Outdoor LED Lighting Global Market Report 2024

The global outdoor led lighting market has grown rapidly in recent years. It will grow from $26.58 billion in 2023 to $31 billion in 2024 at a compound annual growth rate (CAGR) of 16.6%. During the historic period, growth primarily stemmed from factors like heightened energy efficiency and environmental consciousness, government-driven initiatives and regulations, the rapid pace of urbanization and infrastructure expansion, cost-saving measures, as well as increased consumer awareness and preferences.

The global outdoor led lighting market is expected to see rapid growth in the next few years. It will grow to $56.48 billion in 2028 at a compound annual growth rate (CAGR) of 16.2%. In the forecast period, growth is anticipated to be fueled by the integration of smart lighting systems, alignment with sustainable development goals, the surge in urbanization, and the implementation of smart city initiatives. Additionally, there will be a heightened focus on safety and security, along with the integration of renewable energy sources. Key trends expected during this phase encompass the integration of smart technologies into lighting solutions, a strong emphasis on energy efficiency and sustainability, a notable increase in the adoption of solar-powered LED lighting, the incorporation of advanced controls and sensors, as well as a growing trend towards customization and personalization within the industry.

The upward trajectory of construction and infrastructure initiatives is set to propel the market for outdoor LED lighting. Infrastructure, encompassing crucial systems like transportation and utilities, forms the bedrock of a nation's economic advancement. LED lighting serves as a safety measure at construction sites, enhancing visibility and mitigating potential hazards. Projections indicate robust growth in Canada's construction industry, aiming for a valuation of $354.9 billion USD by 2024, as per insights from Rethinking The Future. Additionally, a report by Oxford Economics highlights a 42% projected increase in global construction output, from $10.7 trillion in 2020 to $15.2 trillion USD between 2020 and 2030, fueling the demand for outdoor LED lighting.

The escalating number of smart city initiatives is anticipated to drive the expansion of the outdoor LED lighting market. Smart cities leverage digital solutions to optimize functionality and resource utilization. In such urban contexts, outdoor LED lighting plays a crucial role in bolstering energy efficiency and safety through adaptive systems and real-time monitoring, facilitating sustainable urban development. Notably, the IMD Smart City Index Report identifies a rise in smart city numbers from 118 in 2021 to 141 in 2023, underscoring the pivotal role of these projects in propelling the growth of the outdoor LED lighting market.

Within the outdoor LED lighting market, product innovation emerges as a significant trend. Leading industry players are strategically adopting wireless lighting control solutions for outdoor LED lighting. An example of this innovation is Evluma's RoadMax, launched in March 2022. This highway lighting device stands out with its unique optical design, offering a distinctive blend of roadway performance and glare mitigation. Featuring additional elements like light trespass shields, field-adjustable wattage selection (FAO), and various photocontrol socket options, RoadMax also integrates Evluma's patented Photocontrol Failsafe technology, addressing photocontrol failures in street and area lights while offering customizable functionalities.

Prominent entities in the outdoor LED lighting market are intensifying efforts towards introducing energy-efficient outdoor lighting solutions, positioning themselves competitively. These solutions, exemplified by Govee's October 2022 launch of permanent outdoor lights, leverage LED technology for substantial energy savings compared to traditional lighting sources. Govee's offering boasts 75 customizable lighting modes integrated with RGBIC technology, offering durability and adaptability. These lights, designed to withstand temperature fluctuations from -4°F to 140°F using anti-UV materials, stand as FTC-certified products with a lifespan of 50,000 hours, ensuring an annual energy cost as low as $8 when utilized for three hours daily.

In May 2022, Signify N.V., a Dutch lighting company, acquired Fluence Inc. The undisclosed acquisition further bolsters Signify's global agriculture lighting development platform and extends its footprint within the lucrative North American horticulture lighting sector. Fluence Inc., based in the US, specializes in manufacturing energy-efficient LED lighting systems tailored for commercial crop cultivation and research applications.

Major companies operating in the outdoor led lighting market report are CREE Inc., Dialight PLC, General Electric Co. Ltd., Osram Licht AG, Signify N.V., Syska Led Lights Pvt. Ltd., Zumtobel Group AG, Acuity Brands Lighting Inc., Panasonic Corporation, Hubbell Inc., Vurtual Extension Ltd., Eaton Corporation, Philips Lighting Holding B.V, Wipro Lighting Ltd., Opple Lighting Co. Ltd., Bajaj Electricals Limited, Cooper Lighting Solutions, Havells India Limited, LED Roadway Lighting Ltd., LG Innotek Co. Ltd., LIGMAN Lighting Co. Ltd., Lumileds Holding B.V., MLS Co. Ltd., Nichia Corporation, Samsung Electronics Co. Ltd., Schréder Group, Seoul Semiconductor Co. Ltd., Soraa, Amerlux, L.D. Kichler Co. Inc.

Asia-Pacific was the largest region in the outdoor LED lighting market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the outdoor led lighting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the outdoor led lighting market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories within outdoor LED lighting encompass hardware, software, and associated services. Hardware denotes tangible components or methods for delivering and executing software instructions. Communication aspects are divided into wired and wireless segments. These lighting solutions are deployable in new setups or as retrofits, accessible through retail, wholesale, direct sales, and e-commerce platforms. The utilization of outdoor LED lighting spans across diverse domains including street and road lighting, architectural enhancement in urban landscapes, illuminating sports arenas and expansive areas, tunnel lighting, and numerous other applications.

This report provides outdoor LED lighting market statistics, including outdoor LED lighting industry global market size, regional shares, competitors with a outdoor LED lighting market share, detailed outdoor LED lighting market segments, market trends and opportunities, and any further data you may need to thrive in the outdoor LED lighting industry. This outdoor LED lighting market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The outdoor led lighting market consists of revenues earned by pre-installation and post-installation services. The market value includes the value of related goods sold by the service provider or included within the service offering. The outdoor led lighting market also includes sales of lamps, luminaires and control systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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