NEW YORK, June 26, 2017 (GLOBE NEWSWIRE) -- According to a new market research report “Global Outdoor Lighting Market Size, Share, Development, Growth and Demand Forecast to 2023 – Industry Insights by Lighting Type (High Intensity Discharge (HID) Lamps, Light Emitting Diode (LED), Fluorescent Light and Plasma Lamps), by Technology (Fixture and Control) and by Application (Street Lighting, Highways, parking Lots, Stadiums, Tunnel Lights and Others)” published by P&S Market Research, the global outdoor lighting market is expected to witness 8.4% CAGR during 2017 – 2023.
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Increasing demand for energy-efficient lighting solutions across the globe, modernization and development of infrastructures such as smart cities, reduction in the prices of LEDs, and increasing penetration of LEDs as a light source in various outdoor lighting applications, including streetlights, parking lots and tunnel lights, are the major factors likely to bolster the growth of the market during the forecast period.
As per the findings of research, HID lamps have been the largest contributor of outdoor lighting. However, market for LEDs are expected to register the highest growth during the forecast period. HID lamps are rapidly being replaced by LEDs owing to the strong government support for the safety of environment. In addition, the slow growth rate for HID lamps market is due to several disadvantages of the lamps, such as longer time to cool down and restrike when power is disrupted, and consuming some time to warm up while starting.
Considering the market, on the basis of technology, lighting fixture segment is likely to spearhead the technology category, with higher revenue contribution. However, lighting control technology segment is expected to register faster growth during the forecast period. The adoption of control technology is increasing with LEDs lighting due increase in functionality with giving comfort, security and flexibility to lighting solutions.
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Streetlighting application segment contributed the largest to the global outdoor lighting market and is also expected to be the leading application segment, during the forecast period. Governments in various countries are focusing towards building high class infrastructure to attract foreign players to invest across the respective country. In addition, the local authority body of the respective country is also focusing towards deploying various types of lighting solutions in the streets for better monitoring and security. For instance, in 2013, San Francisco Public Utilities Commission (SFPUC), the U.S., successfully completed a pilot project to install LED street light. In March 2015, Minnesota Public Service Commission announced to replace around 100,000 lights through-out the state over the next five years.
Geographically, Asia-Pacific has been the largest market for outdoor lightings. The gravity center for the outdoor lighting market has clearly moved to Asia, in particular for chips and epiwafers, and also for packaged lighting sources. The supply chain structure of outdoor lighting sources consists of product design, product manufacturing and marketing & sales.
Some of the major players 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.
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