Outdoor LED Lighting Market Size Share and Technology Update to 2027
The outdoor LED lighting market is estimated to be USD 25.7 billion in 2022 and is projected to reach USD 51.5 billion by 2027, at a CAGR of 14.9% during the forecast period.
The market is driven by factors
such as high demand for LED lighting driven by the modernization and
development of infrastructures such as smart cities and economic corridors,
reduction in prices of LEDs, need for energy-efficient lighting systems for highways,
rapid urbanization, and technological advancements, and increasing construction
activities in residential, commercial, and industrial segments in developing
economies across the globe.
The hardware segment held the
largest market share in the aspect of the offering segment. This growth can be
attributed to the growing adoption of outdoor LED-based lighting systems over
traditional lighting systems, which is mainly driven by the increasing consumer
demand for energy-efficient lighting systems. The hardware segment led the
global outdoor LED lighting market in 2021 due to the increasing installation
of hardware like lamps, luminaires, and control systems in outdoor applications
such as streets and roads, public places, sports complexes, and large areas.
The sports and large areas segment is expected to witness the highest growth rate during the forecast period. Hundreds of sporting arenas and stadiums have already begun retrofitting their facilities with LED lights. LED lighting features a wide beam angle, ensuring optimal light spread throughout the stadium. The stadium LED lighting range offers incredible energy savings of up to 75% and eliminates maintenance overheads. More stadiums are expected to switch to LED lighting soon.
Direct sales channels are
expected to provide lucrative opportunities for market players during the
forecast period. As the buying behavior of consumers changes, online sales
channels are expected to record significant growth in the coming years. Direct
sales channels also include contract-based sales, mainly in commercial and
larger outdoor projects wherein LED technology is also gaining momentum. Most
commercial lighting projects and outdoor infrastructure project development
contractors prefer direct sales or contract-based channels to meet the lighting
requirements of their customers. The direct sales channel has several benefits
as it eliminates any third-party interference, thereby reducing procurement
costs.
The outdoor LED lighting
market, based on geography, has been divided into Americas (North America and
South America), Asia Pacific (APAC), Europe, and the Rest of the World (RoW). The
increasing number of installations of outdoor lighting fixtures in high-growth
economies of Asia Pacific, such as China, India, and Indonesia, propel the
market growth. Some of the key factor driving the market growth in the Asia Pacific
region includes the rising adoption of smart lighting solutions, the advent of
intelligent lighting technologies, and the rapid upgradation of LED lighting
systems in the number of outdoor applications such as road and streets,
highway, tunnels, sports complexes, and parking lots. The eco friendliness and
cost effectiveness of LED lights, along with the development of smart cities in
developing countries of Asia Pacific, further boost the use of LED lighting
systems in outdoor applications.
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