Dublin, Feb. 14, 2024 (GLOBE NEWSWIRE) -- The "Outdoor Lighting Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global outdoor lighting market has grown strongly in recent years. It will grow from $13.46 billion in 2023 to $14.56 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to innovations in smart lighting, evolving aesthetic and architectural trends, increased environmental awareness, growing demand for safety and security, and a shift towards energy-efficient solutions.
The outdoor lighting market size is expected to see strong growth in the next few years. It will grow to $19.16 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to the penetration of LED technology, increasing demand for customization and aesthetics, heightened requirements for security and safety, expansion of smart lighting solutions, and the adoption of sustainable and eco-friendly alternatives. Major trends in the forecast period include a focus on energy efficiency, integration of smart lighting, urbanization and infrastructure development, an emphasis on safety and security, and a growing concern for the environment.
The outdoor lighting market is witnessing growth due to the increasing adoption of energy-efficient lighting systems. For example, in September 2021, the New York state government replaced 286,000 streetlights with energy-efficient LED lights and aims to extend this to half a million streetlights by 2025. Moreover, the Inflation Reduction Acts of 2022 in the United States provide tax deductions for those opting for energy-efficient lighting, further promoting the use of such systems. Consequently, the outdoor lighting market is being propelled by the growing adoption of energy-efficient lighting systems.
The outdoor lighting market is expected to experience growth with the increasing demand for solar lighting. According to a report by the International Energy Agency in July 2023, solar photovoltaic (PV) generation witnessed a significant increase, reaching almost 1,300 terawatt-hours in 2022. Projections indicate that solar PV's installed power capacity is poised to surpass coal by 2027, becoming the world's largest power capacity source. The rising demand for solar lighting is, therefore, a key driver for the growth of the outdoor lighting market.
Innovative product development, such as roadway luminaires, is a trend gaining popularity in the outdoor lighting market. For instance, in June 2022, Evluma introduced the RoadMax series, offering versatility with three sizes accommodating various wattages. This luminaire, designed to align with RP-8-18 roadway specifications, stands out for its sleek aesthetic and exceptional optical design, providing excellent roadway performance and glare control.
Major companies in the outdoor lighting market are also focusing on LED outdoor lights. LED outdoor lights are energy-efficient fixtures utilizing light-emitting diodes for exterior applications. In August 2023, ETi Solid State Lighting Inc. launched an Outdoor Collection featuring a range of LED luminaires. The Slim Canopy luminaire, VersaArea LED Area Light, VersaFloods Flood Lights, and VersaPak Adjustable Wall Pack are part of this collection, offering versatility and efficiency in various outdoor lighting applications.
In March 2021, SMART Global Holdings (SGH) Inc. acquired an LED product business unit from Cree Inc. for an undisclosed amount. This strategic move aligns with SGH's growth strategy and enhances its outdoor lighting offerings. Cree Lighting, the original owner, is a manufacturer of LED and other lighting solutions.
North America was the largest region in the outdoor lighting market in 2023. 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. The countries covered in the outdoor lighting market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Report Scope
Markets Covered:
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/Decoration; Parks and Stadium; Building Exteriors; Other Applications
4) By Distribution Channel: Offline; Online
Key Companies Mentioned: Syska LED Lights Company; Hubbell Incorporated; Eaton Corporation plc; Acuity Brands Inc.; Virtual Extension Ltd.
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes:
- Syska LED Lights Company
- Hubbell Incorporated
- Eaton Corporation plc
- Acuity Brands Inc.
- Virtual Extension Ltd.
- Dialight plc
- General Electric Company
- Zumtobel Group AG
- Osram Licht AG
- Signify Holdings BV
- Xylem Corporation
- Stanley Electric Co. Ltd.
- Iwasaki Electric Co. Ltd.
- SMART Global Holdings Inc.
- Evluma
- Halco Lighting Technologies LLC
- Masco Corporation
- Philips Lighting Holdings
- Cree Inc.
- Black Diamond Equipment
- Goldmore
- Johnson Outdoors Inc.
- Newell Brands Inc.
- Extreme Lights
- 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.
For more information about this report visit https://www.researchandmarkets.com/r/g3ds91
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