Overview and Scope
Outdoor lighting refers to lighting that is installed on outside premises, such as streets, highways, and alleys. This lighting is used to illuminate dark outdoor areas and enhance outdoor environments aesthetics.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
North America was the largest region in the outdoor lighting market in 2023. Asia-Pacific is expected to be the fastest-growing region in the outdoor lighting market report during the forecast period. The regions covered in the outdoor 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
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.
Key Industry Players
Major companies operating in the outdoor lighting market are developing LED outdoor lights to sustain in the market. LED outdoor lights are energy-efficient, durable lighting fixtures utilizing light-emitting diodes, designed for exterior applications such as landscapes, pathways, and architectural illumination. For instance, in August 2023, ETi Solid State Lighting Inc., a US-based lighting technology company, launched a collection of outdoor LED lighting products. ETi’s latest Outdoor Collection introduces a lineup of unique luminaires that redefine outdoor lighting solutions. The Slim Canopy luminaire, distinguished by its compact design and expansive light coverage, presents three selectable wattages and color temperatures (CCTs), an IP65 wet location rating, and diverse finish options. This luminaire proves to be a versatile and practical choice for canopies, walkways, gas stations, and parking garages. The VersaArea LED Area Light is meticulously engineered for superior performance and adaptability, delivering brilliant and uniform lighting with an integrated control port. It excels in illuminating parking lots, pathways, parks, and vast outdoor areas. For customizable brightness, flexibility, and efficiency in landscape lighting and security applications, the VersaFloods Flood Lights offer a range of wattages and CCT options, accompanied by multiple mounting choices. The VersaPak Adjustable Wall Pack features a modern full cutoff design, allowing for three selectable wattages and CCTs, along with a Dusk-to-Dawn photocell and a tilting head for adjustable illumination between 0-90 degrees, enhancing safety and visibility around building exteriors.
The outdoor lighting market report table of contents includes:
- Executive Summary
- Outdoor Lighting Market Characteristics
- Outdoor Lighting Market Trends And Strategies
- Outdoor Lighting Market – Macro Economic Scenario
- Global Outdoor Lighting Market Size and Growth
- Outdoor Lighting Market Segmentation
- Outdoor Lighting Market Regional And Country Analysis
…………….
- Key Mergers And Acquisitions In The Outdoor Lighting Market
- Outdoor Lighting Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Outdoor Lighting Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Outdoor Lighting Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Outdoor Lighting Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
……………
Table 75: Syska LED Lights Company Financial Performance
Table 76: Hubbell Incorporated Financial Performance
Table 77: Eaton Corporation plc Financial Performance
Table 78: Acuity Brands Inc. Financial Performance
Table 79: Virtual Extension Ltd Financial Performance
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