Outdoor Lighting Market Is Expected to Reach $20,269.7 Million by 2030

The worldwide outdoor lighting market was valued at $10,352.1 million in 2020, which is projected to reach $20,269.7 million at a CAGR of 7.0% during 2020-2030. The rising requirements for energy-efficient lighting, advancing initiatives of government toward the conservation of energy, and growing development of infrastructure are the key drivers for the growth. In addition, China is a major manufacturer of lighting devices and raw material and component exporter. Lighting has become a vital amenity to have at parking lots, streets and highways, large stadia, public parks, and other outdoor spaces.

In 2020, based on lighting type, the LED lights classification held the greatest share of the outdoor lighting market. During the forecast period, the category is also predicted to become the fastest-growing. This will be due to the increasing use of LEDs as a source of light in a variety of applications, including parking lots, stadia, and roads. This will itself be because LEDs allow for more effective use of light settings, thus resulting in greater energy savings.

Request for sample pages of this report: https://www.psmarketresearch.com/market-analysis/outdoor-lighting-market/report-sample

Smart outdoor lighting is becoming popular in the outdoor lighting market, with potential applications in a variety of places, such as motorways and highways, city parks and public spaces, outdoor parking lots, university and college campuses, sports parks, and commercial sites. As power prices rise, a growing number of municipalities throughout the world are converting to smart lighting to save money, while enhancing system efficiency and maintaining public safety. Apart from energy savings of 40%-50%, smart lighting has many advantages, including automation, support for communication-connected infrastructure, and real-time diagnostics.

Hence, due to the rising government focus on encouraging energy savings through the use of energy-efficient lighting sources, primarily LEDs, the outdoor lighting market growth is receiving a boost. LEDs are particularly useful in outdoor lighting applications since they operate effectively for long periods, while requiring little maintenance. LEDs are also great directional light sources and have a long lifespan. Because of these advantages, numerous local governments, including municipalities, have begun making efforts to convert their outdoor lighting systems entirely to LEDs.

Furthermore, one of the primary drivers for the construction of new roads and highways, which are a key application area of outdoor lights, has been the increase in traffic. The surging number of passenger automobiles, which is propelled by the increasing urbanization rate and rising disposable income, is the primary cause of traffic congestion across the world. To alleviate traffic congestion, governments in several nations, including the U.S., India, and China, are putting a heavy emphasis on road infrastructure development, thereby driving lighting demand.

Browse full report at: https://www.psmarketresearch.com/market-analysis/outdoor-lighting-market

The worldwide outdoor lighting market is fragmented with multiple competitors; in recent years, firms have engaged in acquisitions and mergers, as well as geographical expansions, to gain a dominant position. There are many key players in the market, for example, Iwasaki Electric Co. Ltd., Stanley Electric Co. Ltd., Dialight Plc, Acuity Brands Inc., SMART Global Holdings Inc., Hubbell Incorporated, Zumtobel Group AG, OSRAM Licht AG, General Electric Company, Signify N.V.

SMART Global Holdings Inc. announced the completion of its acquisition of Cree Inc.'s Cree LED products business unit (Cree LED) in March 2021. After the $300.0-million deal in fixed upfront and deferred payments, as well as contingent compensation, Cree LED operates as SMART Global Holdings Inc.'s Cree LED business unit. The firm would continue to deliver specialized lighting solutions while leveraging its track record of merging companies and generating profit and revenue growth.

Hence, the rise in the adoption of smart outdoor lighting, especially LEDs, shows that the market will achieve rapid growth in the coming years.

Contact:
P&S Intelligence
Phone: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com
Follow Us: https://www.linkedin.com/company/pnsintelligence/

P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

This release was published on openPR.