Outdoor lighting industry is projected to witness a CAGR of 5.1% during the period 2024-2032. This growth can be attributed to urban beautification and aesthetics.
Selbyville, Delaware, July 03, 2024 (GLOBE NEWSWIRE) —
Outdoor Lighting Market Size is projected to be worth USD 58.6 billion in revenue by the end of 2032. Outdoor lighting is playing a key role in enhancing urban landscapes and infrastructure.
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As construction activities are increasing globally, the demand for effective lighting solutions is rising. Companies are actively developing advanced lighting technologies in response to expanding urbanization and smart city initiatives. Furthermore, multiple construction projects are witnessing the incorporation of more innovative outdoor lighting to improve safety, energy efficiency, and aesthetic appeal. For instance, in March 2024, Lumary introduced three groundbreaking products, the Smart RGBAI Pathway Lights Pro, the Smart LED Deck Lights, and the Smart LED RGBAI Outdoor Spotlight Landscape Lights to revolutionize outdoor lighting. This strong need to enhance safety and aesthetics in new projects will favor the market development.
Growing demand for halogen outdoor lighting
The halogen segment in the outdoor lighting market is projected to expand at a significant growth rate between 2024 and 2032. This expansion is due to the rising adoption of halogen for enhancing public spaces with its bright and focused illumination. With its ability to produce warm, natural light, halogen is valued in both residential and commercial applications. Cities are further installing these lights in parks, streets, and public areas for improved visibility and safety. Moreover, advancements in halogen technology will continuously increase its efficiency and lifespan for making it a sustainable option for outdoor lighting.
Rising preference for high lumen output
Outdoor lighting market from the high lumen output segment is expected to experience significant gains at a substantial CAGR through 2032. In outdoor lighting, high lumen output helps illuminate expansive areas and will continue to enhance visibility in the future. High lumen fixtures are used for brightening landscapes for ensuring safety and enabling activities during nighttime. Rapid innovations are also promising brighter and more energy-efficient solutions. These advancements will transform outdoor lighting to make it more sustainable and effective in various environments.
North America to emerge as a lucrative revenue destination
North America outdoor lighting market is expected to experience robust growth between 2024 and 2032 due to the increasing number of product launches across the region. Companies are introducing innovative designs and technologies to cater to the growing demands. For instance, in August 2023, ETi Solid State Lighting Inc., a key player in North America’s LED industry, launched a new collection of outdoor LED lighting for improving safety and functionality. Rising government initiatives aimed at energy efficiency and sustainability will also boost the regional industry progression.
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Outdoor Lighting Market Participants
Some of the top firms engaged in the outdoor lighting industry include Acuity Brands, Inc., Cooper, Lighting Solutions, Cree, Inc., Eaton Corporation, General Electric Company, Hinkley Lighting, Hubbell Incorporated, Kichler Lighting LLC, LEDVANCE GmbH, Lithonia Lighting, Lutron Electronics Co., Inc., Osram Licht AG, Signify, Thorn Lighting, Zumtobel Group.
These players are driving innovations through continuous technological advancements in lighting solutions and are focusing on partnership ventures to widen their global presence. For instance, in February 2024, Siemens, Enlighted, and Zumtobel Group collaborated to advance smart building solutions and integrated Enlighted’s smart sensor technology into the latter’s premium outdoor lighting products for enhancing IoT capabilities for efficient and adaptable outdoor lighting solutions.
Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Industry 3600 synopsis, 2021-2032
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.1.1 Factor affecting the value chain
3.1.2 Profit margin analysis
3.1.3 Disruptions
3.1.4 Future outlook
3.1.5 Manufacturers
3.1.6 Distributors
3.2 Supplier landscape
3.3 Profit margin analysis
3.4 Ingredient analysis
3.5 Key news & initiatives
3.6 Regulatory landscape
3.7 Impact forces
3.7.1 Growth drivers
3.7.1.1 Rapid urbanization
3.7.1.2 Urban beautification and aesthetics
3.7.1.3 Safety and security concerns
3.7.1.4 Increasing home beautification trends
3.7.2 Industry pitfalls & challenges
3.7.2.1 High initial costs
3.7.2.2 Complex regulations
3.8 Growth potential analysis
3.9 Consumer buying behavior
3.9.1 Demographic trends
3.9.2 Factors affecting buying decision
3.9.3 Consumer product adoption
3.9.4 Preferred distribution channel
3.10 Porter’s analysis
3.10.1 Supplier power
3.10.2 Buyer power
3.10.3 Threat of new entrants
3.10.4 Threat of substitutes
3.10.5 Industry rivalry
3.10.6 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix
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