A major reason driving the growth of the outdoor lighting industry is the rising adoption of energy-efficient lighting solutions. These days, solar-powered lighting is emerging as a reliable and popular source of street lighting and is extensively being utilized around the world. Strict government regulations for the development of sustainable infrastructure, increasing public and private investments towards electrification of off-grid areas, and surging consumer awareness about climate change are the major factors leading to the rising adoption of solar-lighting systems. These systems further have low operational cost, owing to which, they are ideal for remote locations.
As per a study by PS Intelligence, the outdoor lighting market is predicted to reach a value of $23.8 billion by 2030, rising from $10.7 billion in 2019, advancing at a 7.3% CAGR during the forecast period (2020–2030). The market is witnessing growth due to the rising adoption of energy-efficient lighting solutions, increasing infrastructure development, and surging government initiatives towards attaining energy efficiency. In terms of lighting type, the market is divided into plasma lights, high-intensity discharge (HID) lights, fluorescent lights, and light-emitting diode (LED) lights.
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Geographically, the Asia-Pacific (APAC) region dominated the outdoor lighting market during the historical period and is further expected to advance at the fastest pace during the forecast period. The market in the region is growing particularly due to the presence of key manufacturers, exporters, and distributors of energy-efficient lighting solutions. Furthermore, the rapid urbanization and rising requirement for intelligent solutions that facilitate energy management are resulting in the growth of smart city initiatives. This, in turn, is leading to the expansion of the market in the APAC regions.
This market research report provides a comprehensive overview of the outdoor lighting market
Historical and the present size 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
