(MENAFN- PR Newswire) SAN FRANCISCO, Jan. 26, 2023 /PRNewswire/ -- The global outdoor lighting market size is expected to reach USD 28.42 billion by 2030, expanding at 8.0% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The increasing awareness to obtain efficiency in terms of energy consumption and other environment-friendly qualities for the outdoor lighting structure are the major growth drivers for the market.
Key Industry Insights & Findings from the report:
LED lights source was valued at USD 7.12 billion in 2022 and is expected to reach USD 13.79 billion by 2030. An increase in consumer awareness towards energy-efficient lighting is favoring the growth of the market. Commercial application was valued at USD 10.28 billion in 2022 and is expected to reach USD 18.67 billion by 2030. A rise in infrastructural development in the hospitality industry is driving the segment growth. The online distribution segment is expected to witness a substantial CAGR of 9.3% from 2023 to 2030. The rising use of smartphones and similar devices, coupled with increasing internet penetration among consumers is the key factor driving the popularity of online channels in the market. Asia Pacific region was valued a USD 4.41 billion in 2022 and is expected to register a CAGR of 9.8% over the forecast period. The growth in the region is majorly attributed to the growing hospitality industry owing to which the demand of outdoor landscape lighting and street lighting.
Read full market research report for more Insights, 'outdoor lighting market size, share & trends analysis report by source (led lights, plasma lamps), by application, by distribution channel, by region, and segment forecasts, 2023 - 2030 ', published by Grand View Research.
Outdoor Lighting Market Growth & Trends
The pandemic had a significant impact on work culture, and many people still prefer the flexibility of working from the comfort of their homes. The need to be home most of the time increases the likelihood of investing in home comforts. To better enjoy the time spent relaxing on their porches, homeowners started making larger investments in outdoor lighting and entertainment. For instance, according to the Outdoor Furnishings Trend Report released by the International Casual Furnishings Association (ICFA), 71% of Americans are spending much more time outside in 2022 compared to the previous year, as many as seven hours per week.
Additionally, governments are taking various initiatives to build innovative open spaces. For instance, the National Trust/National Lottery Heritage Fund Future Parks initiative, and the work undertaken by the Parks Action Group, look at innovative ways of sustaining parks and greenspace. These initiatives also ensure they serve the needs of the local community. Increasing government initiatives to build open spaces are expected to present the street lighting industry with numerous opportunities.
One of the primary drivers behind the construction of new highways and streets has been the increase in traffic. Governments in many nations, including the U.S., China, and India, are firmly focusing on making investments in the development of road infrastructure. For instance, it is anticipated that the $3.3 billion Hampton Roads Bridge-Tunnel (HRBT) expansion project in the United States, which will enlarge I-64 from four to eight lanes between Hampton and Norfolk, will be completed by 2024. This will increase demand for and use of street, highway, and tunnel lighting.
Asia Pacific region is expected to register the fastest CAGR over the forecast period. Rapid investments in the construction sector in line with the development of smart city projects are expected to open new opportunities for players in the outdoor landscape lighting industry over the coming years. Moreover, the growing per capita income in developing countries across the region will augment product demand.
Outdoor Lighting Market Segmentation
Grand View Research has segmented the global outdoor lighting market based on source, application, distribution channel, and region:
Outdoor Lighting Market - Source Outlook (Revenue, USD Million, 2017 - 2030)
LED Lights Plasma Lamps High-Intensity Discharge Lamps Fluorescent Lights
Outdoor Lighting Market - Application Outlook (Revenue, USD Million, 2017 - 2030)
Outdoor Lighting Market - Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)
Outdoor Lighting Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)
North America Europe Asia Pacific Central & South America Middle East & Africa
List of Key Players in the Outdoor Lighting Market
Signify Holding General Electric OSRAM GmbH Hubbell ACUITY BRANDS, INC. Zumtobel Group Eaton Cree LED SYSKA Virtual Extension
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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