geographical expansions, to gain a dominant position. There are many key players in the market, for example, Iwasaki Electric Co. Ltd., Stanley Electric Co. Ltd., Dialight Plc, Acuity Brands Inc., SMART Global Holdings Inc., Hubbell Incorporated, Zumtobel Group AG, OSRAM Licht AG, General Electric Company, Signify N.V.
