NEWS
NEWS
The global outdoor LED lights survey overview from the year 2021 to 2027
18-06-2022
The Global Outdoor LED Lighting Market is estimated to be USD 20.81 Bn in the year 2022 and is projected to reach USD 46.04 Bn by the 2027, growing at a CAGR of 17.21% The growth of outdoor LED lights market arises from the increasing need for energy-efficient LED lighting systems around the world, reduction in the prices of LEDs, and increasing penetration of LED lights in the outdoor applications, such as architectural, highways & roadways, and public places, among others.
Asia-pacific takes the lead in in the large scale of lighting systems. Southeast Asia is also a major export base for Chinese LED lighting products. The Asia Pacific outdoor LED lighting market is projected to grow at the highest CAGR due to ongoing infrastructure modernization projects in the emerging economies, such as China and India for the construction of several smart cities.
The European region is estimated to cover the second-largest share of the market by 2023. The high standard of living of the masses in the European region has led to the construction of smart homes in the region, which are fitted with several and innovative outdoor LED lighting systems.
Lack of awareness among masses regarding the installation costs of outdoor LED lights and payback period, and development of alternate technologies such as laser technology are the major restraints for the growth of the outdoor LED lighting market.
As many companies are focused on innovation in advanced LED lighting, the market is moderately consolidated. Considering the increasing concerns about energy management, lighting companies are investing in the same, by partnering with energy management providers.
The famous players operating in the outdoor LED lights market are Phillips Lighting Holding B.V. (Netherlands), General Electric Company (U.S.), OSRAM Licht AG (Germany), Cree, Inc. (U.S.), and Hubbell Incorporated (U.S.),etc. These key players have used various strategies, for example, new product launches partnerships, collaborations, and expansions to improve their revenues in the market.
Asia-pacific takes the lead in in the large scale of lighting systems. Southeast Asia is also a major export base for Chinese LED lighting products. The Asia Pacific outdoor LED lighting market is projected to grow at the highest CAGR due to ongoing infrastructure modernization projects in the emerging economies, such as China and India for the construction of several smart cities.
The European region is estimated to cover the second-largest share of the market by 2023. The high standard of living of the masses in the European region has led to the construction of smart homes in the region, which are fitted with several and innovative outdoor LED lighting systems.
Lack of awareness among masses regarding the installation costs of outdoor LED lights and payback period, and development of alternate technologies such as laser technology are the major restraints for the growth of the outdoor LED lighting market.
As many companies are focused on innovation in advanced LED lighting, the market is moderately consolidated. Considering the increasing concerns about energy management, lighting companies are investing in the same, by partnering with energy management providers.
The famous players operating in the outdoor LED lights market are Phillips Lighting Holding B.V. (Netherlands), General Electric Company (U.S.), OSRAM Licht AG (Germany), Cree, Inc. (U.S.), and Hubbell Incorporated (U.S.),etc. These key players have used various strategies, for example, new product launches partnerships, collaborations, and expansions to improve their revenues in the market.
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