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How is Shift Towards Energy Efficient Lighting Solutions Driving Outdoor Lighting Market?
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In addition to this, LEDs make excellent directional light source and are substantial with a long lifespan, which is why many local authorities, such as municipalities of different counties, have initiated projects to change their conventional outdoor lighting sources to LEDs.
Outdoor lighting includes illumination of public landscapes and private gardens for the purpose of security, safety, convenience, and nighttime aesthetics. As per a research conducted by P&S Intelligence, in 2017, the global outdoor lighting market generated a revenue of $8,740.0 million and is expected to advance at an 8.0% CAGR during the forecast period (2018-2023).
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The declining prices of different lighting sources and strong government support are resulting in the rising requirement for outdoor lighting. While before a 60W bulb cost somewhere between $40-50, today the consumers can buy it just for $13. Furthermore, due to the rapid transition from traditional lighting to LED lighting, the cost of LEDs has reduced significantly.
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