The global outdoor LED lighting market would reach US$ 35.58 billion by 2028; growing at a CAGR of 13.2% during the forecast period from 2021- 2028. Light Emitting Diode (LED) is a semiconductor which produces light when current is passed through it. It produces light up to 90% more efficient than actual incandescent bulb. Outdoor LED is termed as light source installed on an outer space to illuminate and enhance the outdoor beauty. Further, outdoor LED can also be used to display or advertise.
Increasing demand of energy-efficient and cost-effective products, increasing awareness for conservation of energy and introduction of lighting technology like LED allows heavy energy conservation and provide much more efficiency are the factors pouring the growth of the outdoor LED lighting market globally.
LED yield greater life span which anticipates to increase their application in both indoor and outdoor environment they are cost-effective compared to incandescent lights, delivering about 50,000 hours illumination with a minor energy consumption. Their lower cost of operation and reduced heat losses also make them a suitable replacement for incandescent lights. High-tech developments shift from conventional to green lighting, enhanced energy efficiency standards and declining prices have also urged product demand. Further, firm regulatory policies for conventional lighting and energy consumption in U.S., China, Europe and Canada projected product demand in the upcoming years.
Lack of awareness among the people concerning installation costs of outdoor LED lights and repayment period along with development of alternate technologies like laser technology restraints the growth of outdoor LED lighting market. In addition, elevated import duties on LED lights are the restraints which is a concern for the global outdoor LED lighting market. Countries like Asia- Pacific is taking initiatives for conserving energy and lowering import tax which will lead to the growth of LED market in the region.
The global outdoor LED lighting market is segmented on the basis of type, installation type, offering, end- user application, wattage type, distribution type and region. By type, it is categorised into surface mounted and individually mounted. Based on offering, it is categorised into hardware, services and software. Installation type is categorised into, new installation or retrofit installation. Further, outdoor LED is categorised based on wattage type into less than 50W, 50 to 150 W and more than 150 W. Distribution channel is bifurcated into retail and direct sale. On the basis of end user, it is categorised into highway & roadways, public places, architecture, street lighting and others. On regional insights it is categorized into North America (US, Canada, Rest of America), Asia Pacific (India, China, Rest of Asia Pacific), Europe (UK, Germany, Russia, Rest of Europe) and Rest of the world (Latin America and Middle East & Africa).
Key players in the global LED Market are Philips Lighting Holding B.V., Syska LED Lights Pvt. Ltd., Endo Lighting Corporation, Stanley Electric Co. Ltd., IWASAKI ELECTRIC CO., LTD., EuroLuce Lighting Australia Pty Ltd., Eaton Corporation Plc, Lightup Design Company Limited, DN LIGHTING CO. LTD., Sichuan Huati Lighting Technology Co. Ltd., Pasolite Electricals Private Limited, Zumtobel Group AG Signify N.V., Havells India Ltd., Osram Light AG, Xiamen Holly Lite Co., Ltd, Wooree Lighting Co. Ltd., Daejin DMP Co. Ltd., Urban Lighting Group Pty Ltd., MOGLILABS Private Limited, and WAC Lighting among others.
Segmentation and Scope of the Global Outdoor LED Lighting Market
Global Outdoor LED lighting market is segmented into type, installation type, offering, end- user application, wattage type, distribution type and region.
By Installation Type
By End- user Application
By Wattage Type
By Distribution Channel
Prominent players in the Global Outdoor LED lighting market includes