Outdoor LED Lighting Market: Illuminating the Future of Sustainable and Efficient Lighting
The global outdoor LED lighting market size 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.
Some of the key factors propelling the market growth include increasing utilization of smart lighting systems in several outdoor applications such as streets and roads, architecture, sports, and tunnels; surging adoption of LED bulbs and luminaires to achieve the goal of net-zero emissions by 2050, rising demand for LED lighting systems and ongoing release of new innovative LED products due to constant technological advances.
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Key Market Drivers
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Energy Efficiency:
- LED lighting is renowned for its energy efficiency. LEDs consume significantly less power compared to traditional lighting solutions like incandescent and fluorescent bulbs, leading to substantial energy savings. This efficiency translates to lower electricity bills and reduced carbon footprints.
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Longevity and Durability:
- LEDs have a longer lifespan than conventional lighting options, often lasting up to 50,000 hours or more. This longevity reduces maintenance costs and the frequency of replacements, making LED lighting a cost-effective solution in the long run.
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Environmental Benefits:
- LEDs are environmentally friendly as they do not contain hazardous substances like mercury, which is common in fluorescent lights. Additionally, their energy efficiency reduces greenhouse gas emissions, contributing to environmental conservation efforts.
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Government Initiatives and Regulations:
- Many governments worldwide are promoting the use of energy-efficient lighting through incentives, subsidies, and regulations. Policies aimed at reducing energy consumption and encouraging sustainable practices are driving the adoption of LED lighting.
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Technological Advancements:
- Continuous advancements in LED technology have led to improvements in light quality, color options, and smart lighting capabilities. Integration with IoT (Internet of Things) and smart city initiatives further enhances the appeal of LED lighting solutions.
The direct sales channel segment is expected to contribute a significant market share in the overall outdoor LED lighting market by 2027.
Sales of outdoor lighting fixtures through direct channels (Energy Service Companies (ESCOs), municipalities, and direct-contract deals) accounted for a significant market share in 2021. A similar trend is expected to continue by 2027. Most outdoor commercial lighting projects and 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 third-party interference, thereby reducing procurement costs. Sales of outdoor lighting fixtures through direct channels are estimated to gain significant market share by 2027.
The retrofit segment is projected to grow at a faster rate from 2022 to 2027 due to the rapid replacement of the existing conventional lighting fixtures with energy-efficient LED lighting systems
The outdoor LED retrofit market is projected to grow faster as traditional lighting systems are being widely replaced with energy-efficient LED lighting solutions across several outdoor applications, such as public places, sports complexes, streets and roads, architectural buildings, and large public areas.
The retrofit installation refers to replacing the existing lighting fixtures comprising traditional light sources with LED lamps and nonintegrated luminaires and controls (such as LED drivers). LED provides significant energy saving, fast illumination, and a high degree of working life, which can be more than 25 times longer than incandescent lamps. Retrofit LED plug-and-play options offer the easiest way to switch to LED technology by allowing customers to place the plug-in LED options into existing fixtures. Therefore, the retrofit outdoor LED market is expected to grow at a higher CAGR from 2022 to 2027.
Middle East and Africa is likely to be the second fastest growing region after Asia Pacific in the global outdoor LED lighting market.
The outdoor LED lighting market in Rest of the World (RoW) has been studied for Middle East and Africa. The outdoor LED lighting market in Rest of the World is growing slowly compared to other regions; however, emerging economies such as South Africa and the GCC countries in the Middle East are expected to contribute to the market growth in the coming years.
Ongoing urbanization in Africa is expected to boost the outdoor LED lighting market growth significantly in the coming years. Saudi Arabia, Israel, UAE, and Qatar are major Middle Eastern countries contributing significantly to the outdoor LED lighting market growth. UAE is a major country in the outdoor LED lighting market. The demand for LED lighting is expected to grow with the implementation of eco-friendly green building regulations and streetlight retrofitting programs by regional governments, which would significantly drive the growth of the outdoor LED lighting market in Middle East and Africa.
A few of the key players in the outdoor LED lighting market are Signify Holding (Netherlands), Acuity Brands Lighting, Inc. (US), Cree Lighting (US), Dialight (UK), and Panasonic Corporation (Japan).
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