Press release
Outdoor LED Lighting Market Report 2024: Growth, Trends, Analysis, Demand, Forecast 2033
As per the report, 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 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%.
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Infrastructure Boom To Fuel Outdoor Led Lighting Market Growth
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.
Product Innovation Drives The Outdoor Led Lighting Market
Product innovation is a key trend in the outdoor LED lighting market. Major companies operating in the market are advancing toward using wireless lighting control solutions for the outdoor LED lighting market. For instance, in March 2022, Evluma, a US-based manufacturer of solid-state illumination (LED) products, introduced RoadMax, a new highway lighting device. The unique optical design provides an industry-unique mix of roadway performance and glare mitigation. Additional features include light trespass shields, a field adjustable wattage selection (FAO), and different photocontrol socket options. Evluma's Photocontrol Failsafe, a patented technology that addresses photocontrol failures on street and area lights, can be added to RoadMax as a customizable feature.
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
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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.
Contents of the report:
1. Executive Summary
2. Outdoor LED Lighting Market Report Structure
3. Outdoor LED Lighting Market Trends And Strategies
4. Outdoor LED Lighting Market - Macro Economic Scenario
5. Outdoor LED Lighting Market Size And Growth
…..
27. Outdoor LED Lighting Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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