According to a recent report by Reports and Data, the global Outdoor LED Lighting Market is projected to reach USD 149.66 billion by 2030, with a revenue compound annual growth rate (CAGR) of 12.8% over the forecast period. The growth in market revenue is attributed to the increasing demand for energy-efficient lighting systems among consumers, which offer low replacement and maintenance costs.
Furthermore, the adoption of smart lighting is expected to boost the market's revenue growth in the coming years. Smart lighting systems are advanced electronic devices that can connect, share, and interact with users and other smart devices in their vicinity. As the global population grows, there is a rising need for smart cities and spaces that are energy-efficient and cost-effective, which is driving the adoption of smart lighting systems. Smart lighting offers several benefits in smart homes, such as enhanced security, longer light durability, customizable lighting, lower energy consumption, and reduced operating expenses. These advantages are likely to drive the revenue growth of the Outdoor LED Lighting Market from 2021 to 2030.
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Top Companies Operating in the Global Outdoor LED Lighting Market Report:
Samsung Electronics Co., Ltd., Signify Holdings, Nichia Corporation, OSRAM, Opple lighting Co. Ltd., Lumileds Holding B.V., Orient Electric Ltd., Syska, Dialight PLC, and Heliospectra AB.
Restraining Growth of Outdoor LED Lighting Market:
- Quality Concerns: Poor quality LED lighting products could lead to consumer dissatisfaction, which could harm the reputation of the entire industry.
- High Initial Cost: The initial cost of LED lighting solutions is often higher than traditional lighting options, which may deter some consumers and businesses from adopting them.
- Market Saturation: The Outdoor LED Lighting Market is becoming increasingly crowded, with many players offering similar products, which could lead to price competition and reduced profit margins.
- Lack of Consumer Awareness: Despite the growing popularity of LED lighting, some consumers may still be unaware of their benefits and may not be willing to pay a premium for them.
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
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Further market segmentation
Product Type Outlook (Revenue, USD Billion; 2019-2030)
- Lamps
- Luminaires
Installation Outlook (Revenue, USD Billion; 2019-2030)
- New
- Retrofit
Application Outlook (Revenue, USD Billion; 2019-2030)
- Indoor
- Outdoor
End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Residential
- Commercial
- Industrial
- Architectural
- Others
Key Takeaways of the Global Outdoor LED Lighting Market Report:
- A comprehensive overview of the global LED Lighting industry.
- Accurate market projections in terms of market size, share, and volume.
- Thorough study of the global market dynamics, such as major market revenue growth drivers, opportunities, threats, challenges, restraints, and future growth avenues.
- Deep-dive analysis of the upcoming market trends.
- Qualitative and quantitative analyses of the global Outdoor LED Lighting Market.
- Elaborate study of the leading regional markets in the global Outdoor LED Lighting Market.
- Complete overview of the market’s competitive landscape.
- Brief look at the company profiles and portfolios.
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