Asia-Pacific Outdoor Lighting Market by Lighting Type (HID Lamps, LED Lights, Fluorescent Lights, Plasma Lamps), by Component (Fixture, Control), by Application (Street Lighting, Highways, Parking Lots, Stadiums, Tunnel Lights), by Distribution Channel (Commercial, Retail), by Country (China, India, Japan, Australia, South Korea) – Market Size, Share, Development, Growth, and Demand Forecast, 2014–2024
NEW YORK, April 04, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, Asia-Pacific outdoor lighting market is expected to reach $10.6 billion by 2024, growing at a CAGR of 11.1% during the forecast period. The development of smart LED-based outdoor lighting systems and rising various government initiatives are driving the demand for outdoor lights in the APAC region.
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Based on lighting type, the Asia-Pacific outdoor lighting market is categorized into high intensity discharge (HID) lamps, light emitting diode (LED) lights, fluorescent lights, and plasma lamps. Out of these, LED lights category is expected to register the fastest growth, during the forecast period, owing to the growing demand for LED-based outdoor lighting products from several application areas mainly stadiums, highways, and tunnel lights in the region. Moreover, countries such as China, India, South Korea, are increasingly implementing LED subsidies to switch the usage of incandescent light bulbs to LED light bulbs.
Based on distribution channel, the Asia-Pacific outdoor lighting market is bifurcated into commercial and retail; of which, commercial channel is estimated to hold larger revenue share in 2018. This is attributed to growing demand for LED-based street lights in commercial application areas such as highways, airports, parking lots, jogging tracks, streets, and bridges. End users of outdoor lighting products such as government organizations, private builders, and contractors prefer to purchase outdoor lights directly from the manufacturing companies for their projects.
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With emerging intelligent lighting technologies, smart lighting solutions, and rapid advancements in outdoor lighting systems; the outdoor lighting market in India is projected to record the fastest CAGR, during the forecast period. The cost effectiveness and eco-friendliness of LED lights and development of smart cities are driving the market in the country. The growth of the market in India is also bolstering due to rise in number of LED light projects in metropolitan areas, including Maharashtra, Delhi, and West Bengal.
Various initiatives taken by governments of APAC countries to promote energy efficiency and energy conservation are supporting the growth of the Asia-Pacific outdoor lighting market. There are several energy efficiency projects, which can reduce greenhouse gas emissions and thermal pollution, are on the line in the APAC region. For instance, in 2015, the Government of India launched Street Light National Programme (SLNP) to promote energy efficiency approaches in the country. Through the project, the government is aiming to replace 35 million conventional lights with energy efficient LED lights.
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The Asia-Pacific outdoor lighting market is consolidated with top three players, including Signify N.V., Acuity Brands Inc., and Osram Licht AG. The major players are investing huge capital to bring advanced technology with improved lumens per watt along with high energy efficiency in a cost-effective manner.
Some of the key players operating in the Asia-Pacific outdoor lighting market include Cree Inc., Zumtobel Group AG, Osram Licht AG, Acuity Brands Inc., Eaton Corporation plc, Syska LED Lights Pvt. Ltd., Virtual Extension, Dialight plc, General Electric Company, Signify N.V., and Hubbell Incorporated.
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