Press release
Outdoor LED Lighting Market 2024: Unveiling Growth Rates, Sales Dynamics, Production Insights, Consumption Trends, Manufacturers' Shares, and Outlook Until 2033
Outdoor LED Lighting Market
The Business Research Company presents an extensive market research report on the Outdoor LED Lighting Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The outdoor led lighting market size has grown rapidly in recent years. It will grow from $26.58 billion in 2023 to $31 billion in 2024 at a compound annual growth rate (CAGR) of 16.6%. The growth in the historic period can be attributed to energy efficiency and environmental concerns, government initiatives and regulations, urbanization and infrastructure development, cost reduction, consumer preferences and awareness..
The outdoor led lighting market size is expected to see rapid growth in the next few years. It will grow to $56.48 billion in 2028 at a compound annual growth rate (CAGR) of 16.2%. The growth in the forecast period can be attributed to smart lighting integration, sustainable development goals, rising urbanization and smart city projects, increased emphasis on safety and security, renewable energy integration.. Major trends in the forecast period include integration with smart technologies, energy efficiency and sustainabilit, increased adoption of solar-powered led lighting, advanced controls and sensors, customization and personalization.
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Key Market Players:
Major companies operating in the outdoor led lighting market report are CREE Inc., Dialight plc, General Electric Co. Ltd., Osram Licht AG, Signify N.V., Syska Led Lights Pvt. Ltd., Zumtobel Group AG, Acuity Brands Lighting Inc., Panasonic Corporation, Hubbell Inc., Vurtual Extension Ltd., Eaton Corporation, Philips Lighting Holding B.V, Wipro Lighting Ltd., Opple Lighting Co. Ltd., Bajaj Electricals Limited, Cooper Lighting Solutions, Havells India Limited, LED Roadway Lighting Ltd., LG Innotek Co. Ltd., LIGMAN Lighting Co. Ltd., Lumileds Holding B.V., MLS Co. Ltd., Nichia Corporation, Samsung Electronics Co. Ltd., Schréder Group, Seoul Semiconductor Co. Ltd., Soraa, Amerlux, L.D. Kichler Co. Inc.
Market Drivers:
An increasing number of construction and infrastructure projects are expected to propel the outdoor LED lighting market. Infrastructure is the set of systems and facilities that serve as the foundation for a country's economic progress; it comprises the development of roads, railways, bridges, tunnels, water supply, sewage, electrical grids, and telecommunications infrastructure. Construction sites are among the most sensitive and dangerous places to work. LED lighting is a safety precaution that can decrease the risk of accidents and dangers on construction sites. LED lighting improves the area's visibility and ensures worker safety. For instance, according to Rethinking The Future, an India-based platform for architecture & design, by 2024, the Canadian construction industry will grow at an 8.5% compound annual growth rate (CAGR). This will increase the value of Canada's construction industry to $354.9 billion (USD). Furthermore, in October 2021, according to a report published by Oxford Economics, a UK-based economic information services company, the global construction output was $10.7 trillion in 2020, and between 2020 and 2030, it is anticipated to increase by 42%, or $4.5 trillion, to reach USD 15.2 trillion. Therefore, increasing construction and infrastructure projects will drive the outdoor LED lighting market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/outdoor-led-lighting-global-market-report
The outdoor led lighting market covered in this report is segmented -
1) By Offering: Hardware, Software, Services
2) By Communication: Wired, Wireless
3) By Installation: New, Retrofit
4) By Sales Channel: Retail Or Wholesale, Direct Sales, E-Commerce
5) By Application: Streets And Roads, Architecture And Urban Landscape, Sports And Large Area, Tunnels, Other Applications
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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