Outdoor LED Lighting Market Outlook, Insights, Size 2024-2033

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Overview and Scope

Outdoor led lighting is an illuminating device for outdoor lighting or reflecting surfaces. It can be permanently mounted or portable, and used for illumination, decoration, or advertisements. These lights are intended to be used for city road illumination, periphery lighting, heritage area outdoor lighting, and urban landscape lighting.

Sizing and Forecast

The outdoor led lighting market size has grown rapidly in recent years. It will grow from $26.58 billion in 2023 to $31 billion in 2024 at a compound annual growth rate (CAGR) of 16.6%. 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 $56.48 billion in 2028 at a compound annual growth rate (CAGR) of 16.2%. 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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Segmentation & Regional Insights

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

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.

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Major Driver Impacting Market Growth

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.

Key Industry Players

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.

The outdoor led lighting market report table of contents includes: