Outdoor LED Lighting Market Worth $51.5 billion by 2027 - Exclusive Report by MarketsandMarkets™

News provided by

Nov 07, 2022, 09:00 ET

CHICAGO, Nov. 7, 2022 /PRNewswire/ -- Outdoor LED lighting market size is estimated to be USD 25.7 billion in 2022 and is projected to reach USD 51.5 billion by 2027, at a CAGR of 14.9% during the forecast period according to a new report by MarketsandMarkets™. Some of the key factors propelling the market growth include increasing utilization of smart lighting systems in several outdoor applications such as streets and roads, architecture, sports, and tunnels; surging adoption of LED bulbs and luminaires to achieve the goal of net-zero emissions by 2050, rising demand for LED lighting systems and ongoing release of new innovative LED products due to constant technological advances.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=211822268

Browse in-depth TOC on "Outdoor LED Lighting Market"
175 – Tables
70 – Figures
240 – Pages

Software offering in the outdoor LED lighting market is expected to witness the fastest growth rate during the forecast period.

The software segment is likely to witness the highest growth rate between 2022 and 2027 due to the increasing deployment of connected lighting systems in various outdoor applications, such as road and street lighting and sports and large areas. The software segment includes various firmware installed per fixture or a series of fixtures and mobile applications for various applications of outdoor LED lighting. The feature of any lighting system software is its ability to control the light. The functions of smart lighting software include daylight savings, real-time monitoring and alarming of the street and other outdoor lights, dimming control, energy savings, intelligent dispatching, intuitive programming, scheduling of lighting functions, and analytics and reporting.

The streets and roads segment is likely to hold a larger market share between 2022 and 2027 in the overall outdoor LED lighting market

The market for streets and roads segment is expected to hold a larger market share in the forecast period due to the increasing installation of energy-efficient lighting systems in outdoor projects, including street and road lighting on roads, highways, etc. Roadways or highway projects are mostly government funded; hence, the emphasis is on saving energy and costs. As several types of roads, such as streets, main roads, and highways, need different control strategies, many projects need multiple solutions to take full advantage of energy savings. Scheduling, occupancy, and daylight harvesting are the most prominent light control strategies used in these application areas. LED street lighting is a cost-effective and sustainable choice for city roads today.

The direct sales channel segment is expected to contribute a significant market share in the overall outdoor LED lighting market by 2027.

Sales of outdoor lighting fixtures through direct channels (Energy Service Companies (ESCOs), municipalities, and direct-contract deals) accounted for a significant market share in 2021. A similar trend is expected to continue by 2027. Most outdoor commercial lighting projects and infrastructure project development contractors prefer direct sales or contract-based channels to meet the lighting requirements of their customers. The direct sales channel has several benefits as it eliminates third-party interference, thereby reducing procurement costs. Sales of outdoor lighting fixtures through direct channels are estimated to gain significant market share by 2027.

The retrofit segment is projected to grow at a faster rate from 2022 to 2027 due to the rapid replacement of the existing conventional lighting fixtures with energy-efficient LED lighting systems

The outdoor LED retrofit market is projected to grow faster as traditional lighting systems are being widely replaced with energy-efficient LED lighting solutions across several outdoor applications, such as public places, sports complexes, streets and roads, architectural buildings, and large public areas. The retrofit installation refers to replacing the existing lighting fixtures comprising traditional light sources with LED lamps and nonintegrated luminaires and controls (such as LED drivers). LED provides significant energy saving, fast illumination, and a high degree of working life, which can be more than 25 times longer than incandescent lamps. Retrofit LED plug-and-play options offer the easiest way to switch to LED technology by allowing customers to place the plug-in LED options into existing fixtures. Therefore, the retrofit outdoor LED market is expected to grow at a higher CAGR from 2022 to 2027.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=211822268

Middle East and Africa is likely to be the second fastest growing region after Asia Pacific in the global outdoor LED lighting market.

The outdoor LED lighting market in Rest of the World (RoW) has been studied for Middle East and Africa. The outdoor LED lighting market in Rest of the World is growing slowly compared to other regions; however, emerging economies such as South Africa and the GCC countries in the Middle East are expected to contribute to the market growth in the coming years. Ongoing urbanization in Africa is expected to boost the outdoor LED lighting market growth significantly in the coming years. Saudi Arabia, Israel, UAE, and Qatar are major Middle Eastern countries contributing significantly to the outdoor LED lighting market growth. UAE is a major country in the outdoor LED lighting market. The demand for LED lighting is expected to grow with the implementation of eco-friendly green building regulations and streetlight retrofitting programs by regional governments, which would significantly drive the growth of the outdoor LED lighting market in Middle East and Africa.

A few of the key players in the outdoor LED lighting market are Signify Holding (Netherlands), Acuity Brands Lighting, Inc. (US), Cree Lighting (US), Dialight (UK), and Panasonic Corporation (Japan).

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=211822268

Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting

Related Reports:

LED Lighting Market by Installation (New, Retrofit), Product Type (A-type, T-type, Decorative, Directional), Sales Channel (Retail, Direct, E-commerce), Application (Residential, Commercial, Industrial) and Geography - Global Forecast to 2027

Smart Lighting Market by Offering (Hardware, Software and Services), Installation Type (New Installations and Retrofit Installations), End Use Application, Communication Technology, and Geography (2021-2026)

LED Packaging Market by Package Type (SMD, COB, CSP), Application (General Lighting, Automotive Lighting, Backlighting, Flash Lighting, Industrial), Wavelength, Power Range, and Region (2021-2026)

LED Light Engine Market by Product Type (Lamps and Luminaires), Installation Type (New Installation and Retrofit Installation), End-Use Application (Indoor Lighting and Outdoor Lighting), and Geography - Forecast to 2024

LED Driver Market for Lighting, by Driving Method (Constant Current and Constant Voltage), Luminaire Type (A-Type, T-Lamps, Reflectors, Integral Modules), Components (Driver IC and Discrete), End User Application, and Geography - Global Forecasts to 2022

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Visit Our Web Site: https://www.marketsandmarkets.com/
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/outdoor-led-lighting-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/outdoor-led-lighting.asp