Market Size of outdoor led lighting Industry
| Icons | Lable | Value |
|---|---|---|
|
Study Period | 2017 - 2030 |
|
Market Size (2024) | USD 10.94 Billion |
|
|
Market Size (2030) | USD 14.44 Billion |
|
Largest Share by Outdoor Lighting | Public Places |
|
|
CAGR (2024 - 2030) | 4.73 % |
|
Largest Share by Region | Asia-Pacific |
Major Players |
||
|
||
|
*Disclaimer: Major Players sorted in no particular order |
Outdoor LED Lighting Market Analysis
The Outdoor LED Lighting Market size is estimated at 10.94 billion USD in 2024, and is expected to reach 14.44 billion USD by 2030, growing at a CAGR of 4.73% during the forecast period (2024-2030).
10.94 Billion
Market Size in 2024 (USD)
14.44 Billion
Market Size in 2030 (USD)
0.69 %
CAGR (2017-2023)
4.73 %
CAGR (2024-2030)
Largest Segment by Outdoor Lighting
60.24 %
value share, Public Places, 2023
The GDP contribution of the manufacturing segment is be around 16%. Smart cities and Industry 4.0 are expected to increase the value of this segment.
Fastest-growing Segment by Outdoor Lighting
5.02 %
Projected CAGR, Public Places, 2024-2030
A surge in government initiatives to promote energy-efficient lighting systems and the increasing number of smart city projects are driving the market’s growth.
Largest by Region
34.15 %
value share, Asia-Pacific, 2023
Asia-Pacific was the largest region by value share in 2022, accounting for 33.57%. Major LED lighting companies are from China, India, and Japan. LED light product penetration is at its maximum in APAC countries.
Fastest-growing Segment by Region
5.70 %
Projected CAGR, Europe, 2024-2030
Europe is the fastest-growing region, projected to record a CAGR of 5.32%. The construction sectors of the IT and automotive industries are booming owing to increasing investments.
Leading Market Player
13.92 %
market share, Signify Holding (Philips), 2022
Signify was the largest market player, accounting for a share of 13.92% in 2022. The company mostly focuses on innovations based on the energy-efficient portfolio, leading to major brand value recognition.
The growth in public places and roadways due to increased urbanization, tourism, and trade networks would boost the LED lights market
- In terms of value share in 2023, the utilization of LED lights in public places accounted for the majority of the market share, followed by the street and roadways and others segments. Around 55% of the world's population lives in urban areas, and this proportion is expected to rise to 68% by 2050. The most urbanized regions include North America (82% of the population lived in urban areas in 2018), Latin America and the Caribbean (81%), Europe (74%), and Oceania (68%). The degree of urbanization in Asia is around 50%. In contrast, Africa is still largely rural, with 43% of the population living in urban areas. As urban areas have grown over the years, so have public places such as amusement parks and parking lots. The rise in tourism and various transportation services has also contributed significantly to the growth of public spaces. Hence, the penetration of LEDs in this sector is high and will continue to be mainstream.
- In terms of volume share in 2023, the utilization of LED lights in public places accounted for the majority of the market share, followed by the street and roadways and others segments. As global trade continues to grow, emerging markets need viable alternatives to transport goods while remaining competitive and relevant. Conventional maritime reach along the coasts and geographies of the world's continents requires other options: road transport and possibly rail. The automotive industry, like railroads, has been at the forefront of groundbreaking developments transforming the transportation sector. In the long term, road transport will remain relevant and an important tool for promoting trade in the domestic economy. Therefore, the growing road network around the world will also promote the penetration of LED lighting in this sector.
Understand The Key Trends Shaping This Market
Download Sample
The rising adoption of LED lights in every major region across the world is expected to boost LED lighting sales
- In terms of value share in 2022, the Asia-Pacific LED market accounted for the majority of the share, followed by North America, Europe, South America, and the Middle East and Africa. Similarly, in terms of volume share in 2022, the Asia-Pacific LED market accounted for the majority of the share, followed by North America, Europe, the Middle East and Africa, and South America.
- Asia is set to become the world's largest energy consumer by 2025. The growing number of LED lighting chip manufacturers, startups, urbanization, growth in public places, and other sectors contributing to the local economy are impacting the LED lighting market.
- Advancements and continued innovation in LED technology are contributing to the increased sales of LED lighting in North America. The use of LED technology in horticulture has reduced energy waste by controlling different light spectrums according to plant growth stages. The emergence of intelligent light-filling technology is also expected to bring potential opportunities to the market. For instance, in 2017, Signify introduced its GreenPower LED Interlighting Gen 3 technology for efficient crop development. Such developments are expected to pave the way for new growth opportunities in the region.
- Regions such as the Middle East, Africa, and South America are also seeing increased adoption of LED lighting as major countries in the regions are adopting LED lighting. For example, in Argentina, November 2020 marked a milestone with the first delivery of modern LED lamps for street lighting. With funding from nine municipalities, these cities established a USD 121,000 temporary fund to purchase 652 advanced LED lights.
- Thus, rapid technological changes and increased adoption of LED lights across the world are expected to boost their use.
