The emergence of smart outdoor lighting and rising adoption of solar power for outdoor lighting are among the key trends being observed in the outdoor lighting market.
The prime focus of the different governments across the world at the present time is saving energy due to the surging energy crisis. It is because of this that the demand for energy efficient lighting solutions, primarily light emitting diodes (LED), is growing.
Since LEDs can work efficiently for long operating hours and have low maintenance cost, they are particularly beneficial in outdoor lighting applications.
Outdoor lighting includes illumination of public landscapes and private gardens for the purpose of security, safety, convenience, and nighttime aesthetics. As per a research conducted by P&S Intelligence, in 2017, the global outdoor lighting market generated a revenue of $8,740.0 million and is expected to advance at an 8.0% CAGR during the forecast period (2018–2023).
In addition to this, LEDs make excellent directional light source and are substantial with a long lifespan, which is why many local authorities, such as municipalities of different counties, have initiated projects to change their conventional outdoor lighting sources to LEDs.
Apart from LEDs, high intensity discharge (HID) lamps, plasma lamps, and fluorescent lights are also utilized for outdoor lighting applications. Among these, the largest demand during 2013–2017 was created for HID lamps; however, during 2020–2023, the requirement for LED lights is predicted to be the highest.
The various applications of outdoor lighting include tunnel lights, parking lots, street lighting, highways, and stadiums. Some other applications are business parks, gardens, agriculture, and parks.
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Out of these, the largest demand for outdoor lighting solutions was created for street lighting applications during 2013–2017 and the situation is expected to be the same during the forecast period as well due to the rising adoption of LED and solar-based lighting around the world.
Different types of outdoor lighting solutions are distributed by commercial and retail distribution channels. The higher demand for outdoor lighting is projected to be created by the commercial distribution channel in the coming years.
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