Market Research Future published a research report on “Outdoor Lighting Market Research Report- Forecast 2027” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2027.
The global outdoor lighting market size is likely to touch USD 25.2 billion at a 15.0% CAGR in the forecast period 2020- 2027, according to the latest Market Research Future (MRFR) outdoor lighting market statistics. Outdoor lighting, put simply, is the fixed artificial lighting for illuminating the outdoor areas. This lighting is used to add aesthetic appeal and boost security and safety.
Various factors are fuelling the global outdoor lighting market share. As per the recent MRFR market estimates, such factors include the rising adoption of energy-efficient and cost-effective products, growing focus by the government on energy conservations, creation of wireless technologies for outdoor lighting systems, the use of IoT technology for smart city projects as well as smart street lighting, increasing initiatives by the government towards energy efficiency, rising disposable income, growing population, and rising infrastructure development.
On the contrary, less awareness about payback period and installation price of outdoor LED lights among the masses, high import duties especially on LED lights, and the availability of alternate technologies such as laser technology may impede the Outdoor Lighting Market growth in the forecast period. Besides, the impact of the COVID-19 pandemic due to prohibition of outdoor activities, lockdowns, temporary closure of stadiums and parks, restrictions on travel, fall in the sales of fluorescent lights and energy-efficient LEDs, halt in the export of raw materials, and delays in the construction of tunnels, parks, new stadiums, and roadways that have lowered the use of outdoor lighting may also limit the market growth.
By lighting type, the outdoor lighting market has been segmented into LED lamps, HID lamps, plasma lamps, and fluorescent light. By distribution channel, the outdoor lighting market has been segmented into retail and commercial. By application, the outdoor lighting market has been segmented into street lighting, highways, stadiums, parking lots, tunnel lights, parks, and others. By region, the outdoor lighting market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
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The key players in the outdoor lighting market are Philips Lighting Holding B.V.(The Netherlands), General Electric Company (GE (NYSE)), Osram Licht AG (OSR (ETR)), Cree, Inc. (CREE (NASDAQ)), Eaton Corporation PLC (ETN (NYSE)), Hubbell Incorporated (US), Dialight PLC (US), Zumtobel Group AG (Austria), Syska (India), Virtual Extension (Israel), Evluma (US) Halco Lighting Technologies (US), and Masco Corporation (US) among others.
Asia-Pacific is expected to grow at the highest CAGR during the forecast period due to a number of smat city initiatives, growing smart building market, and many other development projects. China, Japan, Taiwan, and India are expected to dominate the market and Australia, Singapore, and New-Zealand are expected to grow at a steady rate during the forecast period. Europe is expected to dominate the outdoor lighting market during the forecast period. Government initiatives regarding smart lighting control systems are expected to drive the market in European countries. Germany, the UK, the Netherlands, Sweden, Italy, and France are expected to grow at a high rate during the forecast period. However, Portugal, Norway, Switzerland, and the Rest of Europe are expected to grow at a stable rate during the forecast period. The Middle East and Africa and South America segment is expected to grow at stable rate during the forecast period.
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