Press release
Outdoor Lighting Market Analysis 2024-2033: Size, Restraints, Drivers, Trends, and Insights
Outdoor Lighting Market
The outdoor lighting market size is expected to see strong growth in the next few years. It will grow to $19.76 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to led penetration, demand for customization and aesthetics, security and safety requirements, smart lighting expansion, sustainable and eco-friendly solutions.. Major trends in the forecast period include energy efficiency, smart lighting integration, urbanization and infrastructure development, focus on safety and security, environmental concern..
Market Overview -
Outdoor lighting refers to lighting that is installed on outside premises, such as streets, highways, and alleys. This lighting is used to illuminate dark outdoor areas and enhance outdoor environments' aesthetics.
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Surging Demand For Energy-Efficient Outdoor Lighting Systems Drives The Market
The increasing adoption of energy-efficient lighting systems is driving the outdoor lighting market. Energy-efficient lighting entails adopting more environmentally friendly lighting solutions such as LEDs and CFL bulbs. It involves using alternative energy sources, such as solar energy, as LEDs use less energy and are best suited for outdoor lighting that solar panels can supply. For instance, in September 2021, the New York state government replaced 286,000 streetlights with energy-efficient LED lights and plans to replace half a million streetlights with LEDs by 2025. Additionally, in 2022, the US government enacted the Inflation Reduction Acts of 2022, which announced tax deductions for homeowners, builders, and commercial businesses opting for energy-efficient lighting options. Thus, the increasing adoption of energy-efficient lighting systems drives the outdoor lighting market forward.
Competitive Landscape -
Major companies operating in the outdoor lighting market report are Syska LED Lights Company, Hubbell Incorporated, Eaton Corporation plc, Acuity Brands Inc., Virtual Extension Ltd., Dialight plc, General Electric Company, Zumtobel Group AG, Osram Licht AG, Signify Holdings BV, Xylem Corporation, Stanley Electric Co. Ltd., Iwasaki Electric Co. Ltd., SMART Global Holdings Inc., Evluma, Halco Lighting Technologies LLC, Masco Corporation, Philips Lighting Holdings, Cree Inc., Black Diamond Equipment, Goldmore, Johnson Outdoors Inc., Newell Brands Inc., Extreme Lights, KLARUS Lighting Technology Co. Ltd., Deco Lighting Inc., L.D. Kichler Co. Inc., Guangzhou Vorlane Optoelectronics Technology Co. Ltd., Minka Lighting Inc., Hinkley Lighting Inc. .
Innovative Advancements In The Outdoor Lighting Market
Major companies operating in the outdoor lighting market are developing innovative products, such as roadway luminaires, to meet larger customer bases, more sales, and increase revenue. A roadway luminaire refers to a lighting fixture specifically designed and installed for illuminating roadways, streets, or highways. For instance, in June 2022, Evluma, a US-based lighting company, launched RoadMax. The distinctive feature of the RoadMax series lies in its versatility, comprising three sizes-small, medium, and large-accommodating a variety of wattages tailored to replace legacy HID 100w, 250w, and 400w cobrahead fixtures. Uniquely designed to align with RP-8-18 roadway specifications, this luminaire boasts a sleek and stylish aesthetic. Its unparalleled optical design not only delivers exceptional roadway performance but also introduces an industry-leading combination of glare control.
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Key Segments -
The outdoor lighting market covered in this report is segmented -
1) By Type: LED Lights, High-Intensity Discharge (HID) Lamps, Fluorescent Lights, Plasma Lamps
2) By Component: Fixture, Control
3) By Application: Street Lighting, Tunnel Lights, Highways, Parking Lots/Decoration, Parks and Stadium, Building Exteriors, Other Applications
4) By Distribution Channel: Offline, Online
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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