The global outdoor lighting market was valued at USD 11.3 billion by 2020 and is anticipated to grow at a CAGR of 7.6% during the forecast period 2021-2027. The mounting demand for energy-efficient solutions, initiatives by the government towards energy-efficiency devices, advancement of wireless technologies for outdoor lighting systems, advancement in IoT for smart lighting and smart city projects, increase in disposable income, and growing infrastructure development are the primary drivers for the growth of the outdoor lighting market. Nevertheless, outdoor lighting is used in various applications such as highways, streets, stadiums, signage, and gas stations.

The COVID-19 pandemic has had an adverse impact on the outdoor lighting market globally owing to decreasing investment by the government in new infrastructure development projects and disruption in the supply chain.

Request to get a free sample copy at https://www.vynzresearch.com/semiconductor-electronics/outdoor-lighting-market/request-sample

The global outdoor lighting market on the basis of lighting type is categorized into light-emitting diode (LED) lamps, plasma lamps, high-intensity discharge (HID) lamps, and fluorescent light. Among these lighting types, LED lights are anticipated to witness the largest market share during the forecast period 2021-2027 owing to the rising consumer awareness about energy-efficient and sustainable lighting solutions, increased reliability, and the long life span of LED lights.

Asia-Pacific is anticipated to be the fastest-growing region In the global outdoor lighting market owing to the presence of industry players i.e. manufacturers and distributors of LED lighting products, initiatives by the government to deploy smart lighting products in infrastructure development projects, stringent regulations for energy-efficient devices, specifically in countries such as China, India, Japan, Australia, South Korea, etc. will lead to the growth of LED outdoor lighting market in the region.

Key players operating in the outdoor lighting industry: Philips Lighting Holdings, General Energy Connections, Osram Licht, Hubbell Incorporated, Cree Inc, Eaton Corporation, Syska LED, Virtual Extension, Dialight Plc, and Zumtobel Group AG.

Source: VynZ Research