Outdoor LED Market by Type (New and Retrofit), by Technology (Surface Mounted and Individually Mounted), by Offering (Hardware, Software, and Services), by Wattage Type (<50W, 50–100W, and >150W), by Lighting Type (HID Lights, LED Lights, Fluorescent Lights, and Plasma Lights), by Component (Fixture and Control), by Application (Highways & Roadways, Architectural, Public Places, Stadiums, Streets, Tunnels, and Parking Lots), and by Distribution Channel (Direct Sale and Wholesale/Retail) – Global Opportunities Analysis and Industry Forecast, 2024–2030

Market Definition

The global Outdoor LED Market size was valued at USD 17.96 billion in 2023, and is predicted to reach USD 46.84 billion by 2030, with a CAGR of 17.3% from 2024 to 2030. The outdoor LED market refers to the segment of the lighting industry that focuses on the production, development, and distribution of light-emitting diode (LED) lighting solutions designed for outdoor applications. These applications include street lighting, architectural lighting, stadium lighting, parking lot lighting, and various other outdoor areas where illumination is required.

Outdoor LED lighting is known for its energy efficiency, durability, and versatility, making it a popular choice for enhancing visibility, safety, and aesthetics in external environments. This market encompasses a wide range of products and technologies aimed at providing effective and energy-efficient lighting solutions for outdoor spaces. 

Market Dynamics and Trends

The demand for outdoor LED lights is rising with the growing improvement activities of infrastructure for visibility and safety purposes of drivers and pedestrians across the globe. For instance, in January 2020, the Government of India distributed over 381.3 million LED bulbs across India under its UJALA scheme. It installed around 10.8 million smart LED streetlights under the Street Lighting National Program (SLNP).

Also, the rapid modernization and the development of advanced infrastructure such as smart cities that are equipped with these LEDs drive the growth of the market. The trend of digital billboards for advertisement along with the increase in power efficiency are further expected to propel the growth of the market. 

However, the high installation cost is expected to restrain the outdoor LED market growth during the forecast period. On the contrary, the development of wireless technology such as optical wireless communication (OWC) that delivers data via visible light for smart LED street lighting and city project systems is expected to create ample growth opportunities for the outdoor LED market in the coming years. 

Market Segmentations and Scope of the Study

The outdoor LED market is segmented based on type, technology, offering, wattage type, lighting type, component, application, distribution channel, and region. Based on type, the market is divided into new and retrofit. On the basis of technology, the market is segmented into surface mounted and individually mounted.

On the basis of offering, the market is classified into hardware, software, and services. Based on wattage type, the market is categorized into <50W, 50–100W, and >150W.  On the basis of lighting type, the market is divided into HID lights, LED lights, fluorescent lights, and plasma lights. On the basis of component, the market is classified into fixture and control.

Based on application, the market is classified into highways & roadways, architectural, public places, stadiums, streets, tunnels, and parking lots. Based on distribution, the market is categorized into direct sale and wholesale/retail. The regional breakdown and analysis of each of the aforesaid segments include regions, such as North America, Europe, Asia-Pacific, and the Rest of the World (RoW).

Geographical analysis

Asia-Pacific holds the dominant share of the outdoor LED industry, and is expected to boost the market during the forecast period. This is attributed to factors such as the high adoption of advanced lighting such as incandescent, Linear Fluorescent Lamp (LFL), Compact Fluorescent Lamp (CFL), and High-Intensity Discharge (HID) in infrared heating for industrial heating & drying processes. This, in turn, improves the energy efficiency of LED lighting systems. 

Also, countries such as China and India are leading the regional market growth, due to increasing usage of solar LED. These countries accounted for more than 40.0% of revenue share by 2020. Moreover, rising government initiatives to promote outdoor LEDs boost the market growth in this region.

For instance, in January 2020, the India Street Light National Program (SLNP) supported the development of outdoor LED by taking the initiative toward replacing 21 million streetlights with LED. More than 13 million smart LED streetlights were installed in the initial year of 2020, enabling an estimated energy savings of 6.97 billion kWh per year. 

On the other hand, Europe is expected to show a steady rise in the outdoor LED market due to the high implementation of LEDs for traffic signals, street lights, and residential purposes. This implementation aided in optimizing energy consumption by minimizing the power wastage for street lighting systems.

Also, LED lamps are gaining high popularity in households, restaurants, and offices to save on electricity bills and gain the advantage of long-lasting benefits. This is leading to the elimination of conventional halogen and incandescent lamps, which is expected to drive the growth of the outdoor LED market in this region. 

Competitive Landscape

Various market players operating in the outdoor LED industry include Signify Holdings, Panasonic Corporation, General Electric Company, Osram Licht AG, Wolfspeed, Inc., Hubbell Incorporated, Astute Lighting, Ltd., Dialight Corporation, Eaton Corporation, and Bajaj Electricals Ltd., and others. 

These market players are adopting various strategies, such as expansions and joint ventures across various regions to maintain their dominance in the outdoor LED market. For instance, in October 2021, Signify launched a new LED downlight, the Philips Hexastyle. It is hexagonal, energy-efficient, and easy on the eyes. It is available in warm and cool white options, and comes in the range of three wattages: 8W, 12W, and 15W. 

Moreover, in October 2020, Panasonic introduced a smart LED bulb with multi-color lighting options and automatic scheduling features. It can be operated via the Panasonic smart Wi-Fi app and activated via Google and vocal control features. 

KEY BENEFITS

• The outdoor LED market report provides a quantitative analysis of the current market and estimations from 2024 to 2030. This analysis assists in identifying the prevailing market opportunities to capitalize on.

• The study comprises an extensive analysis of the outdoor LED market trends, including the current and future trends for depicting the prevalent investment pockets in the market.

• The information related to key drivers, restraints, and opportunities and their impact on the outdoor LED market is provided in the report.

• The competitive analysis of the market players along with their market share in the outdoor LED market is provided in the report.

• The SWOT analysis and a Porter's Five Forces model is elaborated on in the study.

• The value chain analysis in the market study provides a clear picture of the stakeholders’ roles.

OUTDOOR LED MARKET KEY SEGMENTS

By Type

• New

• Retrofit

By Technology

• Surface Mounted 

• Individually Mounted 

By Offering 

• Hardware

• Software

• Services

By Wattage

• <50W

• 50-100W

• >150W

By Lighting   

• HID Lights

• LED Lights

• Fluorescent Light

• Plasma Lights

By Component

• Fixture

• Control

By Application

• Highways

• Roadways

• Architectural

• Public places

• Stadium

• Streets

• Tunnels

• Parking lots

By Distribution Channel

• Direct Sale

• Wholesale/Retail

By Region

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The UK

  • Germany

  • France

  • Italy

  • Spain

  • Denmark

  • Netherlands

  • Finland

  • Sweden

  • Norway

  • Russia

  • Rest of Europe

• Asia-Pacific

  • China

  • India

  • Japan

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia-Pacific

• Rest the World (RoW)

  • Latin America

  • Middle East

  • Africa

REPORT SCOPE AND SEGMENTATION:

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