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Steady Expansion Forecast for Outdoor Lighting Market, Projected to Reach $20.79 Billion by 2029
Outdoor Lighting
Outdoor Lighting Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In recent times, there has been significant growth in the outdoor lighting market size. The market, which is set to increase from $14.32 billion in 2024 to $15.38 billion in 2025, is expected to do so at a compound annual growth rate (CAGR) of 7.4%. This impressive growth in the past can be traced back to several factors such as innovative developments in smart lighting, trends in aesthetics and architecture, environmental consciousness, an uptick in the demand for safety and security, and a transition towards solutions that save energy.
Outdoor Lighting Market Size Forecast: What's the Projected Valuation by 2029?
Anticipated robust expansion is on the horizon for the outdoor lighting market in the years to come. The forecast predicts a surge to $20.79 billion by 2029, with a compound annual growth rate (CAGR) of 7.8%. This predicted growth in the specified period can be credited to the expansion of LED usage, the demand for customization and aesthetically pleasing designs, increased security and safety needs, the growth of smart lighting, and the preference for sustainable and eco-friendly alternatives. Key trends for the period include a prioritization of energy efficiency, integration of smart lighting, heightened urbanization and infrastructure development, an emphasis on safety and security, and burgeoning environmental concern.
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What Are the Drivers Transforming the Outdoor Lighting Market?
The outdoor lighting market is being propelled forward by the rising adoption of energy-efficient lighting systems. This includes using more eco-friendly lighting solutions like LEDs and CFL bulbs. Utilization of alternative energy sources, such as solar energy, is part of this process since LEDs consume less power and are ideal for outdoor lighting supplied by solar panels. For example, in June 2023, the India-based Energy Efficiency Services Limited (EESL) distributed nearly 368 million LED bulbs and tube lights. This initiative has helped to prevent 38 million tons of CO2 emissions every year and save customers INR 192 ($2.28) billion in electricity costs. Moreover, the US government passed the Inflation Reduction Acts of 2022, offering tax deductions for residential homeowners, builders, and commercial businesses that choose energy-efficient lighting. Therefore, the outdoor lighting market is being spurred on by the growing use of energy-efficient lighting systems.
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What Long-Term Trends Will Define the Future of the Outdoor Lighting Market?
Major players in the outdoor lighting market are stepping up their game by creating innovative products such as roadway luminaires, in order to appeal to a larger audience, drive more sales and therefore generate more revenue. Roadway luminaires are specialized lighting fixtures that are constructed and set up specifically for illuminating roads, streets or highways. To illustrate, in June 2022, Evluma, a US-based lighting manufacturer introduced RoadMax to the market. The uniqueness of the RoadMax series is in its adaptability, offering three different sizes - small, medium and large, that can accommodate various wattages specifically intended to replace legacy HID 100w, 250w and 400w cobrahead fixtures. Specifically engineered to conform with RP-8-18 roadway standards, the luminaire showcases a modern and elegant design along with superior optical design, providing not only outstanding roadway illumination but also setting a new industry standard in glare control.
Which Segments in the Outdoor Lighting Market Offer the Most Profit Potential?
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 Or Decoration, Parks And Stadium, Building Exteriors, Other Applications
4) By Distribution Channel: Offline, Online
Subsegments:
1) By LED Lights: Flood Lights, Street Lights, Garden Lights, Wall Packs
2) By High-Intensity Discharge (HID) Lamps: Metal Halide Lamps, High-Pressure Sodium Lamps, Low-Pressure Sodium Lamps
3) By Fluorescent Lights: T5 Fluorescent Lights, T8 Fluorescent Lights, T12 Fluorescent Lights
4) By Plasma Lamps: Plasma Arc Lamps, Plasma Discharge Lamps
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Which Firms Dominate the Outdoor Lighting Market by Market Share and Revenue in 2025?
Major companies operating in the outdoor lighting market include Syska LED Lights Company, Hubbell Incorporated, Eaton Corporation plc, Acuity Brands Inc., Dialight plc, General Electric Company, Zumtobel Group AG, Osram Licht AG, Signify Holdings BV, Stanley Electric Co. Ltd., Iwasaki Electric Co. Ltd., Evluma, Halco Lighting Technologies LLC, Philips Lighting Holdings, Cree Inc., 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.
Which Regions Offer the Highest Growth Potential in the Outdoor Lighting Market?
North America was the largest region in the outdoor lighting market in 2024. Asia-Pacific is expected to be the fastest-growing region in the outdoor lighting market report during the forecast period. The regions covered in the outdoor lighting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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