The global outdoor lighting market is segmented into control and fixture. Among these two segments, the fixture is anticipated to generate larger revenue by 2024 since it helps in enhancing the durability and output of outdoor lighting. It provides an energy-efficient alternative to the users and delivers a balanced intensity of light. Moreover, increasing smart city projects by various developed and developing economies across the globe is thereby uplifting the growth of the outdoor lighting market worldwide.
the global outdoor lighting market is segmented into control and fixture. Among these two segments, the fixture is anticipated to generate larger revenue by 2024 since it helps in enhancing the durability and output of outdoor lighting. It provides an energy-efficient alternative to the users and delivers a balanced intensity of light. Moreover, increasing smart city projects by various developed and developing economies across the globe is thereby uplifting the growth of the outdoor lighting market worldwide.
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Based on the distribution channel, the outdoor lighting market is segmented into the retail and commercial segments. Among these two segments, the commercial segment is anticipated to generate larger revenue by 2024. Outdoor lighting in the commercial segment helps in providing enhanced illumination to the users along with increasing revenue of the enterprise and developing quality fixture that further survives outdoor environment.
Geographically, North America held to be the largest outdoor lighting market and will continue to dominate throughout the forecast period due to the introduction of various regulations over energy-efficient products by government authorities in this region. Moreover, increasing disposable income will help to drive demand for outdoor lighting for architectural applications in countries such as the U.S. thereby strengthening the growth of the outdoor lighting market in this region.
Moreover, Asia-Pacific is anticipated to witness the fastest growth during the forecast period since this region is witnessing various infrastructural developments such as road construction. Furthermore, upcoming development projects, flourishing construction industry in developing countries such as China, India, and Indonesia is expected to create massive demand for LED lighting for both residential as well as outdoor applications.
Key players in the global outdoor lighting market are investing in improving the quality of these lights and developing the latest technologies that are strengthening their position in the market. However, it has been observed that local players are depending upon new technology to develop cost efficiencies and helps in saving energy resources. The prominent players in the global outdoor lighting market include Philips Lighting Holdings, General Energy Connections, Osram Licht, Hubbell Incorporated, Cree Inc, Eaton Corporation, Syska LED, Virtual Extension, Dialight Plc, and Zumtobel Group AG.
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