Global $14.2 Bn Outdoor Lighting Market to 2023: Falling LED Prices and Changing Paradigm are Offering Growth Opportunities

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Jan 23, 2019, 14:15 ET

DUBLIN, Jan. 23, 2019 /PRNewswire/ --

The "Outdoor Lighting Market by Lighting Type - Global Market Size, Share, Development, Growth, and Demand Forecast, 2013-2023" report has been added to ResearchAndMarkets.com's offering.

Global outdoor lighting market is expected to reach $14.2 billion by 2023.

Growing adoption of energy-saving and economical lighting solutions and increasing government initiatives toward energy conservation are the major factors contributing to the growth of the market.

Insights on market segments

Based on lighting type, the outdoor lighting market has been classified into high-intensity discharge (HID) lamps, light-emitting diode (LED) lights, fluorescent lights, and plasma lamps. HID lamps dominated the market in 2017, accounting for more than 58% revenue share. During the forecast period, the market is expected to witness the highest growth in the category of LED lights, on account of increasing government initiatives such as subsidies on LEDs and development of smart cities in countries like India, China, Germany, and the U.S.

The outdoor lighting market has also been classified into fixture and control outdoor lighting components. The fixture component accounted for more than 62% revenue share in the market in 2017. During the forecast period, the control component is expected to witness higher growth in the market, on account of the increasing number of construction projects related to the development of highways, stadiums, and smart cities, across the world.

On the basis of application, the outdoor lighting market has been categorized into streets, highways, parking lots, stadiums, tunnels, and others, where others include gardens, parks, business parks, and farms. Among these, streets were the largest application area of outdoor lights and accounted for nearly 22% revenue share in the market in 2017. During the forecast period, they are also expected to be the fastest-growing category in the market, owing to the increasing government initiatives toward energy conservation such as implementation of energy conservation building codes for commercial structures and development of smart cities.

Based on distribution channel, the outdoor lighting market has been classified into commercial and retail channels. In 2017, the market revenue from commercial channels was higher as compared to that from retail channels, as outdoor lights were majorly sold in bulk, based on their utility, by companies or specialist distributors.

Market is expected to witness the fastest growth in the Asia-Pacific (APAC) region

During the forecast period, the outdoor lighting market is expected to witness the fastest growth in APAC on account of the development of smart cities, which will lead to the high adoption of smart lighting solutions. In addition, governments in the region are taking initiatives to replace incandescent lamps with energy-efficient LED lights and reduce the cost of LED lights, which, in turn, are expected to back the growth of the market in the region.

Adoption of energy-efficient and economical lighting solutions is a key growth driver for the market

Growing demand for cost- and energy-efficient products, along with increased government focus on energy conservation, is a key factor supporting the adoption of energy-saving lighting solutions, such as LEDs. This is likely to bolster the growth of the outdoor lighting market in the coming years. Besides, the market continues to make transition from conventional lighting to LED lighting, where advancements like the chip-on-board (COB) technology, have made LEDs more economical and power-efficient.

Falling LED prices and changing paradigm of the outdoor lighting industry are offering growth opportunities to the industry players

Benefiting from the advancements in technology, the price of LED products has gradually decreased and come closer to that of conventional outdoor lighting products. The price of LED lights is expected to decline further, owing to ongoing research and development. Consequently, the adoption of LED lights is expected to increase in the coming years.

Furthermore, the changing paradigm of the outdoor lighting industry, from conventional lighting to smart lighting, is providing ample growth opportunities to the players in the outdoor lighting market. The integration of modern technologies, such as control systems, dimming modules, daylight sensors, software-based solutions, in outdoor lighting systems is contributing to the growth of the market.

Outdoor lighting market competitiveness

Major players in the outdoor lighting market are focusing on improving the efficiency of smart LED lighting solutions to meet the growing demand for energy-efficient and economical outdoor lighting solutions.

Some of the key players operating in the market are

General Electric Company
Osram Licht AG
Hubbell Incorporated
Cree Inc.
Eaton Corporation plc
Signify Holding
Syska LED
Virtual Extension
Dialight Plc
Zumtobel Group AG

For more information about this report visit https://www.researchandmarkets.com/research/c2897f/global_14_2_bn?w=5

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