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The outdoor LED lighting market size is estimated to be USD 25.7 billion in 2022 and is projected to reach USD 51.5 billion by 2027, at a CAGR of 14.9% during the forecast period. The booming lighting industry contributes most to the rising demand for energy-efficient products and modifications in the existing lighting products using LED technology. Technological innovations and rising environmental concerns have further accelerated the growth of the outdoor LED lighting market. Competitive manufacturing costs, high economic growth rates, and large-scale industrial constructions in commercial segments are some of the other major factors driving the growth of the outdoor LED lighting market.
New installation type to register the largest market share in the forecast period.
With the ongoing developments across the globe, the increasing technological investments towards infrastructure will evidently tend to the new installations in the outdoor LED lighting market. Increased infrastructure and construction projects for various applications, like highways, stadiums, tunnels, etc., will require new installations for new projects. Hence, the new installations segment will hold a larger market share throughout the forecast period.
The streets and roads application segment is likely to dominate the outdoor LED lighting market from 2022 to 2027.
According to market estimates, the streets and roads segment is expected to account for the largest market share throughout the forecast period due to rapid urbanization and government efforts to reduce energy consumption by adopting LED lighting solutions. Streets and roadways are continuously illuminated; hence, there is a high requirement for energy. Therefore, switching to LED lighting is a better choice. Streets and roadways are expected to provide lucrative opportunities to outdoor LED lighting market players.
Europe is projected to account for the second largest market share in the outdoor LED lighting market.
The outdoor LED lighting market in Europe considers Germany, France, Italy, UK, and Rest of Europe for the study. These countries are expected to drive the LED lighting market growth in Europe in the future. The LED lighting market in Europe is highly fragmented, with the presence of several large and medium-sized companies offering products for various applications considered in this study. Germany has more than 50 medium-sized companies that manufacture LED lighting products.
The sustainable policies of the government in this region drive the demand for the outdoor LED lighting market. Two recent policy measures - updated Ecodesign regulations and RoHS Directive regulations governing hazardous substances in electrical equipment - will shift the EU market away from conventional mercury-containing fluorescent lighting to advanced LED lighting technology. In 2023, all general-purpose fluorescent lamps are expected to be phased out. Norway, Switzerland, and UK have already adopted the EU-27 Ecodesign regulation, and the RoHS directive regulations are expected to be followed in the coming years.
Signify Holding (Netherlands), Acuity Brands Lighting, Inc. (US), Cree Lighting (US), Dialight (UK), Panasonic Corporation (Japan), GE Current (US), Eaton (US), OSRAM (Germany), Zumtobel Group AG (Austria) are the key players in the outdoor LED lighting market. These top players have strong portfolios of products and services and a presence in both mature and emerging markets.
The study includes an in-depth competitive analysis of these key players in the outdoor LED lighting market, with their company profiles, recent developments, and key market strategies.
Research Coverage
The report defines, describes, and forecasts the outdoor LED lighting market based on offering, installation, sales channel, application, wattage type, interfacing standard, communication, and geography. It provides detailed information regarding factors such as drivers, restraints, opportunities, and challenges influencing the growth of the outdoor LED lighting market. It also analyzes competitive developments such as product launches, acquisitions, expansions, contracts, partnerships, and developments carried out by the key players to grow in the market.
Key Benefits of Buying the Report
The report would help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall outdoor LED lighting market and the subsegments. This report would help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.