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. 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.
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.
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 energyefficient 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).
Middle East and Africa is likely to be the second fastest growing region after Asia Pacific in the global outdoor LED lighting market.
The outdoor LED lighting market in Rest of the World (RoW) has been studied for Middle East and Africa. The outdoor LED lighting market in Rest of the World is growing slowly compared to other regions; however, emerging economies such as South Africa and the GCC countries in the Middle East are expected to contribute to the market growth in the coming years. Ongoing urbanization in Africa is expected to boost the outdoor LED lighting market growth significantly in the coming years.
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).
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