MarketsandMarkets Presents Outdoor LED Lighting Market by Installation (New, Retrofit), Offering, Sales Channel, Communication, Wattage (Below 50W, 50-150W, Above 150W), Application (Streets and Roads, Architecture, Sports, Tunnels) and Geography - Global Forecast to 2027 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.
MarketsandMarkets Presents Some of the major factors contributing to the high demand for outdoor LED lighting market include the increasing need for highly energy-efficient lighting systems with low maintenance costs, the increasing number of construction and infrastructure projects, the rising demand for energy-efficient lighting systems, modernization, and development of infrastructure such as smart cities.
These factors lead to the implementation of lighting systems based on IoT, reduction in prices of LEDs, and increasing penetration of LEDs as a light source in outdoor lighting applications such as architecture, highways and roadways, and public places.
MarketsandMarkets Presents Software offering in the outdoor LED lighting market is expected to witness the fastest growth rate during the forecast period. The software segment is likely to witness the highest growth rate between 2022 and 2027 due to the increasing deployment of connected lighting systems in various outdoor applications, such as road and street lighting and sports and large areas. The software segment includes various firmware installed per fixture or a series of fixtures and mobile applications for various applications of outdoor LED lighting. • Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=211822268 The feature of any lighting system software is its ability to control the light. The functions of smart lighting software include daylight savings, real-time monitoring and alarming of the street and other outdoor lights, dimming control, energy savings, intelligent dispatching, intuitive programming, scheduling of lighting functions, and analytics and reporting.
MarketsandMarkets Presents The streets and roads segment is likely to hold a larger market share between 2022 and 2027 in the overall outdoor LED lighting market The market for streets and roads segment is expected to hold a larger market share in the forecast period due to the increasing installation of energy-efficient lighting systems in outdoor projects, including street and road lighting on roads, highways, etc. Roadways or highway projects are mostly government funded; hence, the emphasis is on saving energy and costs
As several types of roads, such as streets, main roads, and highways, need different control strategies, many projects need multiple solutions to take full advantage of energy savings. Scheduling, occupancy, and daylight harvesting are the most prominent light control strategies used in these application areas. LED street lighting is a cost-effective and sustainable choice for city roads today.
MarketsandMarkets Presents 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.
MarketsandMarkets Presents 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).
MarketsandMarkets Presents 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.
MarketsandMarkets Presents 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). Know more @ https://www.marketsandmarkets.com/Market-Reports/outdoor-led-lighting-market-21182226 8.html
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