The Asia-Pacific (APAC) outdoor lighting market is predicted to attain a size of $10.6 billion by 2024, progressing at a CAGR of 11.1%
NEW YORK, May 22, 2019 /PRNewswire/ -- Asia-Pacific Outdoor Lighting Market by Lighting Type (HID Lamps, LED Lights, Fluorescent Lights, Plasma Lamps), by Component (Fixture, Control), by Application (Street Lighting, Highways, Parking Lots, Stadiums, Tunnel Lights), by Distribution Channel (Commercial, Retail), by Country (China, India, Japan, Australia, South Korea) Market Size, Share, Development, Growth, and Demand Forecast, 2014-2024
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The Asia-Pacific (APAC) outdoor lighting market is predicted to attain a size of $10.6 billion by 2024, progressing at a CAGR of 11.1% during the forecast period (2019-2024)according to the report. This is attributed to the increasing government initiatives promoting energy efficiency and the development of smart, LED-based outdoor lighting systems. In the APAC region, the growing number of smart city projects is creating ample opportunities for the players in the market.
On the basis of lighting type, the APAC outdoor lighting market is divided into fluorescent lights, light-emitting diode (LED) lights, high-intensity discharge (HID) lamps, and plasma lamps. Among these, the LED lights category is projected to witness the fastest growth during the forecast period. This is ascribed to the rising demand for LED-based lighting in various applications areas, especially highways, stadiums, and tunnels. Moreover, countries such as India, China, and South Korea are offering subsidies to users to replace incandescent lights with LEDs.
The APAC outdoor lighting market is classified into retail and commercial distribution channels. Of these, in 2018, the commercial channel held the larger revenue share in the market due to the escalating demand for LED-based street lights in commercial spaces, such as parking lots, highways, airports, jogging tracks, bridges, and streets. End users including government organizations, contractors, and private builders prefer to buy lighting products directly from the manufacturers, leading to the growth of this category.
The APAC outdoor lighting market is expected to register the fastest CAGR in India during 2019-2024 owing to the introduction of smart lighting solutions, advent of intelligent lighting technologies, and rapid upgradation in outdoor lighting systems in the country. The eco-friendliness and cost-effectiveness of LED lights along with the development of smart cities are boosting the adoption of such lights in the country. Additionally, the rising number of LED lights projects in areas such as Delhi, Maharashtra, and West Bengal are bolstering the sector in India.
Increasing government initiatives in APAC countries to promote energy conservation and efficiency are strengthening the growth of the APAC outdoor lighting market. There are various energy-efficiency projects lined up in the APAC region, which can decrease greenhouse gas emissions and thermal pollution. For instance, in 2015, the Indian government launched the Street Light National Programme (SLNP) to encourage the use of energy-efficient lighting products in the country. Under the project, the government aimed to replace 35 million conventional lights with LED lights.
Furthermore, in 2016, the Institute of Public Works Engineering Australasia (IPWEA) and the Government of Australia jointly launched the Street Lighting and Smart Controls Programme to encourage the adoption of LED lights to raise energy efficiency. Therefore, such initiatives to minimize energy consumption are boosting the APAC outdoor lighting market growth.
Asia-Pacific Outdoor Lighting Market Segmentation
Market Segmentation by Lighting Type
- HID Lamps
- LED Lights
- Fluorescent Lights
- Plasma Lamps
Market Segmentation by Component
- Fixture
- Control
Market Segmentation by Application
- Street Lighting
- Highways
- Parking Lots
- Stadiums
- Tunnel Lights
- Others (Gardens, Parks, Business Parks, and Agriculture)
Market Segmentation by Distribution Channel
- Commercial
- Retail
Market Segmentation by Country
- China Outdoor Lighting Market
- By lighting type
- By component
- By application
- By distribution channel
- India Outdoor Lighting Market
- By lighting type
- By component
- By application
- By distribution channel
- Japan Outdoor Lighting Market
- By lighting type
- By component
- By application
- By distribution channel
- South Korea Outdoor Lighting Market
- By lighting type
- By component
- By application
- By distribution channel
- Australia Outdoor Lighting Market
- By lighting type
- By component
- By application
- By distribution channel
- Rest of Asia-Pacific outdoor lighting market
- By lighting type
- By component
- By application
- By distribution channel
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