The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The outdoor lighting market has witnessed robust expansion in recent years, driven by factors like technological innovation, environmental consciousness, and safety demands. From smart solutions to energy-efficient LEDs, the market is evolving to meet diverse needs and preferences.

Current Market Landscape and Projections

• In 2023, the market size was $13.46 billion, expected to reach $14.56 billion in 2024 at a CAGR of 8.2%.
• Projections anticipate further growth to $19.76 billion by 2028, with a CAGR of 7.9%.
• Factors fueling this growth include LED penetration, demand for customization, and emphasis on sustainability.

Driving Forces: Energy-Efficient Lighting

• Adoption of energy-efficient lighting systems, such as LEDs, is a primary driver.
• Initiatives like tax deductions for energy-efficient options propel market growth.
• Companies like Syska LED Lights and Acuity Brands lead the way in energy-efficient solutions.

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Innovative Advancements: Roadway Luminaires

• Major players are introducing innovative products like roadway luminaires to cater to diverse customer needs.
• Evluma’s RoadMax series offers versatility and exceptional performance for roadway illumination.
• Such advancements enhance safety, aesthetics, and efficiency in outdoor lighting.

Strategic Acquisitions and Collaborations

• SMART Global Holdings Inc.’s acquisition of Cree Inc.’s LED product unit strengthens its outdoor lighting portfolio.
• Collaboration between industry leaders fosters innovation and expands market reach.
• These strategic moves position companies for greater competitiveness and market share.

Market Segmentation

1. By Type: LED Lights, HID Lamps, Fluorescent Lights, Plasma Lamps
2. By Component: Fixture, Control
3. By Application: Street Lighting, Tunnel Lights, Highways, etc.
4. By Distribution Channel: Offline, Online

Regional Insights

• North America leads the market, driven by technological advancements and infrastructure development.
• Asia-Pacific emerges as the fastest-growing region, propelled by urbanization and increasing safety concerns.
• These regional dynamics reflect shifting trends and opportunities in the outdoor lighting market.

Conclusion: Lighting the Path Ahead

The outdoor lighting market’s trajectory is illuminated by innovation, sustainability, and safety. As demand for energy-efficient and smart lighting solutions rises, companies are poised to capitalize on opportunities for growth and expansion. Collaborations, strategic acquisitions, and technological advancements will continue to shape the market, ensuring a brighter and more efficient future for outdoor illumination worldwide.

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The Outdoor Lighting Global Market Report 2024  provides comprehensive insights on the outdoor lighting market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the outdoor lighting market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –

Smart Lighting Global Market Report 2024

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