Rising Adoption of Cost-Efficient Products Strengthening the Outdoor Lighting Market Growth
The increasing adoption of cost-efficient and energy-saving lighting products and rising government focus on energy conservation are some of the major factors responsible for the growth of the outdoor lighting market, finds P&S Intelligence. In 2017, the market generated a revenue of $8,740.0 million, and it is projected to witness a CAGR of 8.0% during the forecast period (2018–2023). Outdoor lighting refers to the brightening up of private gardens and public landscape for the determination and improvement of aesthetics, security, convenience, and safety.
On the basis of lighting type, the outdoor lighting market is classified into light-emitting diode (LED) lights, high-intensity discharge (HID) lamps, plasma lamps, and fluorescent lights. In 2017, the HID classification held 58.0% revenue share in the market. However, the LED classification is expected to witness the fastest growth during the 2018–2023 period, owing to its increasing adoption as energy-efficient lighting source and the rising government support encouraging the penetration of these lights in outdoor areas in countries such as China, India, and the U.S.
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Based on component, the outdoor lighting market is bifurcated into control and fixture. Of these, in 2017, the fixture component category accounted for more than 62.0% revenue share in the market and is predicted to maintain its lead during the forecast period. However, control lighting components are anticipated to exhibit a higher CAGR in the market. This is ascribed to their energy-saving features and surging government initiatives toward the expansion of smart cities in several countries, such as Australia, India, and the U.K., which would need smart street light installation.
Highways, streets, parking lots, tunnels, and stadiums are the several categories within the application segment of the outdoor lighting market, among which the streets category held the largest revenue share of about 22.0% in 2017. Further, this category is also anticipated to grow the fastest during the 2018–2023 period. This would mainly be due to the increasing number of smart cities across the world, where smart street lights installation will offer various benefits, such as energy saving, maintenance cost reduction, light intensity control, and carbon emission cuts.
The idea of smart outdoor lighting is becoming popular, as it has a wide range of application in roadways, city parks, commercial sites, and university and college campuses. Due to the increasing electricity prices, a rising number of municipalities across the world are shifting toward smart lighting solutions to decrease their operational costs while improving safety and efficiency. The advantages associated with these lighting solutions include energy saving up to 50.0%, real-time diagnostics, and designing of communication-connected infrastructure.
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The increasing adoption rate of economical and energy-efficient products and surging government concerns about energy conservation are promoting the use of energy-saving lighting sources, such as LEDs, thereby fueling the outdoor lighting market growth. LEDs are quite beneficial in outdoor lighting areas, owing to their higher brightness, longevity, and low maintenance costs. These lights offer several other benefits over fluorescent, incandescent, and even high-pressure sodium lights, such as resilience to vibrations, intelligent control, and higher efficiency. This, in turn, leads to significant savings, in terms of both operational costs and energy.
Hence, the increasing adoption of smart and energy-efficient products in the outdoor lighting applications is expected to accelerate the growth of the market during the forecast period.
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