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.
Read Full Report: Outdoor Lighting Market Revenue Estimation and Growth Forecast Report
Smart outdoor lighting is becoming popular in the outdoor lighting market, with potential applications in a variety of places, such as motorways and highways, city parks and public spaces, outdoor parking lots, university and college campuses, sports parks, and commercial sites. As power prices rise, a growing number of municipalities throughout the world are converting to smart lighting to save money, while enhancing system efficiency and maintaining public safety. Apart from energy savings of 40%−50%, smart lighting has many advantages, including automation, support for communication-connected infrastructure, and real-time diagnostics.
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.
