Outdoor Lighting Market Revenue Worth $20,269.7 Million by 2030, says P&S Intelligence

Outdoor Lighting Market Revenue Worth $20,269.7 Million by 2030, says P&S Intelligence

PR Newswire

NEW YORK, Jan. 4, 2022

NEW YORK, Jan. 4, 2022 /PRNewswire/ -- The outdoor lighting market value is set to increase from $10,352.1 million in 2020 to $20,269.7 million by 2030, at a 7.0% CAGR between 2020 and 2030, according to the market research report published by P&S Intelligence. The key driver for the market is the growing scale of infrastructure development around the world. With the booming population, the construction of roads and highways, commercial complexes, and residential units is rising. Since all these places have open spaces that need to be well lit, the demand for outdoor lights is soaring.

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During the COVID-19 pandemic, the global construction industry took a major hit due to the shutdown of project sites and migration of laborers to their hometowns. Therefore, the installation of lights in outdoor spaces reduced, with the situation made worse by the low supply of electrical and electronic components and raw materials to light manufacturers from China. Further, the reduced income discouraged residents, corporate houses, and industrialists to replace or renew their outdoor lighting systems.

Get the sample copy this report: https://www.psmarketresearch.com/market-analysis/outdoor-lighting-market/report-sample

Key Findings of Outdoor Lighting Market Report

Browse detailed report on Outdoor Lighting Market Share, Future Demand, Top Leading Player, and Emerging Trends By 2030

Although the sale of fixtures will keep being higher, that of controls will pick up faster in the coming years. This is attributed to the rising uptake of smart lights that are controllable via smartphone applications. Moreover, controls are an important component of streetlights with daylight sensors, camera-integrated lights, and hybrid lights.

The most-prominent enterprises in the outdoor lighting market are Signify N.V., OSRAM Licht AG, General Electric Company, Zumtobel Group AG, SMART Global Holdings Inc., Hubbell Incorporated, Acuity Brands Inc., Stanley Electric Co. Ltd., Dialight Plc, and Iwasaki Electric Co. Ltd. They are merging with and acquiring similar companies to consolidate the competition.

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LED Lighting Market - The global LED lighting market revenue stood at $55,201.9 million in 2020, and it will surge to $152,442.3 million by 2030, exhibiting a CAGR of 10.7% from 2020 to 2030, as per the estimates of P&S Intelligence, a market research company based in India. The market is being driven by the surging use of energy-efficient lighting solutions, falling costs of LED lights, and soaring infrastructure development activities across the world.

Ambient Lighting Market - According to P&S Intelligence, the Asia-Pacific ambient lighting market generated the highest revenue in 2019, and it will continue this trend in the forecast years as well. The dominance of this region can be credited to the booming population, mounting disposable income, and prospering information technology (IT) industry in India and members of the Association of Southeast Asian Nations (ASEAN).

About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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