The lighting sources that are incorporated outdoor are known as outdoor lighting market. These are the lights on the bridges, gardens, streets, parks, tunnels and stadiums highways, bridges, parking lots,. These lights are further classified as the type of lights such as High-Intensity Discharge Lamps (HID), Light-Emitting Diode Lamps (LED) and plasma lamps. These are the products used for the conservation of energy, developing efficiency and saving huge energy cost thereby driving the growth of the outdoor lighting market globally.
Insight by Technology
On the basis of technology, the global outdoor lighting market is segmented into control and fixture. Among these two segments, fixture is anticipated to generate larger revenue by 2024 since it helps in enhancing durability and output of outdoor lighting. It provides energy efficient alternative to the users and deliver a balanced intensity of light. Moreover, increasing smart city projects by various developed and developing economies across the globe is thereby uplifting the growth of outdoor lighting market worldwide.
Insight by Lighting Type
The global outdoor lighting market on the basis of lighting type is categorized into light emitting diode (LED) lamps, plasma lamps, high-intensity discharge (HID) lamps and fluorescent light. Among all these segments, LED light is expected to witness the fastest growth during the forecast period. LED lighting provides flexibility, brighter light, energy efficiencies, durability and longer lifespan to the users. According to a recent report, it has been observed that more cities would utilize outdoor LED lighting as security and street lights thereby enhancing the growth of outdoor lighting market across the globe.
Insight by Distribution Channel
Based upon distribution channel, outdoor lighting market is segmented into retail and commercial segment. Among these two segments, commercial segment is anticipated to generate larger revenue by 2024. Outdoor lighting in commercial segment helps in providing enhanced illumination to the users along with increasing revenue of the enterprise and developing quality fixture that further survives outdoor environment.
Insight by Application
The global outdoor lighting market has also been segmented by application into stadiums, street lighting, tunnel lights, parking lots, highways and others. Among all these segments, street lighting is anticipated to witness fastest growth during the forecast period due to advancement of various smart city projects in various emerged and emerging economies. Furthermore, these street lights will help in extensively saving energy, controlling intensity of light and helps in developing cost efficiencies for the users.
Light uses energy that is generated by consumption of limited resources. With the increase in the utilization of energy efficient resources and limited supply of energy that helps in developing cost efficiencies is the ley trend observed in the growth of global outdoor lighting market. In order to save high costs there is introduction of the smart outdoor lighting that includes HID and LED which provide more light while consuming very low energy, saving the cost and being more effective. It is also easy to control the lighting infrastructure and streets, stadiums, gardens and parks are all being fitted with such lights.
These easy to control lights are those that are not very complicated and smart enough to use as much energy as required. This saves time and energy being efficient. These lights are effective as they make things more visible than usual along with using less energy comparatively thereby extensively increasing the demand of outdoor lighting market across the globe.
Increase in acceptance of energy-efficient and economical products, increasing awareness of conservation of energy and introduction of lighting technology such as LEDs and HIDs that allow heavy energy conservation and provide much more efficiency and effectiveness are the key factors driving the growth of outdoor lighting market across the globe. LED lights offer several advantages over incandescent, fluorescent, and even high-pressure sodium lights, such as higher efficiency, lower maintenance costs and intelligent control. These lights thus lead to savings, in terms of both energy and operational costs.
With the increasing awareness, the government is also promoting the implementation of outdoor lighting solutions in public places. Furthermore, developing lighting infrastructure using LEDs for efficient and effective lighting, growing government initiatives toward energy conservation are key factors driving the growth of the outdoor lighting market worldwide.
High import duties in the countries on LED lights are the only challenge that is a concern for the global outdoor lighting market. Those countries where the government is taking initiatives to conserve energy are expected to lower the import rates during the forecast period such as countries in Asia-Pacific.
Globally industry players are leveraging market growth through the development of innovative solutions in global market for outdoor lighting. The vendors for outdoor lighting are providing various solutions to the users such as advanced technology to conserve more energy, easy and smart controls, providing lights that glow much more than usual and use much less energy comparatively.
Geographically, North America held to be the largest outdoor lighting market and will continue to dominate throughout the forecast period due to the introduction of various regulations over energy efficient product by government authorities in this region. Moreover, increasing disposable income will help to drive demand for outdoor lighting for architectural application in countries such as the U.S. thereby strengthening the growth of outdoor lighting market in this region.
Moreover, Asia-Pacific is anticipated to witness the fastest growth during the forecast period since this region is witnessing various infrastructural developments such as road construction. Furthermore, upcoming development projects, flourishing construction industry in developing countries such as China, India, and Indonesia is expected to create massive demand for LED lighting for both residential as well as outdoor application.
Key players in global outdoor lighting market are investing in improving the quality of these lights and developing the latest technologies that are strengthening their position in the market. However, it has been observed that local players are depending upon new technology to develop cost efficiencies and helps in saving energy resources. The prominent players in the global outdoor lighting market include Philips Lighting Holdings, General Energy Connections, Osram Licht, Hubbell Incorporated, Cree Inc, Eaton Corporation, Syska LED, Virtual Extension, Dialight Plc, and Zumtobel Group AG.