Press release
Leading Element Driving Change in the Outdoor LED Lighting
Outdoor LED Lighting Market Share
The outdoor LED lighting market is expected to expand due to a rise in construction and infrastructure projects. The foundation for a nation's economic advancement is its infrastructure, which includes the construction of roads, railways, bridges, tunnels, water supplies, sewage systems, electrical grids, and telecommunications facilities. Construction sites are some of the most precarious and hazardous areas to operate, making LED lighting an essential safety measure to mitigate risks and ensure the safety of workers by enhancing visibility. For example, the United States Census Bureau, a US government agency, reported in September 2024 that the projected annual rate of construction spending for July 2024 was $2,162.7 billion, reflecting a 6.7 percent increase (with a margin of 1.8 percent) from the estimated amount of $2,027.4 billion in July 2023. During this time, the total construction spending reached $1,237.5 billion, marking an 8.8 percent hike (with a 1.2 percent margin) from the $1,137.4 billion reported in the same period in 2023. Consequently, the upsurge in construction and infrastructure schemes is driving the growth of the outdoor LED lighting market.
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