New York, US, June 15, 2021 (GLOBE NEWSWIRE) -- Market Analysis:
The global outdoor lighting market size is anticipated to touch USD 25.2 billion at a 15.0% CAGR over the forecast period (2020- 2027), reveals the current Market Research Future (MRFR) report. Outdoor lighting is the fixed artificial lighting to illuminate the outdoor areas. It is used for adding aesthetic appeal and increasing security and safety.
Enhancing Features to Spur Market Growth
As per the MRFR report, there are numerous factors that are propelling the global outdoor lighting market share. Some of these entail the growing adoption of affordable and energy-efficient products, rising government focus on energy conversations, development of wireless technologies for outdoor lighting systems, adoption of IoT technology for smart street lighting and smart city projects, growing adoption of energy-efficient lighting solutions, rising government initiatives towards energy efficiency, rising infrastructure development, growing population, and rising disposable income.
On the flip side, the lack of awareness among the masses regarding the installation costs of outdoor LED lights and payback period, development of alternate technologies like laser technology, and high import duties on LED lights may limit the global outdoor lighting market growth in the forecast period.
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Competitive Landscape
The Outdoor Lighting market is highly fragmented and competitive in nature with the presence of several well-established industry players. They have encompassed several strategies to widen their portfolios and also create hold in the market, such as mergers and acquisitions, partnerships, strategic alliances, new product launches, and others.
The global outdoor lighting market is fragmented and competitive with the existence of many international and domestic industry players. They have encompassed multiple strategies to stay ahead and also suffice to the growing needs of the esteemed customers, such as collaborations, contracts, partnerships, joint ventures, and others. Further, they are also investing in research and development activities to strengthen their portfolios and also create hold in the market.
Notable Players Operating In The Global Outdoor Lighting Market Include:
- Masco Corporation (US)
- Halco Lighting Technologies (US)
- Evluma (US)
- Virtual Extension (Israel)
- Syska (India)
- Zumtobel Group AG (Austria)
- Dialight PLC (US)
- Hubbell Incorporated (US)
- Eaton Corporation PLC (Ireland)
- Cree Inc. (US)
- Osram Licht AG (Germany)
- General Electric Company (US)
- Philips Lighting Holding B.V.(The Netherlands)
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COVID-19 Analysis
The spread of the COVID-19 outbreak has forced the government of various countries to prohibit outdoor activities from curbing the spread of the virus. During the first quarter of 2020, lockdowns had been imposed, leading to a temporary closure of parks, stadiums, and travel restrictions that ultimately lowered the adoption of outdoor lighting. The spread of the deadly virus has significantly affected the sales of outdoor lighting systems, thus limiting the market growth. Besides, the fall in the sales of energy-efficient LEDs, fluorescent lights, and other lamps is also impacting the market growth. China is a hub of raw materials and a key producer of lighting products yet is the country where the novel coronavirus originated. The halt in the raw materials export from China and other countries of the world has slowed the production of different forms of lighting systems and products that in turn have impacted the market growth.
The delays caused in the construction of roadways, parks, tunnels, new stadiums, and other projects have lowered the adoption of outdoor lighting, thus negatively affecting the market growth. On the flip side, IoT-based street lighting systems are used for measuring the number of people around them for validating agglomerations and violations of social distancing accurately. As per MRFR analysis, Europe is predicted to lead the market over the forecast period for the presence of a huge number of key market players and government initiatives in favor of smart lighting control systems.
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Market Segmentation
The MRFR report throws light on an inclusive analysis of the outdoor lighting market based on application, lighting type and distribution channel.
Based on lighting type, the global outdoor lighting market is bifurcated into fluorescent light, plasma lamps, HID lamps, and LED lamps. Of these, HID lamps will lead the market over the forecast period due to its long life, small in physical size, and high lumen output per watt.
Based on distribution channel, the outdoor lighting market is bifurcated into commercial & retail. Among these, the commercial segment is predicted to dominate the market over the forecast period as outdoor lights are majorly sold in bulk based on their companies, utility, or specialist distributors.
Based on application, the global outdoor lighting market is segmented into parks, tunnel lights, parking lots, stadiums, highways, street lighting, and others. Of these, street lighting will spearhead the market over the forecast period for various government initiatives taken for streetlight control systems.
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Regional Analysis
Europe to Spearhead Outdoor Lighting Market
Geographically, the global outdoor lighting market is bifurcated into Europe, the Asia Pacific (APAC), the Middle East and Africa (MEA), North America, and South America. Of these, Europe will spearhead the market over the forecast period. The presence of top global players and government initiatives in favor of smart lighting control systems are to the global outdoor lighting market growth in the region.
APAC to Have Promising Growth in Outdoor Lighting Market
In the APAC region, the global outdoor lighting market is predicted to have promising growth over the forecast period. Various infrastructure development projects like smart cities across the region, growing population, growing consumer awareness for energy-efficient lighting products, sustained growth in urbanization in the developing countries, the environmental impact of conventional lighting systems have led to its replacement with LED lights, various infrastructural developments like road construction, upcoming development projects, and booming construction industry in Indonesia, India, and China are adding to the growth of the global outdoor lighting market in this region.
North America to Have Healthy Growth in Outdoor Lighting Market
In North America, the global outdoor lighting market is predicted to have healthy growth over the forecast period. Early adoption of latest technologies, the presence of global players, the introduction of various regulations over energy-efficient products by government authorities, increasing disposable income, and increasing use in architectural applications are adding to the growth of the global outdoor lighting market in the region. The US holds the utmost market share, followed by Canada.
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Industry News
April 2021- NPS and IES have teamed up for a night-sky-friendly lighting standard with an aim to improve outdoor lighting.
March 2021- Luceplan, a leading creator of decorative lamps for acoustic lighting solutions and interiors, steps outside with three new outdoor lighting collections.
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