Outdoor LED Lighting Market | Size , Growth, Trend and Forecast to 2023
The report "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% during the forecast period, 2017 to 2023.
The growth of the outdoor LED lighting market can be attributed to the increasing need for improving visibility and ensuring the safety of drivers, riders, and pedestrians as well as ongoing modernization and infrastructure development projects. Moreover, less energy consumption and cost-effectiveness of LED lighting are also contributing towards the growth of the outdoor LED lighting market across the globe.
The new installation type segment is projected to lead the outdoor LED lighting market during the forecast period, 2017 to 2023.
The new installation type segment is projected to lead the outdoor LED lighting market from 2017 to 2023 due to the installation of new-generation LED lamps and luminaires across the globe. Consumers prefer outdoor LED lighting for new installations, owing to various advantages offered by it, which include a long lifespan and reduced consumption of electricity. Although the cost of the outdoor LED lighting technology is high, its installation and maintenance costs are low.
The between 50W and 150W wattage type segment is projected to lead the outdoor LED lighting market during the forecast period, 2017 to 2023.
The between 50W to 150W wattage type segment is projected to lead the outdoor LED lighting market during the forecast period. The growth of this segment of the market can be attributed to increased adoption of outdoor LED lighting across the globe due to its energy efficiency and low maintenance costs. LED lights and luminaires with a wattage range between 50W and 150W are widely used across highways & roadways.
The Asia Pacific outdoor LED lighting market is projected to grow at the highest CAGR during the forecast period.
The Asia Pacific outdoor LED lighting market is projected to grow at the highest CAGR from 2017 to 2023. The growth of the Asia Pacific outdoor LED lighting market can be attributed to the ongoing modernization and infrastructure development projects, such as smart cities across the region. Countries such as Australia, Taiwan, Singapore, and Vietnam, among others of the Asia Pacific region are experiencing fast economic growth and urbanization, thereby contributing to a significant demand for outdoor LED lighting systems in these countries.
The report profiles the top players in the outdoor LED lighting market, which include Philips Lighting Holding B.V. (Netherlands), General Electric Company (U.S.), OSRAM Licht AG (Germany), Hubbell Incorporated (U.S.), Cree, Inc. (U.S.), Eaton Corporation Plc. (U.S.), SYSKA LED (India), Virtual Extension (Israel), Dialight plc (U.K.), and Zumtobel Group AG (Austria), among others. The report also analyzes the market trends for each of the market segments and their respective growth rates.
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MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
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