Outdoor Lighting Market Will Reach $14.2 Billion by 2023 and Is Growing at a CAGR of 8.0% During 2018 – 2023

The outdoor lighting market is expected to grow at a CAGR of 8.4% between 2018-2023. The market is growing due to the declining price of LEDs, surging demand for energy-efficient lighting solutions, transformation and expansion of infrastructures.

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Increasing demand for energy-efficient lighting solutions across the globe, modernization and development of infrastructures such as smart cities, reduction in the prices of LEDs and increasing penetration of LEDs as a light source in various outdoor lighting applications, including streetlights, parking lots and tunnel lights, are the major factors likely to bolster the growth of the market during the forecast period. As per the findings of research, HID lamps have been the largest contributor of the outdoor lighting market. However, market for LEDs are expected to register the highest growth during the forecast period. HID lamps are rapidly being replaced by LEDs owing to the strong government support for the safety of environment. In addition, the slow growth rate for HID lamps market is due to several disadvantages of the lamps, such as longer time to cool down and restrike when power is disrupted, and consuming some time to warm up while starting.

Streetlighting application segment contributed the largest to the global outdoor lighting market and is also expected to be the leading application segment, during the forecast period. Governments in various countries are focusing towards building high class infrastructure to attract foreign players to invest across the respective country. In addition, the local authority body of the respective country is also focusing towards deploying various types of lighting solutions in the streets for better monitoring and security. For instance, in 2013, San Francisco Public Utilities Commission (SFPUC), the U.S., successfully completed a pilot project to install LED street light. In March 2015, Minnesota Public Service Commission announced to replace around 100,000 lights through-out the state over the next five years.

Geographically, Asia-Pacific has been the largest market for outdoor lightings. The gravity center for the outdoor lighting market has clearly moved to Asia, in particular for chips and epiwafers, and also for packaged lighting sources. The supply chain structure of outdoor lighting sources consists of product design, product manufacturing and marketing & sales. In Asia-Pacific, most of the companies operating in this market are involved in product designing and product manufacturing for the companies operating in other regions. However, most of the non-Asian companies are in charge of marketing and sales. For example, European companies are active in designing and marketing and sales and often outsource manufacturing in Asia. Being a manufacturing hub for outdoor lighting sources, Asia-Pacific contributed the largest to the global outdoor lighting market. Further, it is also expected to witness fastest growth globally, during the forecast period. The high growth is expected due to the region being major hub for manufacturing and distribution of LED based lighting systems, and a major exporter of energy efficient lighting solutions, globally.

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Some of the major players in the global outdoor lighting market include Philips Lighting Holdings, General Energy Connections, Osram Licht, Hubbell Incorporated, Cree Inc, Eaton Corporation, Syska LED, Virtual Extension, Dialight Plc and Zumtobel Group AG.

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