DUBLIN — The “Outdoor LED Lighting Market by Installation (New, Retrofit), Offering, Sales Channel, Communication, Wattage (Below 50W, 50-150W, Above 150W), Application (Streets and Roads, Architecture, Sports, Tunnels) and Geography – Global Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.
The outdoor LED lighting market size is estimated to be USD 25.7 billion in 2022 and is projected to reach USD 51.5 billion by 2027, at a CAGR of 14.9% during the forecast period.
New installation type to register the largest market share in the forecast period
With the ongoing developments across the globe, the increasing technological investments towards infrastructure will evidently tend to the new installations in the outdoor LED lighting market. Increased infrastructure and construction projects for various applications, like highways, stadiums, tunnels, etc., will require new installations for new projects.
Hence, the new installations segment will hold a larger market share throughout the forecast period.
The streets and roads application segment is likely to dominate the outdoor LED lighting market from 2022 to 2027
According to market estimates, the streets and roads segment is expected to account for the largest market share throughout the forecast period due to rapid urbanization and government efforts to reduce energy consumption by adopting LED lighting solutions. Streets and roadways are continuously illuminated; hence, there is a high requirement for energy.
Therefore, switching to LED lighting is a better choice. Streets and roadways are expected to provide lucrative opportunities to outdoor LED lighting market players.
Europe is projected to account for the second-largest market share in the outdoor LED lighting market
The outdoor LED lighting market in Europe considers Germany, France, Italy, UK, and Rest of Europe for the study. These countries are expected to drive the LED lighting market growth in Europe in the future. The LED lighting market in Europe is highly fragmented, with the presence of several large and medium-sized companies offering products for various applications considered in this study.
Germany has more than 50 medium-sized companies that manufacture LED lighting products. The sustainable policies of the government in this region drive the demand for the outdoor LED lighting market. Two recent policy measures – updated Ecodesign regulations and RoHS Directive regulations governing hazardous substances in electrical equipment – will shift the EU market away from conventional mercury-containing fluorescent lighting to advanced LED lighting technology.
Tagged with outdoor lighting