The global outdoor lighting market was valued at $8,740.0 million in 2017 and is forecasted to witness a CAGR of 8.0% during 2018–2023. Growing adoption of energy-saving and economical lighting solutions and increasing government initiatives toward energy conservation are the major factors contributing to the growth of the market.
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The outdoor lighting market has been classified into high-intensity discharge (HID) lamps, light-emitting diode (LED) lights, fluorescent lights, and plasma lamps. HID lamps dominated the market in 2017, accounting for more than 58% revenue share.
During the forecast period, the market is expected to witness the highest growth in the category of LED lights, on account of increasing government initiatives such as subsidies on LEDs and development of smart cities in countries like India, China, Germany, and the U.S.
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The outdoor lighting market has also been classified into fixture and control outdoor lighting components.
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The fixture component accounted for more than 62% revenue share in the market in 2017. During the forecast period, the control component is expected to witness higher growth in the market, on account of the increasing number of construction projects related to the development of highways, stadiums, and smart cities, across the world.
On the basis of application, the outdoor lighting market has been categorized into streets, highways, parking lots, stadiums, tunnels, and others, where “others” include gardens, parks, business parks, and farms. Among these, streets were the largest application area of outdoor lights and accounted for nearly 22% revenue share in the market in 2017.
the outdoor lighting market has been classified into commercial and retail channels. In 2017, the market revenue from commercial channels was higher as compared to that from retail channels, as outdoor lights were majorly sold in bulk, based on their utility, by companies or specialist distributors.
the outdoor lighting market is expected to witness the fastest growth in APAC on account of the development of smart cities, which will lead to the high adoption of smart lighting solutions. In addition, governments in the region are taking initiatives to replace incandescent lamps with energy-efficient LED lights and reduce the cost of LED lights, which, in turn, are expected to back the growth of the market in the region.
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Growing demand for cost- and energy-efficient products, along with increased government focus on energy conservation, is a key factor supporting the adoption of energy-saving lighting solutions, such as LEDs. This is likely to bolster the growth of the outdoor lighting market in the coming years.
Besides, the market continues to make transition from conventional lighting to LED lighting, where advancements like the chip-on-board (COB) technology, have made LEDs more economical and power-efficient.
Major players in the outdoor lighting market are focusing on improving the efficiency of smart LED lighting solutions to meet the growing demand for energy-efficient and economical outdoor lighting solutions.
Some of the key players operating in the market are General Electric, Osram Light AG, Hubbell Incorporated, Cree Inc., Eaton Corporation plc, Philips Lighting Holding B.V., Syska LED, Virtual Extension, Dialight plc, and Zumtobel Group AG.
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