Outdoor Lighting Market to Cross $23.8 Billion Revenue by 2030: P&S Intelligence
Outdoor Lighting Market Research Report: By Lighting Type (HID Lights, LED Lights, Fluorescent Lights, Plasma Lights), Component (Fixture, Control), Application (Streets, Highways, Parking Lots, Stadiums, Tunnels), Distribution Channel (Direct Sale, Retail)
NEW YORK, June 23, 2020 (GLOBE NEWSWIRE) -- The construction of highways and roads is one of the major growth drivers for the global outdoor lighting market, which generated $10.7 billion in 2019. As a result, the industry would grow at a 7.3% CAGR between 2020 and 2030, to reach $23.8 billion by 2030. This is simply because, as more roads and highways are constructed, an increasing number of lighting fixtures would be installed along them, according to the study published by P&S Intelligence.
To smoothen the traffic, by reducing congestion, several countries are focusing strongly on upgrading their road transportation infrastructure. For instance, as per the Chinese Ministry of Transport, the country’s spending on transport infrastructure during January–September 2019 was about $328 billion. Moreover, the sale of automobiles is surging in developing countries, which is also pushing the rate of road transport infrastructure development.
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The COVID-19 pandemic has not only stalled such infrastructure development projects in most of the affected countries, but also halted the supply of the electronic components of lights from original equipment manufacturers (OEMs), especially those in China. In addition, the lockdown measures imposed by the government in numerous countries, including a partial or complete ban on people traveling for leisure purposes, has ill-affected the transportation as well as the travel and hospitality sector, which has, in turn, led to a lower demand for outdoor lighting fixtures.
Outdoor Lighting Market Segmentation Analysis
Till 2030, the light-emitting diode (LED) lights category, under segmentation by lighting type, would dominate the industry. This is attributed to the slew of energy-efficiency measures being taken in numerous countries, in order to reduce greenhouse gas (GHG) emissions and electricity expenditure. As a result, LEDs are being rapidly deployed at parking lots, streets, stadia, and other outdoor settings. For instance, in 2019, the city of Philadelphia announced plans to replace 100,000 city streetlights with LEDs in the coming years, in order to significantly cut down on its $15 million annual electricity expenditure on streetlights.
The control bifurcation, on the basis of component, would experience the faster market growth, at an 8.5% CAGR, in the coming years, owing to the rising demand for daylight sensors in streetlights, as well as for hybrid lighting control systems and camera-based lighting control.
Highways accounted for the widest application of outdoor lights during 2014–2019, as the number of highway construction and renovation projects rose rapidly during that period. For instance, in China, the Jilin Provincial Department of Transportation linked Ji’anandTonghua, Liaoyuan and Dongliao, Jilin and Changchun Longjia International Airport, and Yushuand Songyuan via four separate highway projects in 2019.
In the coming years, direct sale is expected to be the more-popular distribution channel for outdoor lighting fixtures. This is because of the growing installation rate of LED streetlights at highways, airports, roads, jogging tracks, parking lots, bridges, and village squares. Private builders, government bodies, and contractors, who are the major procurers of such products, prefer to buy them through the direct sales channels of manufacturing companies, as such projects generally require lighting fixtures in bulk.
Browse report overview with 87 tables and 62 figures spread through 137 pages and detailed TOC on "Outdoor Lighting Market Research Report: Global Industry Analysis and Growth Forecast to 2030" at: https://www.psmarketresearch.com/market-analysis/outdoor-lighting-market
Asia-Pacific (APAC) is presently the most productive outdoor lighting market, as this region is the largest manufacturer, distributor, and exporter of energy-efficient lighting systems in the world. Additionally, in several regional nations, initiatives are being taken to replace conventional lights with LEDs; for instance, under the Street Light National Programme (SLNP) launched in 2015, Government of India aims to install 35 million LEDs in place of conventional streetlights.
Market Players Launching New Products to Strengthen Brand Value and Augment Sales
In order to strengthen the value of their brand and widen their customer base, outdoor lighting solution providers are rapidly launching new products, which:
- Can be switched on and off via Bluetooth or Wi-Fi
- Are designed for large open-air settings, including rail centers, stadia, intermodal transportation terminals, and airports
- Reduce maintenance costs and offer fully combined control options and mounting flexibility
- Can be used for different applications, by modifying their functional attributes
- Have an integrated battery-operated outdoor sensor
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The key companies in the global outdoor lighting market are General Electric Company, Signify N.V., Zumtobel Group AG, OSRAM Licht AG, Cree Inc., Hubbell Incorporated, Samsung Electronics Co. Ltd., Eaton Corporation plc, Syska LED, Acuity Brands Inc., Dialight Plc, and Virtual Extension.
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