The conventional forms of outdoor lighting are being replaced by energy-efficient products such as LED (light-emitting diode) lights and solar-powered lights. Both these products have become popular because of the increasing awareness about climate change, rising demand for energy-efficient light sources, low operational and maintenance costs, stringent government norms for developing sustainable infrastructure.
Additionally, LEDs have a longer life span and higher reliability than the halogen and HID (high-intensity discharge) lights. Solar lights, on the other hand, is more viable for remote areas as it is independent of the utility grid. These energy-efficient lights are being widely used in street lights by governments worldwide.
Governments are deploying LED lights in large numbers to curtail thermal pollution and carbon emissions. Furthermore, LEDs require lesser light fixtures, produce zero toxic elements, and offer 805 greater energy efficiency than fluorescent and incandescent lights. Owing to these reasons, P&S Intelligence predicts that the outdoor lighting market will increase its revenue share from $10.7 billion in 2019 to $23.8 billion by 2030, advancing at a CAGR of 7.3% during 2020–2030.
Smart outdoor lighting has become an imperative part of infrastructure development. Owing to the surge in electricity costs and electricity consumption, smart lighting systems are being installed on outdoor parking lots, roads and highways, commercial sites, sports parks, public areas and city parks, and colleges and university campuses. Consumers are preferably opting for smart lights because of the advantages like low operational and maintenance costs, energy efficiency, and real-time monitoring and analytics.
This market research report provides a comprehensive overview of the outdoor lighting market
- Future potential of the market through its forecast for the period 2020– 2030
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings