Global Outdoor Lighting Market Size, Share, Development, Growth and Demand Forecast to 2023 Industry Insights by Lighting Type, by Technology and by Application
LONDON, Oct. 11, 2017 /PRNewswire/ -- Market Overview
The global outdoor lighting market is projected to grow at a CAGR of 8.4% during the forecast period. Outdoor lighting refers to the use of outdoor illumination of private gardens and public landscapes for the improvement and determinations of security, nighttime aesthetics, convenience and safety. Various type of lighting sources being utilized for outdoor lighting includes LEDs, fluorescent lights, HID lamps and plasma lamps. Among various lighting sources, LEDs enable outdoor lighting with exceptional benefits of higher efficiency and environment safety.
Download the full report: https://www.reportbuyer.com/product/5038487
Market Dynamics
Declining price of LEDs, surging demand for energy-efficient lighting solutions, transformation and expansion of infrastructures such as smart cities are the major factors likely to spur the growth of the global outdoor lighting market, during the forecast period.
Trends
The concept of smart outdoor lighting is gaining popularity as it finds promising applications in several areas of outdoor lighting, including roadways and highways, city parks and public areas, sports parks, commercial site lighting, outdoor parking lots, and university and college campuses. As electricity prices has been constantly increasing, more number of municipalities, across the globe are switching over to smart outdoor lighting to reduce functional costs while improving efficiency and safety. Benefits associated with the deployment of smart outdoor lighting includes, up to 40% - 50% energy savings, automatic, real-time diagnostics and creation of a communications connected infrastructure. During the last few years, many projects verified that utilizing a smart and connected lighting solution diminishes energy expenditure, decreases maintenance costs, enhances safety in the public spaces and lowers the environmental impact.
Adoption of novelty lighting has also been observed as the major trend in the global outdoor lighting market. Several homeowners across the globe are utilizing novelty lighting for gardens, to create their completely unique outdoor lighting displays. Novelty outdoor lighting offers various ways to express their characters and creativity. For instance, hipsters in Seattle, the U.S., are setting up lighting displays in the shape of bears, dogs and variety of other animals.
Increasing focus towards offering solar power based outdoor lighting sources to offer more ecological and energy-saving lights have caught on in recent years. Companies, operating in the global outdoor lighting market, across the globe are finding creative ways to present solar-powered lighting systems, by taking benefits of the sun's energy to charge the batteries within. Solar-powered lights use nature's renewable energy sources in an intelligent and efficient way and helps in energy conservation along with the cost savings.
Growth Drivers
Growing adoption of energy efficient products along with increasing government focus towards energy saving is fueling the penetration of energy efficient lighting sources, such as light emitting diodes (LEDs), which is likely to bolster the growth of the global outdoor lighting market. LEDs are particularly advantageous in outdoor lighting applications as they work efficiently for long operating hours and at low maintenance cost. In addition, LEDs are the excellent directional light sources, are substantial and exhibit long lifetime. Owing to these benefits, many local authorities including municipalities, of various countries have commenced projects to completely transition their outdoor lighting applications to LEDs. For instance, according to the U.S. Department of Energy, the City of Los Angeles has completed a citywide street lighting replacement program and has installed over 150,000 LED streetlights, reducing energy usage by 63%, and saving of $8 million in annual energy costs.
LED lights offers several advantages over incandescent, fluorescent and even high-pressure sodium lights including higher efficiency, lower maintenance, directional, resilience to vibration, intelligence control and fast operation. The increasing cost of electricity constitutes high operating cost to consumers and businesses and offers substantial savings. Therefore, LED price erosion is likely to spearhead the global outdoor lighting market in the coming future.
Restraints
The higher import duties on lighting sources are expected to hinder the growth of the global outdoor lighting market across the globe. Other duties and taxes, such as the airport fee, storage fee, handling fee and declaration fee are also impacting the growth of the market, globally. In addition, due to political impact, the import rate of various countries, such as Brazil, Argentina and Italy, are very high and it leads to increase in prices of different technology enabled outdoor lighting in the respective country.
Opportunities
Benefiting from the advancement of LED lighting technology, the price of LED lighting products has gradually decreased and become closer to that of conventional outdoor lighting products. The price fall of LED lighting is expected to continue, owing to the technological developments. It will consequently encourage the outdoor lighting consumers to switch from traditional lighting to LED lighting.
Competitive Landscape
There are large number of players operating the global outdoor lighting market. Due to the fragmented nature of the market, the competition among global and regional players is high. Some of the major companies operating in the global outdoor lighting market include Philips Lighting Holdings, General Energy Connections, Osram Licht, Hubbell Incorporated, Cree Inc, Eaton Corporation, Syska LED, Virtual Extension, Dialight Plc, Zumtobel Group AG.
Scope for Customization
P&S Market Research offers customization as per specific business requirements of clients. Illustrative customization within the scope of this report includes:
Period of Analysis - Increase in the study period, including historic and forecast years
Geographical Analysis - Increase in country coverage
Segment Analysis - More granular coverage related to:
Application Segmentation - "Others" can be further broken down into different industries
Company Profiles - Wider company coverage in terms of detailed analysis or additional company profiles
New Custom Report - A completely customized report can be provided on the market, specific to a region/ country/ segment
Download the full report: https://www.reportbuyer.com/product/5038487
About Reportbuyer
Reportbuyer is a leading industry intelligence solution that provides all market research reports from top publishers
https://www.reportbuyer.com
For more information:
Sarah Smith
Research Advisor at Reportbuyer.com
Email: query@reportbuyer.com
Tel: +44 208 816 85 48
Website: www.reportbuyer.com
SOURCE ReportBuyer
