Outdoor LED Lighting Market Worth $51.5 billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, Nov. 7, 2022 /PRNewswire/ --  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 according to a new report by MarketsandMarkets™. Some of the key factors propelling the market growth include increasing utilization of smart lighting systems in several outdoor applications such as streets and roads, architecture, sports, and tunnels; surging adoption of LED bulbs and luminaires to achieve the goal of net-zero emissions by 2050, rising demand for LED lighting systems and ongoing release of new innovative LED products due to constant technological advances.

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Software offering in the outdoor LED lighting market is expected to witness the fastest growth rate during the forecast period.

The software segment is likely to witness the highest growth rate between 2022 and 2027 due to the increasing deployment of connected lighting systems in various outdoor applications, such as road and street lighting and sports and large areas. The software segment includes various firmware installed per fixture or a series of fixtures and mobile applications for various applications of outdoor LED lighting. The feature of any lighting system software is its ability to control the light. The functions of smart lighting software include daylight savings, real-time monitoring and alarming of the street and other outdoor lights, dimming control, energy savings, intelligent dispatching, intuitive programming, scheduling of lighting functions, and analytics and reporting.

The streets and roads segment is likely to hold a larger market share between 2022 and 2027 in the overall outdoor LED lighting market

The market for streets and roads segment is expected to hold a larger market share in the forecast period due to the increasing installation of energy-efficient lighting systems in outdoor projects, including street and road lighting on roads, highways, etc. Roadways or highway projects are mostly government funded; hence, the emphasis is on saving energy and costs. As several types of roads, such as streets, main roads, and highways, need different control strategies, many projects need multiple solutions to take full advantage of energy savings. Scheduling, occupancy, and daylight harvesting are the most prominent light control strategies used in these application areas. LED street lighting is a cost-effective and sustainable choice for city roads today.

The direct sales channel segment is expected to contribute a significant market share in the overall outdoor LED lighting market by 2027.

Sales of outdoor lighting fixtures through direct channels (Energy Service Companies (ESCOs), municipalities, and direct-contract deals) accounted for a significant market share in 2021. A similar trend is expected to continue by 2027. Most outdoor commercial lighting projects and infrastructure project development contractors prefer direct sales or contract-based channels to meet the lighting requirements of their customers. The direct sales channel has several benefits as it eliminates third-party interference, thereby reducing procurement costs. Sales of outdoor lighting fixtures through direct channels are estimated to gain significant market share by 2027.

The retrofit segment is projected to grow at a faster rate from 2022 to 2027 due to the rapid replacement of the existing conventional lighting fixtures with energy-efficient LED lighting systems

The outdoor LED retrofit market is projected to grow faster as traditional lighting systems are being widely replaced with energy-efficient LED lighting solutions across several outdoor applications, such as public places, sports complexes, streets and roads, architectural buildings, and large public areas. The retrofit installation refers to replacing the existing lighting fixtures comprising traditional light sources with LED lamps and nonintegrated luminaires and controls (such as LED drivers). LED provides significant energy saving, fast illumination, and a high degree of working life, which can be more than 25 times longer than incandescent lamps. Retrofit LED plug-and-play options offer the easiest way to switch to LED technology by allowing customers to place the plug-in LED options into existing fixtures. Therefore, the retrofit outdoor LED market is expected to grow at a higher CAGR from 2022 to 2027.

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Middle East and Africa is likely to be the second fastest growing region after Asia Pacific in the global outdoor LED lighting market.

The outdoor LED lighting market in Rest of the World (RoW) has been studied for Middle East and Africa. The outdoor LED lighting market in Rest of the World is growing slowly compared to other regions; however, emerging economies such as South Africa and the GCC countries in the Middle East are expected to contribute to the market growth in the coming years. Ongoing urbanization in Africa is expected to boost the outdoor LED lighting market growth significantly in the coming years. Saudi Arabia, Israel, UAE, and Qatar are major Middle Eastern countries contributing significantly to the outdoor LED lighting market growth. UAE is a major country in the outdoor LED lighting market. The demand for LED lighting is expected to grow with the implementation of eco-friendly green building regulations and streetlight retrofitting programs by regional governments, which would significantly drive the growth of the outdoor LED lighting market in Middle East and Africa.

A few of the key players in the outdoor LED lighting market are Signify Holding (Netherlands), Acuity Brands Lighting, Inc. (US), Cree Lighting (US), Dialight (UK), and Panasonic Corporation (Japan).

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