NEW YORK, May 28, 2018 (GLOBE NEWSWIRE) -- According to the new research report published by P&S Market Research, Outdoor lighting market is expected to reach $14.2 billion by 2023. Growing adoption of energy-saving and economical lighting solutions and increasing government initiatives toward energy conservation are the major factors contributing to the growth of the market.
Based on lighting type, the outdoor lighting market has been classified into high-intensity discharge (HID) lamps, light-emitting diode (LED) lights, fluorescent lights, and plasma lamps. HID lamps dominated the market in 2017, accounting for more than 58% revenue share. During the forecast period, the market is expected to witness the highest growth in the category of LED lights, on account of increasing government initiatives such as subsidies on LEDs and development of smart cities in countries like India, China, Germany, and the U.S.
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The outdoor lighting market has also been classified into fixture and control outdoor lighting technologies. The fixture technology accounted for more than 62% revenue share in the market in 2017. During the forecast period, the control technology is expected to witness higher growth in the market, on account of the increasing number of construction projects related to the development of highways, stadiums, and smart cities, across the world.
On the basis of application, the outdoor lighting market has been categorized into streets, highways, parking lots, stadiums, tunnels, and others, where “others” include gardens, parks, business parks, and farms. Among these, streets were the largest application area of outdoor lights and accounted for nearly 22% revenue share in the market in 2017. During the forecast period, they are also expected to be the fastest-growing category in the market, owing to the increasing government initiatives toward energy conservation such as implementation of energy conservation building codes for commercial structures and development of smart cities.
Based on distribution channel, the outdoor lighting market has been classified into commercial and retail channels. In 2017, the market revenue from commercial channels was higher as compared to that from retail channels, as outdoor lights were majorly sold in bulk, based on their utility, by companies or specialist distributors.
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During the forecast period, the outdoor lighting market is expected to witness the fastest growth in APAC on account of the development of smart cities, which will lead to the high adoption of smart lighting solutions. In addition, governments in the region are taking initiatives to replace incandescent lamps with energy-efficient LED lights and reduce the cost of LED lights, which, in turn, are expected to back the growth of the market in the region.
Major players in the outdoor lighting market are focusing on improving the efficiency of smart LED lighting solutions to meet the growing demand for energy-efficient and economical outdoor lighting solutions.
Some of the key players operating in the market are General Electric, Osram Light AG, Hubbell Incorporated, Cree Inc., Eaton Corporation plc, Philips Lighting Holding B.V., Syska LED, Virtual Extension, Dialight plc, and Zumtobel Group AG.
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