The outdoor lighting market is projected to exhibit a compound annual growth rate (CAGR) of 5.1% from 2024 to 2032, reaching a market size of USD 58.6 billion by the end of 2032. This growth is primarily due to the increasing focus on urban beautification and aesthetics, as outdoor lighting significantly enhances urban landscapes and infrastructures.
Construction activities worldwide are on the rise, boosting the demand for effective lighting solutions. The outdoor lighting industry is responding proactively by developing advanced lighting technologies. These advancements are in tandem with expanding urbanization and smart city initiatives. In addition, numerous ongoing construction projects are incorporating innovative outdoor lighting to improve safety, energy efficiency, and visual appeal.
One segment seeing significant growth within the outdoor lighting market is halogen outdoor lighting. Halogen’s popularity stems from its ability to produce bright, focused illumination, making it ideal for enhancing public spaces. The rising adoption of halogen in residential and commercial applications, paired with continuous advancements in halogen technology, is driving its increased efficiency and lifespan, making it an appealing sustainable option for outdoor lighting.
Furthermore, the outdoor lighting market from the high lumen output segment is anticipated to experience substantial growth with a considerable CAGR through 2032. High lumen output is crucial in outdoor lighting as it illuminates expansive areas, ensuring safety and enabling nighttime activities. Rapid advancements in technology are promising brighter and more energy-efficient solutions, further fostering market growth.
North America is expected to emerge as a lucrative revenue destination for the outdoor lighting industry, with the market experiencing significant growth due to an increasing number of new product launches and government initiatives aimed at energy efficiency and sustainability.
Several key players dominate the outdoor lighting industry, including Acuity Brands, Inc., Cooper Lighting Solutions, Cree, Inc., Eaton Corporation, General Electric Company, Hinkley Lighting, Hubbell Incorporated, Kichler Lighting LLC, LEDVANCE GmbH, Lithonia Lighting, Lutron Electronics Co., Inc., Osram Licht AG, Signify, Thorn Lighting, and Zumtobel Group. These companies are driving innovations through continuous technological advancements in lighting solutions, while also focusing on partnership ventures to expand their global presence.
The Outdoor Lighting Market report by Global Market Insights Inc. consists of a comprehensive analysis of the factors driving and challenging market growth, with a focus on key players and their strategies, consumer buying behavior, product preferences, and more. It offers insights into the factors affecting the value chain, profit margins, ingredient analysis, strategic outlook, and competitive landscape, amongst others.
