NEW YORK, Jan. 4, 2022 /PRNewswire/ — The outdoor lighting market value is set to increase from $10,352.1 million in 2020 to $20,269.7 million by 2030, at a 7.0% CAGR between 2020 and 2030, according to the market research report published by P&S Intelligence. The key driver for the market is the growing scale of infrastructure development around the world. With the booming population, the construction of roads and highways, commercial complexes, and residential units is rising. Since all these places have open spaces that need to be well lit, the demand for outdoor lights is soaring.
During the COVID-19 pandemic, the global construction industry took a major hit due to the shutdown of project sites and migration of laborers to their hometowns. Therefore, the installation of lights in outdoor spaces reduced, with the situation made worse by the low supply of electrical and electronic components and raw materials to light manufacturers from China. Further, the reduced income discouraged residents, corporate houses, and industrialists to replace or renew their outdoor lighting systems.
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Key Findings of Outdoor Lighting Market Report
- Light-emitting diode (LED) lights witness the highest sales among all types because they allow for a better usage of the lighting intensity controls and consume lesser energy.
- Thus, the growing shift toward energy-efficient lights is a key reason behind the outdoor lighting market advance. Due to the surging environmental concerns, the need to conserve electricity has become stronger in recent years, which has prompted governments to launch initiatives in this regard.
- The installation of outdoor lights is expected to increase the fastest along streets because of the rising road traffic.
- Moreover, countries around the world are rapidly constructing roads and highways, which is propelling the demand for lights. To save costs, smart lights, which automatically switch on and off and control their intensity, are being adopted.
- Most of the outdoor lights are procured through direct sales channels due to their requirement in bulk for highways, parking lots, airports, jogging tracks, bridges, and village square streets.
- Asia-Pacific (APAC) is the largest and fastest-growing outdoor lighting market on account of its huge population, which is prompting governments to construct new public-use infrastructure and renovate the existing one.
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Although the sale of fixtures will keep being higher, that of controls will pick up faster in the coming years. This is attributed to the rising uptake of smart lights that are controllable via smartphone applications. Moreover, controls are an important component of streetlights with daylight sensors, camera-integrated lights, and hybrid lights.
The most-prominent enterprises in the outdoor lighting market are Signify N.V., OSRAM Licht AG, General Electric Company, Zumtobel Group AG, SMART Global Holdings Inc., Hubbell Incorporated, Acuity Brands Inc., Stanley Electric Co. Ltd., Dialight Plc, and Iwasaki Electric Co. Ltd. They are merging with and acquiring similar companies to consolidate the competition.
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