Outdoor Lighting Market To Generate Revenue Worth $20,269.7 Million in 2030

The proliferating adoption of energy-efficient lighting solutions, rising government initiatives toward energy efficiency, and increasing infrastructural development are the major factors driving the growth of the global outdoor lighting market. As a result of these factors, the industry is projected to generate $20,269.7 million revenue in 2030, advancing at a CAGR of 7.0% during the forecast period (2020–2030).

The spread of the COVID-19 outbreak significantly affected the sales of outdoor lighting systems, including energy-efficient light-emitting diodes (LEDs), fluorescent lights, and other lamps, which, in turn, restricted the outdoor lighting market growth. Further, the delays caused in the construction of roadways, parks, tunnels, new stadiums, and other projects dwindled the adoption of lighting systems.

LED Lights Dominated the Market

The outdoor lighting market is categorized into high-intensity discharge (HID) lamps, LED lights, fluorescent lights, and plasma lamps, on the basis of lighting type. Among these, LED lights accounted for the largest market share in 2020, owing to the increase in adoption of LEDs for streets, highways, tunnels, and as an integral part of smart city projects, globally.

Furthermore, the outdoor lighting market is categorized into fixture and control, on the basis of component. Out of these, the control category is expected to grow at a higher rate during the forecast period. This can be attributed to the rapid development and advancements in lighting controls. Moreover, the increase in demand for daylight sensors in street lights, growth in camera-based lighting control technology, and development of hybrid lighting control systems are projected to drive the market in this category in the coming years.

Geographically, Asia-Pacific (APAC) accounted for the largest share in the outdoor lighting market in 2020. This is mainly ascribed to the increasing number of smart city projects and growing government initiatives for the replacement of street halogen lights with LED lights in the region.

Mergers and Acquisitions and Geographical Expansions Are Most-Effective Strategic Measures Taken by Market Players

The global outdoor lighting industry is fragmented in nature with the presence of several major players, who are strongly focusing on expanding their operations and mergers and acquisitions. For instance, in March 2020, Signify N.V. entered into a definitive agreement to acquire Cooper Lighting Solutions from Eaton Corporation plc at a deal value of $1.4 billion (EUR 1,270.0 million) in cash. With this acquisition, the company aimed to strengthen its position in the North American market, with increased innovation power and more competitive offerings.

Similarly, in November 2020, Signify N.V. installed Philips 31 UV-C disinfection upper air luminaires to cover 1,315.70 m² large branch of EDEKA ZENTRALE Stiftung & Co. KG in Hamburg, one-fourth the size of a football field.

Some of the major players operating in the outdoor lighting market are Signify N.V., General Electric Company, OSRAM Licht AG, Zumtobel Group AG, Hubbell Incorporated, SMART Global Holdings Inc., Samsung Electronics Co. Ltd., Acuity Brands Inc., Syska Led Lights Private Limited, Virtual Extension, Dialight Plc, Stanley Electric Co. Ltd., Endo Lighting Corporation, Iwasaki Electric Co. Ltd., and Havells India Limited.