Outdoor Lighting Market Report 2031 by Segments, Geography, Dynamics, Recent Developments, and Strategic Insights

The Outdoor Lighting Market size is projected to reach US$ 32.61 million by 2031 from US$ 17.49 million in 2023. The market is expected to register a CAGR of 8.1% during 2023–2031. The rising demand for LED lighting is likely to remain a key trend in the market.

Outdoor Lighting Market Analysis

• The outdoor lighting market has witnessed significant growth in recent years. Outdoor lighting is becoming increasingly popular due to smart outdoor lighting's uses in various outdoor lighting areas, including highways, public spaces, business sites, outdoor parking areas, gardens, and universities and colleges.
• Due to the rising cost of electricity, many local governments worldwide are discovering smart lighting to be a workable way to reduce operational expenses while boosting system efficiency. Due to its high application, the outdoor lighting market is growing steadily.
• The global increase in the use of renewable energy sources, such as solar energy, as a source of illumination also encourages the growth of the outdoor lighting market. Similar to indoor lighting, it is projected that the outdoor lighting market will develop due to decreasing raw material costs, ease of installation, minimal maintenance requirements, and cheap operating costs.
• Additionally, it is anticipated that growing consumer awareness of renewable energy and strict legislative changes concentrating on creating sustainable infrastructure in both developed and emerging nations would support the growth of the outdoor lighting market.

Outdoor Lighting Market Overview

• Outdoor lighting refers to the artificial illumination used to illuminate exterior spaces. By illuminating the area, outdoor lighting aims to preserve or improve individuals participating in human activity's visual performance. Energy-efficient lighting, which replaces incandescent and other traditional bulbs with CFL, fluorescent, and energy-efficient LED lights, is one of the outdoor lighting market trends currently in vogue.
• Along with other applicable lighting controls, products in the outdoor lighting market also include PIR, timers, and ultrasonic sensor-based lighting controls. During the forecast period, the key factor, such as energy efficiency, is anticipated to drive the global outdoor lighting market's growth for energy efficiency. The acceptability of energy-efficient lighting is also growing due to its advantages, such as higher energy savings and a long product life. The outdoor lighting market is expanding as more governments worldwide embrace light-emitting diodes (LEDs) to boost efficiency.
• Additionally, the outdoor lighting market is anticipated to have tremendous growth potential due to increased customer interest in smart LED lighting solutions. Consequently, the outdoor lighting business market will expand due to the expanding LED lighting. Therefore, the outdoor lighting market will grow due to the growing trend of using energy-efficient lighting solutions.

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Outdoor Lighting Market: Strategic Insights

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Outdoor Lighting Market Drivers and Opportunities

Rising Demand for Outdoor Lightening in Commercial Buildings

• A sizeable portion of the total energy consumption is attributable to commercial buildings, including malls, shops, restaurants, hospitals, and schools. A sizeable portion of this energy consumption is also related to lighting. Additionally, malls and showrooms believe lighting is essential to make things appealing, draw clients, and pique their interest in purchasing.
• Airport perimeters typically cover large areas, and LED lighting offers superior illumination and cost savings. By direction from the Bureau of Civil Aviation Security (BCAS), the Airport Authority of India published a tender for updating the existing perimeter lighting system at Chennai Airport. Lighting fixtures with LEDs had to be provided for this. The price is anticipated to be INR 1.9 million. Such instances propelled the growth of the outdoor lighting market.

Increasing Government Initiatives

• Numerous governments worldwide are encouraging the use of energy-efficient lighting, which will probably promote the expansion of the outdoor lighting market. The US federal government, for instance, introduced the Climate Smart Building program in August 2022. This program aims to improve the government's cooperation with the business sector to modernize federal buildings. The measures will boost the growth of the global outdoor lighting market by enhancing on-site renewable electricity generation, providing effective illumination, and putting in place infrastructure for the supply of electric vehicles.

Outdoor Lighting Market Report Segmentation Analysis

Key segments that contributed to the derivation of the Outdoor Lighting Market analysis are type and application.

• Based on type, the Outdoor Lighting Market is divided into LED, HID, and others.
• On the basis of application, the market is divided into highways, parking lots, stadiums, tunnels, building exteriors, and others.

Outdoor Lighting Market Share Analysis by Geography

• The Outdoor Lighting Market report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
• Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering Outdoor Lighting Market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
• Also, the report covers PEST analysis, which involves the study of major factors that influence the Outdoor Lighting Market in these regions.

Outdoor Lighting Market Regional Insights

The regional trends and factors influencing the Outdoor Lighting Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Outdoor Lighting Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Outdoor Lighting Market Report Scope

Outdoor Lighting Market Players Density: Understanding Its Impact on Business Dynamics

The Outdoor Lighting Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Outdoor Lighting Market are:

1. Cree, Inc.
2. Eaton Corporation
3. General Electric Company
4. Hubbell Incorporated
5. Kichler Lighting LLC
6. Legrand

Disclaimer: The companies listed above are not ranked in any particular order.

Outdoor Lighting Market News and Recent Developments

The Outdoor Lighting Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Outdoor Lighting Market are listed below:

• Signify, the world leader in lighting offers new energy-efficient Philips LED outdoor lights designed to perform in changing weather conditions while addressing the need to reduce energy consumption. The new spotlights, wall lights, pedestals, and spots for gardens and other outdoor spaces can withstand high temperatures and sun exposure, as well as heavy rain. The lasting quality and brightness allow you to enjoy the outdoors year-round, while the LED lights and built-in UltraEfficient solar technologies help reduce energy consumption and cost of living. (Source: Signify, Company Website, June 2023)
• LIFX, the renowned smart lighting company recently acquired by Feit Electric, announced its latest innovation in smart polychromatic lighting technology with the launch of its first-ever dedicated outdoor lighting range. The new outdoor lighting products include the LIFX Smart String Light, the LIFX Smart Round Path Light, the LIFX Smart Square Path Light, the LIFX Smart Neon Flex Light, and the LIFX Smart Spot Light, which are set to transform outdoor spaces with versatility, energy efficiency and improve brightness levels. (Source: LIFX, Newsletter, February 2024).

Outdoor Lighting Market Report Coverage and Deliverables

The “Outdoor Lighting Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Outdoor Lighting Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope.
• Outdoor Lighting Market trends as well as market dynamics such as drivers, restraints, and key opportunities.
• Detailed PEST/Porter’s Five Forces and SWOT analysis.
• Outdoor Lighting Market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Outdoor Lighting Market.
• Detailed company profiles.