Outdoor LED Lighting Market by Installation Type (New, Retrofit), End Use Application (Highways & Roadways, Architectural, Public Places), Offering (Hardware, Software & Services), Wattage Type, Region - Global Forecast to 2023
“The outdoor LED lighting market is projected to grow at a CAGR of 13.7% during the forecast period, 2017 to 2023.”
The outdoor LED lighting market is projected to reach USD 21.95 billion by 2023, at a CAGR of 13.7% between 2017 and 2023. The growth of the outdoor LED lighting market can be attributed to the increasing demand for energy-efficient lighting systems across the globe, modernization and development of infrastructures such as smart cities that lead to the implementation of lighting systems based on Internet of Things (IoT), reduction in the prices of LEDs, and penetration of LEDs as a light source in outdoor lighting applications such as architectural, highways & roadways, and public places, among others. However, the development of alternative lighting technologies such as laser lights acts as a restraint for the growth of the outdoor LED lighting market. Laser lights are more efficient than LEDs and are equally cost-effective, in terms of manufacturing.
“The public places end-use application segment of the outdoor LED lighting market is projected to grow at the highest CAGR during the forecast period, 2017 to 2023.”
LED lighting for public places includes the lighting of airport perimeters, parking structures, and stadiums, among others. Outdoor LED lighting not only improves visibility but also ensures security of various infrastructures. As such, it is used for security lighting, illumination of building entrances, and illumination of sign boards. It is also used to lower traffic intensity by improving visibility. Thus, the public places end-use application segment of the outdoor LED lighting market is projected to grow at the highest CAGR during the forecast period, owing to rapid urbanization and expansion of cities across the globe.
“The new installation type segment is expected to lead the outdoor LED lighting market between 2017 and 2023.”
The new installation type segment is projected to lead the outdoor LED lighting market during the forecast period, owing to the increasing demand for LED luminaires from consumers across the globe.
“The Asia Pacific region is expected to account for the largest market share of the outdoor LED lighting market during the forecast period.”
The Asia Pacific region accounted for the largest share of the outdoor LED lighting market in 2016. The Asia Pacific outdoor LED lighting market is projected to grow at the highest CAGR during the forecast period, 2017 to 2023. The growth of the Asia Pacific outdoor LED lighting market can be attributed to increased adoption of LEDs by the municipalities of the region as an integral part of their smart city projects. Moreover, rapid urbanization in a number of Asia Pacific countries, such as India and China, among others is also contributing to the growth of the Asia Pacific outdoor LED lighting market. There are several new growth opportunities for outdoor LED lighting in the Asia Pacific region as around 200 million new houses are expected to be constructed in China and 18 million new houses in India in the next few years. In the process of determining and verifying the market size of several segments and subsegments of the outdoor LED lighting market, extensive secondary research and primary interviews with the key experts have been conducted. Break-up of the profiles of primary participants has been shown below:
• By Company Type: Tier 1 – 20%, Tier 2 – 45%, and Tier 3 – 35%
• By Designation: C Level – 35%, Director Level – 25%, and Others – 40%
• By Region: Europe – 45%, North America – 20%, Asia Pacific – 30%, and RoW – 5%
The outdoor LED lighting market has been studied for four major regions, namely, North America, Europe, Asia Pacific, and Rest of the World (RoW). The report also profiles key players in the outdoor LED lighting market, which include Philips Lighting Holding B.V. (Netherlands), General Electric Company (U.S.), OSRAM Licht AG (Germany), Hubbell Incorporated (U.S.), Cree, Inc. (U.S.), Eaton Corporation Plc. (U.S.), SYSKA LED (India), Virtual Extension (Israel), Dialight plc (U.K.), and Zumtobel Group AG (Austria), among others.
Reasons to Buy the Report:
From the insight perspective, this research report has focused on various levels of analysis, which include industry analysis (industry trends), market share analysis of the top players, supply chain analysis, and company profiles. These insights together comprise and discuss the basic views on the competitive landscape, emerging and high-growth segments of the outdoor LED lighting market, high-growth regions, and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on products offered by the top players in the outdoor LED lighting market
• Product Development/Innovation: Detailed insights on the upcoming technologies, research & development activities, and new product launches in the outdoor LED lighting market
• Market Development: Comprehensive information about lucrative emerging markets – the report analyzes the markets for outdoor LED lighting across different regions
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the outdoor LED lighting market
• Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of the leading players in the outdoor LED lighting market