Outdoor Lighting Market to Reach $22.6 Billion, Globally, by 2031 at 5.6% CAGR: Allied Market Research

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Feb 27, 2023, 10:35 ET

Outdoor lights' ability to provide protection and visual appeal, the growing trend of using energy-efficient lighting solutions, efforts made by governments worldwide to adopt LEDs, and rise in infrastructural development drive the global outdoor lighting market.

PORTLAND, Ore., Feb. 27, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Outdoor Lighting Market by Type (LED Lights, High-Intensity Discharge (HID) Lamps, Fluorescent Lights, Plasma lamps), by Application (Street Lighting, Tunnel Lights, Highways, Parking Lots/Decoration, Parks and Stadium, Building Exteriors, Others), by Distribution Channel (Direct Sales, Retail Sales): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global outdoor lighting industry was valued at $12.5 billion in 2021 and is estimated to generate $22.6 billion by 2031, witnessing a CAGR of 5.6% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

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Drivers, Restraints, and Opportunities

The growing trend of using energy-efficient lighting solutions due to its benefits such as increased energy savings and long product life, ability of outdoor wall lights to provide protection without compromising on visual appeal, efforts made by governments in various countries to adopt light-emitting diodes (LEDs), and rise in infrastructural development fuel the growth of the global outdoor lighting market. However, light pollution is likely to hinder the global market growth. On the other hand, the adoption of latest technologies such as sensor and artificial intelligence and incorporation of smart solutions in lighting will present new growth opportunities for the global outdoor lighting market in the coming years.

Covid-19 Scenario

The outbreak of the COVID-19 pandemic negatively impacted the outdoor lighting market in the initial period. Due to lockdowns in several countries and labor shortages, production and manufacturing facilities around the world were shut down. Moreover, the market players faced challenges due to a lack of skilled specialists to develop outdoor lighting solutions, which led to a reduced turnover during the period.
The electronic devices market was significantly impacted due to disruption in the supply chain. As China is a major supplier of both assembled and raw electronic items, the outdoor lighting market witnessed a decline during the period.
However, pre-produced supplies of the outdoor lighting products were still being sold, mostly through online channels in order to offset any potential losses from the production standstill.
Within a few months of the lockdown's implementation, manufacturing of outdoor lighting resumed, and it is expected that the market will continue to expand during the forecast period.

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The LED lights segment to dominate the market during the forecast period

Based on type, the LED lights segment contributed to the largest share of nearly two-fifths of the global outdoor lighting market in 2021, and is expected to dominate during the forecast period. This is due to multiple advantages of LEDs such as long lifespan, energy efficiency and design flexibility. In addition, small LEDs offer distinctive design possibilities. The high-intensity discharge (HID) lamps segment, however, is projected to witness the fastest CAGR of 6.2% from 2022 to 2031. This is due to their long-rated lives and remarkable efficiency at converting electricity into light.

The building exteriors segment to maintain its leadership in terms of revenue during the forecast period

Based on application, the building exteriors segment held the largest share of nearly one-third of the global outdoor lighting market in 2021, and is expected to maintain a prominent revenue during the forecast period. This is because commercial facilities install outdoor lighting systems in high-traffic areas to offer visibility where employees, clients, and customers need them most. Ample lighting is provided on sidewalks, corridors, and paths to ensure pedestrian safety. However, the street lighting segment is expected to exhibit the highest CAGR of 6.3% in 2031. This is due to numerous advantages of street lighting such as the prevention of illegal work and anti-social activities on the roads.

Europe to garner the largest revenue by 2031

Based on region, the market in Europe was the largest in 2021, accounting for nearly one-third of the global outdoor lighting market and is expected to maintain its dominance during the forecast period. This is due to the expansion of the SMEs (small and medium-sized enterprises) in the region. However, the market in Asia-Pacific is likely to show the fastest CAGR of 6.3% during the forecast period. This is owing to an increase in demand for outdoor lighting for streets coupled with rise in incidents such as road accidents in the region during the night.

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Leading Market Players

Havells India Limited
Iwasaki Electric Co., Ltd.
Stanley Electric Co. Ltd.
Dialight Plc
Acuity Brands Inc.
Hubbell Incorporated
Zumtobel Group AG
Vonn, LLC.
Masco Corporation
SMART Global Holdings, Inc.
ENDO Lighting Corporation
Samsung Electronics Co. Ltd.
ams-OSRAM AG
Syska Led Lights Private Limited
Trade Gear Ltd.

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