Outdoor Lighting Market Share, Size, Future Demand, Top Leading Player, and Emerging Trends

To cater to the booming population, countries are rapidly stepping up their infrastructure development efforts. The World Bank says in its Construction Industry Value Chain report of 2018 that almost 75% of the infrastructure that will be there in 2050 hasn’t been constructed yet, thus reflecting a burgeoning demand for raw materials and other things. This is already being reflected in the increasing number of roads and highways, bridges, tunnels, stadia, commercial buildings, factories, and residences around the world.

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One of the primary requirements in any modern setting is lighting, for both interior and exterior purposes. P&S Intelligence says that the growing infrastructure sector will likely propel the outdoor lighting market to $23.8 billion in 2030 from $10.7 billion in 2019 at a 7.3% CAGR during 2020–2030 (forecast period). In this regard, the increasing spending on transport infrastructure has been driving the installation of outdoor lights, by leading to the construction of new roads, highways, bridges, parking lots, and tunnels.

Highways, stadiums, parking lots, streets, tunnels, and others are the classifications under the application segment of the market. Among these, the highways classification dominated the outdoor lighting market during 2014–2019 (historical period) due to the increasing construction of highways. For instance, under the Bharatmala project launched by the Indian government in 2015, $75 billion (INR 5.35 lakh crore) are being invested for the construction of over 83,000 km of national highways. During the forecast period, the streets classification will have the highest CAGR due to the increasing construction of smart cities.

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With time, smart outdoor lights are being installed in city parks, roadways, highways, sports parks, parking lots, commercial sites, university and college campuses, and other public areas. As these lights are integrated with sensors, they can detect the amount of natural light available and the human presence around them. These sensors allow the lights to switch on and off and regulate their brightness automatically, which leads to substantial power and operational cost savings. As a result, between lighting fixtures and controls, the demand for controls is increasing faster.

Hence, as the population booms and infrastructure is developed in a world struggling with air pollution and diminishing fossil fuel reserves, the demand for energy-efficient solutions for outdoor lighting will continue to increase.

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This release was published on openPR.