Press release
Global Outdoor LED Lighting Market Projected to Grow at 15.7% CAGR, Reaching $62.77 Billion by 2029
Outdoor LED Lighting
What Will the Outdoor LED Lighting Industry Market Size Be by 2025?
The market size of outdoor LED lighting has significantly expanded in the past few years. It's projected to rise from $30.52 billion in 2024 to $35.08 billion in 2025, marking a compound annual growth rate (CAGR) of 14.9%. The growth witnessed in the historic period can be credited to factors like energy efficiency and environmental concern, government initiatives and regulations, development of urbanization and infrastructure, decrease in cost, and consumer awareness and preferences.
What's the Long-Term Growth Forecast for the Outdoor LED Lighting Market Size Through 2029?
Anticipated to witness substantial growth over the coming years, the outdoor led lighting market is set to expand to a valuation of $62.77 billion in 2029, exhibiting a compound annual growth rate (CAGR) of 15.7%. Factors propelling growth during the forecasted timeframe include the integration of smart lighting, objectives related to sustainable development, heightened urbanization, and the prevalence of smart city initiatives. There is also heightened focus on safety and security, as well as the incorporation of renewable energy. Trending features over the forecasted period include the integration of smart technologies, focus on energy efficiency and sustainability, a rise in the use of solar-powered led lighting, the adoption of cutting-edge controls and sensors, as well as a rise in customization and personalization.
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What Are the Key Growth Drivers Fueling the Outdoor LED Lighting Market Expansion?
The surge in construction and infrastructure undertakings is predicted to boost the market for outdoor LED lighting. Infrastructure encompasses the systems and amenities that form the backbone of a nation's economic development, including road, bridge, tunnel, water supply, sewage, electrical grid, and telecommunication infrastructure development. Construction sites represent some of the most hazardous and precarious work environments. LED lighting serves as a safety measure to reduce accidents and risks at these sites, enhancing visibility and ensuring worker safety. For example, in September 2024, the U.S. Census Bureau reported that the seasonally adjusted annual rate of construction expenditure in July 2024 was approximately $2,162.7 billion, 6.7 percent±1.8 percent higher than the July 2023 estimate of $2,027.4 billion. In this period, spending on construction reached $1,237.5 billion, 8.8 percent (±1.2 percent) more than the $1,137.4 billion spent during the same period in 2023. Consequently, the rise in construction and infrastructure projects is propelling the growth of the outdoor LED lighting market.
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What Are the Key Trends Driving Outdoor LED Lighting Market Growth?
A notable trend within the outdoor LED lighting market is product innovation, with key players increasingly adopting wireless lighting control solutions. For instance, US-based Evluma, an LED product manufacturer, launched a new highway lighting device named RoadMax in March 2022. This device, praised for its exclusive combination of roadway performance and glare reduction due to its unique optical design, also features light trespass shields, field adjustable wattage selection (FAO), and varied photocontrol socket options. Evluma has an option to include their patented Photocontrol Failsafe technology - a solution for photocontrol failures in street and area lights - as an additional customizable feature to RoadMax.
How Is the Outdoor LED Lighting Market Segmented?
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
Subsegments:
1) By Hardware: LED Luminaires, Control Systems, Mounting And Housing Fixtures
2) By Software: Lighting Control Software, Energy Management Software, Monitoring And Analytics Platforms
3) By Services: Installation Services, Maintenance And Support Services, Consulting Services For Lighting Design
5) By Application: Streets And Roads, Architecture And Urban Landscape, Sports And Large Area, Tunnels, Other Applications
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Which Companies Are Leading the Charge in Outdoor LED Lighting Market Innovation?
Major companies operating in the outdoor LED lighting market 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.
Which Regions Are Leading the Global Outdoor LED Lighting Market in Revenue?
Asia-Pacific was the largest region in the outdoor LED lighting market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the outdoor LED lighting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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