PUBLISHER: Allied Market Research | PRODUCT CODE: 1239451
PUBLISHER: Allied Market Research | PRODUCT CODE: 1239451
The global outdoor lighting market size was valued at $12,507.6 million in 2021, and is projected to reach $22,545.4 million by 2031, registering a CAGR of 5.6%.
Outdoor light fixtures are artificial lighting systems that are used outside for illumination or advertising. They can be permanent or movable. In addition, efficiency and LED are two words and phrases that might sum up the future of outdoor lighting. With the cost-conscious homeowner and the facility's bottom line in mind, efficient LED lighting is driving the outdoor lighting market. LED use enhances sustainability and lowers costs in addition to being substantially more efficient than traditional lighting sources. The lighting industry continues to promote motion sensors and daylight harvesting, a relatively new innovation, in order to maximize savings and efficiency.
IThe outdoor lighting market is segmented based on type, application, distribution channel, and region. Based on type, the market is categorized into LED lights, high-intensity discharge (HID) lamps, fluorescent lights, and plasma lamps. According to the application, the outdoor lighting market is fragmented into street lighting, tunnel lights, highways, parking lots/decoration, parks and stadium, building exteriors, and others. As per the distribution channel, the market is divided into direct sales and retail sales. Moreover, the outdoor lighting market is further classified into third-level segmentation through the distribution channel. Based on retail sales, the market is bifurcated into hypermarket/supermarket, specialty store, and others. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia, and the rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, and the rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Argentina and the rest of LAMEA).
By type, the LED lights segment was the highest revenue contributor in 2021 with a CAGR of 5.6%. Different standards are in place when comparing the useable lifespan of LED lighting products to those of other light sources like incandescent or compact fluorescent lighting (CFL). There are hybrid methods as well, which make use of non-standard lightbulbs or switchable light sources designed specifically for a given fixture. Compared to conventional lighting technologies, LEDs are much more versatile and offer significant potential for innovation in lighting form factors.
By application, the building exteriors segment was the highest revenue contributor in 2021 i.e., $3791.4 million in 2021, and is expected to reach $7080.2 million by 2031 at a CAGR of 6.0%. Improved speed, increased safety, comfort, and convenience for both drivers and passengers, as well as lower vehicle running costs, are all benefits of employing lighting on highways.
By distribution channel, the direct sales segment held the largest share in 2021 and are expected to have the largest market share in 2031. In addition, these kinds of stores provide customers with a variety of outdoor lighting options, including commercially available LED lights and plasma lamps.
By region, Europe held the largest share in 2021 i.e., $3764.8 million in 2021, and is expected to reach $6831.3 million by 2031 at a CAGR of 5.7%, due to the prevalence of small- and medium-sized businesses in the industry is likely to lead to an expansion of the outdoor lighting market in the European region. In order to keep up with shifting consumer needs, it is also projected that the major corporations will expand their investments in innovation, creativity, and cutting-edge technologies. The market for outdoor lighting in Europe will benefit from this and is expected to grow during the forecast period.