Future Outlook: Outdoor LED Lighting Market Poised for 6.8% CAGR Growth Between 2024 and 2034: Future Market Insights, Inc.
LED lighting's advantages like visibility, safety, and aesthetics fuel market growth across diverse outdoor applications. Government support, smart city trends, and continuous technology improvements further drive expansion. Explore our report for deeper insights and stakeholder opportunities.
NEWARK, Del., Feb. 15, 2024 /PRNewswire/ -- The outdoor LED lighting market is anticipated to reach a valuation of US$ 14 billion in 2024. The industry is projected to be worth US$ 27 billion by 2034, expanding at a CAGR of 6.8% between 2024 and 2034. These fixtures utilize LED technology, which is renowned for its energy efficiency, longevity, and durability. LED lighting has emerged as a preferred choice for outdoor illumination due to its numerous advantages over traditional lighting technologies.
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Outdoor LED lighting finds extensive usage across diverse settings, including streets, highways, parking lots, landscapes, and architectural lighting. The versatility of LED fixtures allows for effective illumination in various outdoor environments, contributing to enhanced visibility, safety, and aesthetics.
Government initiatives play a crucial role in promoting the adoption of LED lighting. Many governments worldwide offer incentives, rebates, and regulatory mandates to encourage the transition to energy-efficient lighting solutions. These initiatives contribute to market growth by creating a favorable environment for LED adoption and supporting related infrastructure development.
The growing trend toward smart city infrastructure fuels the demand for advanced outdoor lighting systems. LED fixtures can be integrated with smart controls, sensors, and communication networks to enable remote monitoring, adaptive lighting, and energy management. This convergence of LED technology with smart city initiatives drives innovation in the outdoor lighting market and opens up new opportunities for market players.
Advancements in LED technology, such as improved brightness, color rendering, and efficiency, continue to drive market expansion. Market players focus on product innovation to meet evolving customer demands, offering fixtures with features like motion sensors, dimming capabilities, and wireless connectivity.
Outdoor LED Lighting Market Research Report Scope
Attributes
Details
Estimated Market Size in 2024
US$ 14 billion
Projected Market Valuation in 2034
US$ 27 billion
CAGR Share from 2024 to 2034 6.8 %
Forecast Period
2024 to 2034
Historical Data Available for
2019 to 2023
Market Analysis
Value in US$ billion
Key Market Segments Covered Key Segments of Outdoor LED Lighting Industry Survey
By Offering:
Hardware
Lamps
Luminaires
Control Systems
Software
Services
Pre-installation
Post-installation
By Application:
Streets and Roads
Architecture and Urban Landscape
Sports and Large Area
Tunnels
Others
By Installation:
New
Retrofit
By Sales Channel:
Retail/Wholesale
Direct Sales
E-commerce
By Wattage Type:
Below 50W
50-150W
Above 150W
By Communication:
Wired
Wireless
By Interfacing Standard:
NEMA
ZHAGA
By Region:
North America
Latin America
Western Europe
Eastern Europe
South Asia and Pacific
East
Asia
Middle East and Africa
Key Countries Profiled
The United States Italy New Zealand
Canada
Brazil Poland China
Mexico Russia Japan
South
Germany
The Czech Republic Korea
GCC
United Kingdom Romania Countries
France
Spain India South Africa
Bangladesh Israel
Australia
Key Companies Profiled
Signify Holding
Acuity Brands Lighting Inc.
Cree
Lighting
Dialight
Panasonic Corporation
Key Takeaways from the Market Study
-- Based on application, the sheets and roads are projected to expand at
6.4% CAGR by 2034.
-- China is estimated to register at a CAGR of 7.4% by 2034.
-- South Korea experiences significant growth, projected at a CAGR of 9.3%
by 2034.
-- Based on offering, hardware is anticipated to expand at a CAGR of 6.5%
by 2034.
"The increasing demand for energy-efficient lighting solutions is a major driver of the outdoor LED lighting market," says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Competitive Landscape Top of Form
Numerous players compete for market share in the outdoor LED lighting market. Established lighting manufacturers, specialized LED solution providers, and emerging startups vie for dominance.
Competition revolves around technological innovation, product quality, pricing strategies, distribution networks, and customer service. Success in this market hinges on effectively meeting customer needs and staying ahead of competitors through innovation and strategic partnerships.
-- In April 2023, Crescent Lighting expanded its product line to encompass
various lighting solutions catering to commercial, outdoor, residential,
industrial, architectural, and indoor spaces. Their offerings, boasting
up to 50,000 hours of longevity certified by LM80, prioritize durability
and eco-friendliness.
-- In June 2022, Hella GMBH introduced new energy-efficient work lamps and
floodlights under the S-Series. These lighting solutions enhance
workplace safety by providing optimal illumination for work areas. With
low power consumption compared to traditional sources, they contribute
to reduced CO2 emissions. Top of Form
Leading Outdoor LED Lighting Manufactures:
-- Signify Holding
-- Acuity Brands Lighting Inc.
-- Cree Lighting
-- Dialight
-- Panasonic Corporation
Buy Now and get instant access to the most comprehensive and up-to-date report on the key players in your industry.
More Valuable Insights Available
Future Market Insights offers an unbiased global outdoor LED lighting market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034
To understand market opportunities, the outdoor LED lighting market is segmented based on Offering [Hardware (Lamps, Luminaires, Control Systems), Software, Services (Pre-installation, Post-installation)], Application (Streets and Roads, Architecture and Urban Landscape, Sports and Large Area, Tunnels, Others), Installation (New, Retrofit), Sales Channel (Retail/Wholesale, Direct Sales, E-commerce), Wattage Type (Below 50W, 50-150W, Above 150W), Communication (Wired, Wireless), Interfacing Standard (NEMA, ZHAGA) and Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, Middle East and Africa).
Request to Access the Detail Research Methodology from here!
About the Industrial Automation Division at Future Market Insights
The industrial automation team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With over 100+ reports and one million+ data points, the team has analyzed the industry lucidly in 50+ countries for over a decade. The team briefly analyzes key trends, including competitive landscape, profit margin, and research development efforts.
About the Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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