- Jul 14, 2017 -
“Outdoor LED Lighting Market by Installation Type (New, Retrofit), End Use Application (Highways & Roadways, Architectural, Public Places), Offering (Hardware, Software & Services), Wattage Type, Region - Global Forecast to 2023”
The outdoor LED lighting market is projected to reach USD 21.95 Billion by 2023, at a CAGR of 13.7% between 2017 and 2023
The growth of the outdoor LED lighting market can be attributed to the increasing need for energy-efficient lighting systems across the globe, reduction in the prices of LEDs, and increasing penetration of LED lights as a light source in the outdoor applications, such as architectural, highways & roadways, and public places, among others.
In 2016, the highways & roadways end-use application segment led the outdoor LED lighting market. However, the public places segment of the market is projected to grow at the highest CAGR during the forecast period, 2017 to 2023. The growth of the public places segment of the outdoor LED lighting market can be attributed to the increasing infrastructural activities across the globe.
The retrofit installation type segment of the outdoor LED lighting market is projected to grow at the highest CAGR during the forecast period. The growth of the retrofit installation type segment of the market is due to the increasing replacement of incandescent lamps in the existing infrastructures with energy-efficient light sources such as LED lamps. These incandescent lamps are being slowly phased out, and the fixtures are being retrofitted with LED lamps as they have a long lifespan and consume less energy.
The hardware offering segment is expected lead the outdoor LED lighting market from 2017 to 2023. The growth of the hardware offering segment can be attributed to the increasing demand for LED luminaries from the new installations across the globe.
Market Dynamics
Drivers
Need for Improvement in Visibility And Safety of Drivers, And Pedestrians
High Demand for Led Lighting Driven By the Modernization And Development of Infrastructures Such As Smart Cities And Economic Corridors
Need for Energy-Efficient Lighting Systems for Highways
Reduction in Prices of Leds
Demand for Smart Controls in Street Lighting Systems
Restraints
1, Lack of Awareness Regarding Installation Costs for Smart Lighting And Payback Periods
2, Development of Laser Lights As Alternative Technologies
Opportunities
1, Development of Wireless Technology for Led Street Lighting Systems
2, Energy Efficiency in Developing Economies
3, Iot Technology in Smart Street Lighting And Smart City Projects
Challenges
1, Lack of Common Open Standards
2, Rapid Rise in Product Testing Costs
3, Lack of Customer Ownership in Utility-Owned Street Lighting
Companies Mentioned
Cree, Inc.
Dialight Plc
Eaton Corporation Plc
Evluma
General Electric Company
Gooee
Hubbell Incorporated
Neptun Light, Inc.
Osram Licht Ag
Philips Lighting Holding B.V.
Syska Led
Tanko Lighting, Inc.
Tapan Solar Energy Pvt. Ltd.
Virtual Extension
Zumtobel Group Ag
