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Outdoor LED Lighting Market 2024 -2033: Global Outlook, Industry Share, Business Growth And Major Players
Outdoor LED Lighting Market Growth
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According to The Business Research Company's, 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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Market Drivers and Trends:
The increasing number of smart city projects is expected to propel the growth of the outdoor LED lighting market going forward. A smart city is a city that uses digital technology and data-driven solutions to enhance performance and well-being and reduce costs and resource consumption. Outdoor LED lighting in smart cities enhances energy efficiency and safety through intelligent controls, adaptive lighting systems, and real-time monitoring, contributing to sustainable urban development. For instance, in 2023, according to the IMD Smart City Index Report, a Switzerland-based business school, the number of smart cities has increased from 118 in 2021 to 141 in 2023. Therefore, the increasing number of smart city projects is driving the growth of 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.
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Major Key Players of the Market:
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.
Outdoor LED Lighting Market 2024 Key Insights:
• 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%.
• Infrastructure Boom To Fuel Outdoor Led Lighting Market Growth
• Product Innovation Drives The Outdoor Led Lighting Market
• Asia-Pacific was the largest region in the outdoor LED lighting market in 2023
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