Categories: Market Research

Outdoor Lighting Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Outdoor Lighting by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Outdoor Lighting, The outdoor lighting market size has grown strongly in recent years. It will grow from $13.46 billion in 2023 to $14.56 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to innovation in smart lighting, aesthetic and architectural trends, environmental awareness, rising demand for safety and security, shift to energy-efficient solutions..

The outdoor lighting market size is expected to see strong growth in the next few years. It will grow to $19.76 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to led penetration, demand for customization and aesthetics, security and safety requirements, smart lighting expansion, sustainable and eco-friendly solutions.. Major trends in the forecast period include energy efficiency, smart lighting integration, urbanization and infrastructure development, focus on safety and security, environmental concern..

The increasing adoption of energy-efficient lighting systems is driving the outdoor lighting market. Energy-efficient lighting entails adopting more environmentally friendly lighting solutions such as LEDs and CFL bulbs. It involves using alternative energy sources, such as solar energy, as LEDs use less energy and are best suited for outdoor lighting that solar panels can supply. For instance, in September 2021, the New York state government replaced 286,000 streetlights with energy-efficient LED lights and plans to replace half a million streetlights with LEDs by 2025. Additionally, in 2022, the US government enacted the Inflation Reduction Acts of 2022, which announced tax deductions for homeowners, builders, and commercial businesses opting for energy-efficient lighting options. Thus, the increasing adoption of energy-efficient lighting systems drives the outdoor lighting market forward.

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The outdoor lighting market covered in this report is segmented –

1) By Type: LED Lights, High-Intensity Discharge (HID) Lamps, Fluorescent Lights, Plasma Lamps

2) By Component: Fixture, Control

3) By Application: Street Lighting, Tunnel Lights, Highways, Parking Lots/Decoration, Parks and Stadium, Building Exteriors, Other Applications

4) By Distribution Channel: Offline, Online

Major companies operating in the outdoor lighting market are developing innovative products, such as roadway luminaires, to meet larger customer bases, more sales, and increase revenue. A roadway luminaire refers to a lighting fixture specifically designed and installed for illuminating roadways, streets, or highways. For instance, in June 2022, Evluma, a US-based lighting company, launched RoadMax. The distinctive feature of the RoadMax series lies in its versatility, comprising three sizes—small, medium, and large—accommodating a variety of wattages tailored to replace legacy HID 100w, 250w, and 400w cobrahead fixtures. Uniquely designed to align with RP-8-18 roadway specifications, this luminaire boasts a sleek and stylish aesthetic. Its unparalleled optical design not only delivers exceptional roadway performance but also introduces an industry-leading combination of glare control.

The outdoor lighting market report table of contents includes: