Outdoor LED Lighting Market worth $21.96 Billion by 2030 – Exclusive Report by The Insight Partners
The global outdoor LED lighting market is growing at a CAGR of 6.8% from 2022 to 2030.
Pune, India, Oct. 20, 2023 (GLOBE NEWSWIRE) — Acuity Brands Inc., Signify NV, and Panasonic Corporation are key providers in the outdoor LED lighting market. With the strong growth in demand for outdoor LED lighting, numerous companies have established partnerships to expand their solutions offerings in digital solutions. For instance, in September 2022, Signify NV partnered with Upciti, a leading artificial intelligence (AI) and edge computing solutions provider, to aid cities and utility sectors across the US and Canada for better value addition and revenue from their lighting infrastructure. Upciti’s “privacy by design” edge computing image analysis sensors are to be paired with Signify’s Interact IoT-connected lighting system and road and street LED luminaires to gather intelligent data and utilize the same for better traffic and parking management. Similarly, since 2018, the New York Power Authority (NYPA) has been partnering with Signify NV to support Smart Street Lighting NY and has installed more than 50,000 LED streetlights till June 2020. The lights installed included Signify’s Interact City IoT lighting system. They connected LED luminaires in a bid to reduce energy consumption and carbon footprint and make the city safer for its citizens.
Outdoor LED Lighting Market in terms of revenue was estimated to be worth $13.02 billion in 2022 and is poised to reach $21.96 billion by 2030, growing at a CAGR of 6.8% from 2022 to 2030 according to a new report published by The Insight Partners.
The rising demand for green and energy-efficient lighting is resulting in higher adoption of light-emitting diode (LED) lights for various outdoor applications. Additionally, there is tremendous growth in urbanization and infrastructural development across the globe, leading to higher demand for streetlights and other outdoor lights. Thus, the outdoor LED lighting market demand is anticipated to increase during the forecast period.
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Global Outdoor LED Lighting Market Scope:
|Market Size Value in||USD 13.02 Billion in 2022|
|Market Size Value by||USD 21.96 Billion by 2030|
|Growth rate||CAGR of 6.8% from 2022 to 2030|
|Segments covered||Installation Type, Wattage, Application, and Geography|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America.|
|Country scope||Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States|
|Report coverage||Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends|
Compared to incandescent light bulbs, LED lights can produce light up to 90% more efficiently. In LEDs, an electrical current pass through the inbuilt microchip, illuminating the light sources called LEDs and producing visible light as a result of the same. Most LED lights are accompanied by a heat sink to efficiently dissipate the heat produced and reduce the chances of performance issues. This feature acts as an advantage and disadvantage. The advantage is that such a specific direction of light makes it suitable for a multitude of applications and also increases efficiency. For applications requiring light in different directions, the LED is required to be paired with efficient and tailored reflectors.
Outdoor LED lighting refers to LED lights that are designed for outdoor applications, such as those on the patio or streets. These lights generally have a high tolerance towards environmental factors, such as sun and rain. As opposed to incandescent light bulbs, LED lights emit directional light, meaning light is produced in specific directions and not all directions.
With the rising population, there has been a steep rise in infrastructural development across most urban areas. The migration of people from rural to urban areas at a constant speed over the years has been a familiar phenomenon worldwide, particularly in developing nations. According to the United Nations Conference on Trade and Development (UNCTAD), 56.2% of the worldwide population lived in urban areas in 2020, compared to 51.6% in 2010. The percentage of urban residents was above 79% in developed countries, including the US and the UK. Per the United Nations (UN) predictions, 70% of the world’s population is expected to live in cities and urban areas by 2050. Such a steep rise in urban dwellers has led to the requirement for better public infrastructure, including well-lit roads and public spaces. Such factors have strongly promoted the application of LED lights, leading to a rise in outdoor LED lighting market size.
Rising Number of Smart Cities to Provide Lucrative Opportunities for Outdoor LED Lighting Market:
There has been a steady rise in the number of smart cities across the globe. Several government bodies have been undertaking smart city projects in a bid to modernize their countries and also to ensure a better lifestyle for their citizens. A smart city can be loosely defined as a city that strongly relies on information and communication technologies (ICT) to increase operational efficiency, undertakes information sharing with the public, and strives to improve both citizen’s welfare and the quality of government services. Smart cities utilize a combination of the Internet of Things (IoT) devices, user interfaces (UI), software solutions, and communication networks. Such applications are thus strongly utilizing advanced outdoor LED lighting solutions, which also act as a sensor for collecting and disseminating information. For instance, the Smart Cities Mission by the Government of India is an urban renewal and retrofitting program under which 100 cities are being converted to smart cities. Similarly, the European Commission has been funding the Smart Cities and Communities lighthouse projects through the Horizon 2020 research and innovation program. It aims to bring together cities, citizens and industry to demonstrate solutions and business models that can be scaled up and replicated to provide measurable energy and resource efficiency.
Outdoor LED Lighting Market: Segmental Overview
Based on installation type, the outdoor LED lighting market is bifurcated into new and retrofit. By wattage, the outdoor LED lighting market is divided into below 50W, 50W – 100W, and above 100W. By sales channel, the outdoor LED lighting market is bifurcated into online and offline. Based on application, the outdoor LED lighting market is segregated into architecture, highways & roadways, public places, and others.
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Outdoor LED Lighting Market Analysis: Competitive Landscape and Key Developments
Cooper Industries plc (Eaton), Cree, Inc, Dialight PLC, General Electric Company, Hubbell Incorporated, Osram Licht AG, Signify Holding, Syska Led Lights Private Limited, Virtual Extension and Zumtobel Group AG are a few of the key companies operating in the Outdoor LED Lighting market. The outdoor LED lighting market leaders focus on expansion and diversification, new product launches, and acquisition strategies, which allow them to access prevailing business opportunities.
- September 2023 – US LED, Ltd launched the Right Choice Series of outdoor LED luminaires, which has been designed to capitalize on the unmatched optical and thermal qualities exclusive to best-in-class LED technology.
- May 2023 – Signify NV launched new energy-efficient LED outdoor lights, which had been designed to perform in changing weather conditions and also consume lower power. The new products were designed to resist extreme sunlight, ultra-violet (UV) rays, heavy rain, and weather humidity up to 85% without resulting in corrosion or rust.
- May 2023 – Acuity Brands’ Cyclone Lighting released the Elencia luminaire, having high-performance optics and an updated, modern lantern styling for an upscale aesthetic to outdoor post-top illumination.
- May 2022 – Signify NV completed the acquisition of Fluence from ams OSRAM in a bid to strengthen its agricultural lighting portfolio. The acquisition strengthens the former’s global Agriculture lighting growth platform and also bolsters the company’s share in the North American horticultural lighting market.
- November 2020 – Acuity Brands’ Lithonia Lighting Outdoor launched WPX LED and ARC LED wall-mounted luminaires and the BarnGuard LED security light.
Go through further research published by The Insight Partners:
LED Lighting Market – Global Analysis and Forecast to 2030.
Outdoor Lighting Market – Global Analysis and Forecast to 2030.
Solar Outdoor LED Lights Market – Global Analysis and Forecast to 2030.
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