LED Technology the Future of Outdoor Lighting?

Outdoor Lighting Market

The growth of the outdoor lighting market is being driven by increasing adoption of low-cost and energy-efficient lighting systems and government impetus toward energy conservation.

Light-emitting diode (LED) lights, high-intensity discharge (HID) lamps, plasma lamps, and fluorescent lights are the various categories when the outdoor lighting market is segmented by lighting type. Among these, HID lamps led the market in 2017 with 58.0% share, owing to its high luminous efficacy and long life.

Valued in 2017 at $8,740.0 million by P&S Intelligence, the domain is expected to advance through the forecast period 2018–2023 at a CAGR of 8.0%, eventually generating a $14.2 billion revenue. By definition, the domain includes lights used to illuminate all outdoor settings, including highways and roads, gardens, parking lots, stadiums, and tunnels.

However, during the forecast period, LED lights will witness the highest CAGR to become the market leader. As LED lights are energy-efficient, they are finding immense government support in countries, including China, India, the U.S., and Germany.

Another factor aiding the outdoor lighting market progress is decline in the price of lighting systems. The world is gradually moving away from conventional lights to LED ones, leading to a reduction in LED light costs. Compared to other types of lights, LED models offer higher efficiency, resilience to vibration, lower maintenance cost, swift operation, and intelligent control. People across the world are writhing under increasing electricity bills, which LED lights can help bring down with their energy efficiency.

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Therefore, it is clear that the growing adoption of LED lights will be one of the major growth factors for the sector in the coming years.

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