The outdoor led lighting global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Outdoor LED Lighting Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The outdoor led lighting market size has grown rapidly in recent years. It will grow from <b>$26.58 billion in 2023 to $31 billion in 2024 at a compound annual growth rate (CAGR) of 16.6%. </b> The growth in the historic period can be attributed to energy efficiency and environmental concerns, government initiatives and regulations, urbanization and infrastructure development, cost reduction, consumer preferences and awareness.
The outdoor led lighting market size is expected to see rapid growth in the next few years. It will grow to <b>$56.48 billion in 2028 at a compound annual growth rate (CAGR) of 16.2%. </b> The growth in the forecast period can be attributed to smart lighting integration, sustainable development goals, rising urbanization and smart city projects, increased emphasis on safety and security, renewable energy integration. Major trends in the forecast period include integration with smart technologies, energy efficiency and sustainabilit, increased adoption of solar-powered led lighting, advanced controls and sensors, customization and personalization.
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Scope Of Outdoor LED Lighting Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Outdoor LED Lighting Market Overview
Market Drivers –
An increasing number of construction and infrastructure projects are expected to propel the outdoor LED lighting market. Infrastructure is the set of systems and facilities that serve as the foundation for a country’s economic progress; it comprises the development of roads, railways, bridges, tunnels, water supply, sewage, electrical grids, and telecommunications infrastructure. Construction sites are among the most sensitive and dangerous places to work. LED lighting is a safety precaution that can decrease the risk of accidents and dangers on construction sites. LED lighting improves the area’s visibility and ensures worker safety. For instance, according to Rethinking The Future, an India-based platform for architecture & design, by 2024, the Canadian construction industry will grow at an 8.5% compound annual growth rate (CAGR). This will increase the value of Canada’s construction industry to $354.9 billion (USD). Furthermore, in October 2021, according to a report published by Oxford Economics, a UK-based economic information services company, the global construction output was $10.7 trillion in 2020, and between 2020 and 2030, it is anticipated to increase by 42%, or $4.5 trillion, to reach USD 15.2 trillion. Therefore, increasing construction and infrastructure projects will drive the outdoor LED lighting market.
Market Trends –
Product innovation is a key trend in the outdoor LED lighting market. Major companies operating in the market are advancing toward using wireless lighting control solutions for the outdoor LED lighting market. For instance, in March 2022, Evluma, a US-based manufacturer of solid-state illumination (LED) products, introduced RoadMax, a new highway lighting device. The unique optical design provides an industry-unique mix of roadway performance and glare mitigation. Additional features include light trespass shields, a field adjustable wattage selection (FAO), and different photocontrol socket options. Evluma’s Photocontrol Failsafe, a patented technology that addresses photocontrol failures on street and area lights, can be added to RoadMax as a customizable feature.
The outdoor led lighting market covered in this report is segmented –
1) By Offering: Hardware, Software, Services
2) By Communication: Wired, Wireless
3) By Installation: New, Retrofit
4) By Sales Channel: Retail Or Wholesale, Direct Sales, E-Commerce
5) By Application: Streets And Roads, Architecture And Urban Landscape, Sports And Large Area, Tunnels, Other Applications
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Regional Insights –
Asia-Pacific was the largest region in the outdoor LED lighting market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the outdoor led lighting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the outdoor led lighting market report are CREE Inc., Dialight plc, General Electric Co. Ltd., Osram Licht AG, Signify N.V., Syska Led Lights Pvt. Ltd., Zumtobel Group AG, Acuity Brands Lighting Inc., Panasonic Corporation, Hubbell Inc., Vurtual Extension Ltd., Eaton Corporation, Philips Lighting Holding B.V, Wipro Lighting Ltd., Opple Lighting Co. Ltd., Bajaj Electricals Limited, Cooper Lighting Solutions, Havells India Limited, LED Roadway Lighting Ltd., LG Innotek Co. Ltd., LIGMAN Lighting Co. Ltd., Lumileds Holding B.V., MLS Co. Ltd., Nichia Corporation, Samsung Electronics Co. Ltd., Schréder Group, Seoul Semiconductor Co. Ltd., Soraa, Amerlux, L.D. Kichler Co. Inc.
Table of Contents
1. Executive Summary
2. Outdoor LED Lighting Market Report Structure
3. Outdoor LED Lighting Market Trends And Strategies
4. Outdoor LED Lighting Market – Macro Economic Scenario
5. Global Outdoor LED Lighting Market Size and Growth
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31. Global Outdoor LED Lighting Market Competitive Benchmarking
32. Global Outdoor LED Lighting Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Outdoor LED Lighting Market
34. Outdoor LED Lighting Market Future Outlook and Potential Analysis
35. Appendix
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