The increasing urbanization in various countries is fueling the rapid construction of roads and highways across the world. To make road traffic more efficient and smoother, the governments of several countries are implementing policies aimed at improving and upgrading the road transportation infrastructure. For example, according to the Chinese Ministry of Transport, the total spending on the transport infrastructure of the country was around $328 billion from January to September 2019.
As the rapid construction of roads and highways is propelling the demand for outdoor lighting systems, the increasing urbanization in various countries is one of the key factors driving the expansion of the global outdoor lighting market. Because of this factor, the value of the market will rise from $10.7 billion in 2019 to $23.8 billion by 2030, while the market will exhibit a CAGR of 7.3% from 2020 to 2030. Moreover, the surging sales of automobiles, especially in the developing nations, are massively boosting the requirement for proper road transport infrastructure, thereby fueling its development.
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The ongoing COVID-19 pandemic has not only halted such infrastructural development projects, but has also negatively affected the supply of various electronic components and parts of lights from original equipment manufacturers (OEMs), especially those based in China. Additionally, the implementation of strict lockdown measures by the governments of several countries has disrupted the logistics and supply chain and has also massively affected the travel and hospitality industry, thereby reducing the worldwide demand for outdoor lighting systems.
The light-emitting diode (LED) lights category, under the lighting type segmentation of the market, is predicted to register the highest growth in the future years. This is credited to the mushrooming installation of LEDs at stadia, streets, parking lots, and numerous other outdoor settings in many countries, on account of the increasing enactment of several energy-efficiency measures aimed at reducing the emission of greenhouse gases (GHG) and the electricity costs. For example, Philadelphia announced in 2019 that it aims to replace as many as 100,000 streetlights with LED-based lighting systems in the future years. This will allow the city to reduce its yearly electricity expenditure of $15 million on streetlights.
Under the component segmentation, the control category is predicted to demonstrate faster growth in the market in the future years. This will be because of the growing requirement for daylight sensors in streetlights and the burgeoning demand for camera-based lighting control and hybrid lighting control systems.
Browse detailed report with COVID-19 impact analysis on Outdoor Lighting Market Research Report: By Lighting Type (HID Lights, LED Lights, Fluorescent Lights, Plasma Lights), Component (Fixture, Control), Application (Streets, Highways, Parking Lots, Stadiums, Tunnels), Distribution Channel (Direct Sale, Retail)- Industry Trends and Demand Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/outdoor-lighting-market
Highways were the largest application area of outdoor lighting systems between 2014 and 2019, on account of the launch of several extensive highway renovation and construction projects during that time period. For example, in 2019, the Jilin Provincial Department of Transportation in China linked Liaoyuan and Dongliao, Ji’an and Tonghua, Yushu and Songyuan, and Jilin and Changchun Longjia International Airport via four separate highways.
The outdoor lighting market is currently registering the highest growth in the Asia-Pacific (APAC) region, on account of the fact that the region is the world’s largest distributor, exporter, and manufacturer of energy-efficient lighting systems. In addition to this, in various regional countries, many initiatives are being launched for replacing the traditionally used lights with LEDs. For example, under the Street Light National Programme (SLNP) implemented in 2015, the Indian Government aims to deploy 35 million LEDs in place of the conventionally used streetlights.
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The major global outdoor lighting market players are Signify N.V., Acuity Brands Inc., General Electric Company, OSRAM Licht AG, Cree Inc., Hubbell Incorporated, Samsung Electronics Co. Ltd., Zumtobel Group AG, Syska LED, Virtual Extension, Dialight Plc, and Eaton Corporation plc.