Pune, India, Sept. 15, 2023 (GLOBE NEWSWIRE) -- The US has emerged as the fastest-growing country in the outdoor lighting market, experiencing significant adoption and demand for illumination purposes. Several factors have contributed to the US's rapid growth in the outdoor lighting market. The US is known for its strong sense of design and aesthetics. Bridges and other structures are essential parts of the country's road network to offer safe mobility across elements like waterways, trains, roadways, and other impediments.
Outdoor Lighting Market in terms of revenue was estimated to be worth $16.18 billion in 2022 and is poised to reach $30.17 billion by 2030, growing at a CAGR of 8.1% from 2022 to 2030 according to a new report published by The Insight Partners.
The increased demand for illumination and the growing popularity of lighting solutions propel the growth of the outdoor lighting market.
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Global Outdoor Lighting Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 16.18 Billion in 2022 |
| Market Size Value by | USD 30.17 Billion by 2030 |
| Growth rate | CAGR of 8.1% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments covered | Type, Application, and Geography |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
The Biden-Harris Administration is repairing lead pipes to provide clean water as part of the President's Investing in America plan, including rebuilding roads and bridges. According to the white house, President Biden signed the Bipartisan Infrastructure Law – a once-in-a-generation investment in US infrastructure and competitiveness.
In May 2020, Biden-Harris announced the funding of US 220 billion for over 32,000 projects across 4,500 communities as part of President Biden’s investing in America agenda. Investment in the infrastructure in the US propels the outdoor lighting market growth.
The US economy depends on a massive infrastructure network, including ports, highways, bridges, freeways, electricity grids, and internet access. Thus, many roads, buildings, and intelligent infrastructure are evolving from older technology to new energy-efficient technologies. The outdoor lighting market is growing due to the increase in smart lighting projects. There is a need to use energy-efficient and environment-friendly lighting ideas, keeping the increasing population and pollution in mind. Governments worldwide promoting smart and sustainable technologies are pushing the demand for outdoor lighting solutions.
Demand for streets, airways, and highways is rising as infrastructure develops. Governments are pursuing environmentally efficient and sustainable lighting options for these assets. LED and solar-powered lights are expanding universally, drastically boosting the need for outdoor lighting trend. The expansion of research and development facilities has given birth to integrated lighting systems such as loT-integrated lights, lamps, and waterproof outdoor wall lights.
Expansion of Smart Cities and Infrastructure Projects Provides Lucrative Opportunities for Outdoor Lighting Market:
Various smart city initiatives are being undertaken by various countries globally. Smart street lighting is a component of the Indian smart city initiative, which is a good starting point because it offers operational and energy savings. Take July 2020 as an example. As part of the Smart City plan, the Jammu and Kashmir (India) government installed LED streetlights in Srinagar.
Further, across the globe, the construction sector is growing rapidly; the construction includes various infrastructures such as roads, highways, buildings, bridges, and others. The construction sector is predicted to expand over the estimated period due to the various governments emphasizing infrastructure development in the country. The construction industry is expected to grow steadily, aided by expanding road and rail infrastructure. The housing, non-residential building, and civil engineering sectors are all predicted to grow in volume. In 2019, infrastructure investments in Spain were USD 11.308 billion, up 11.6 percent from the planned amount in 2018. Growth in the infrastructure is creating demand for the outdoor lighting market.
Further, people in Western Europe are known for their improved living standards, with higher income levels. Western Europe is one of the wealthiest regions on the continent, with a greater GDP per capita than the rest. The region has a vast spread of industrialization, majorly producing high-precision goods. An exponential rise in urbanization has further led to the adoption of advanced technologies, creating greater needs for supporting infrastructure. The European government is building infrastructures such as bridges, roads and others. For instance, in June 2022, the new federal administration made major investments in German infrastructure projects, and efforts to rehabilitate the nation's bridges are underway. In another instance, the German government aims to be climate-neutral by 2045 and plans to build 400,000 new flats annually, 100,000 of which will get public subsidies. Such construction activities in the region create opportunities for the outdoor lighting market.
Further, the Middle Eastern countries contribute significantly to the region’s overall GDP. However, the manufacturing sector of the Middle East is booming, and the governments in the region are taking several steps to encourage its growth further. For instance, Dubai has established one of the biggest industrial centers for attracting new manufacturers. According to the Department of Economic Development of the UAE, the manufacturing sector accounts for ~80% of the country’s trade, excluding oil, and is gaining pace with time; the sector is projected to be the second-largest contributor to its economy. Thus, the construction of industrial centers and manufacturing facilities in the region are creating ample opportunities for the outdoor lighting market to flourish further.
Outdoor Lighting Market: Segmental Overview
The outdoor lighting market is segmented based on type into LED, HID, and others. The LED segment held the largest share of the outdoor lighting market in 2020. In contrast, the HID segment is anticipated to register the highest CAGR in the outdoor lighting market during the forecast period. Based on application, the outdoor lighting market is segmented into highways, parking lots, stadiums, tunnels, building exteriors, and others. The highways segment held the largest share of the outdoor lighting market in 2020. In contrast, the building exteriors segment is anticipated to register the highest CAGR in the outdoor lighting market during the forecast period.
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Outdoor Lighting Market Analysis: Competitive Landscape and Key Developments
Cree, Inc., Eaton Corporation, General Electric Company, Hubbell Incorporated, Kichler Lighting LLC, Legrand, Osram Licht AG, Signify Holding, Wipro Lighting, and Zumtobel Group are a few of the key companies operating in the outdoor lighting market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, allowing them to overcome business opportunities.
Recent Developments:
In 2022, Evluma launched the roadway lighting product RoadMax. The RoadMax series has three sizes—small, medium, and large—as well as a range of wattages intended to replace 100w heritage HIDs.
In 2021, Servotech Power Systems launched its new range of solar streetlights to deliver high-quality illumination for outdoor spaces. Two product versions from the recently introduced light series—the integrated and 2in1 solar streetlight—offer a luminous efficacy of over 1051m/W. Over 50,000 hours of life expectancy and an IP 66 rating. Ensuring safety even in the worst outdoor conditions.
In 2023, Signify launched brand-new Philips LED outdoor lights that are both energy-efficient and built to work in various weather conditions. The new wall lights, pedestals, and spots for gardens and other outdoor areas can survive hot weather, exposure to the sun, and even heavy rain.
Go through further research published by The Insight Partners:
Outdoor Landscape Lighting Market - Global Analysis and Forecast to 2030.
Smart Lighting Market - Global Analysis and Forecast to 2025.
Solar Street Lighting Market - Global Analysis and Forecast to 2030.
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