According to a recently released report by MarketsandMarkets, the outdoor LED lighting market is projected to reach $21.95 Billion by 2023. This increase can be attributed to the increasing need for improving visibility and ensuring the safety of drivers, riders, and pedestrians as well as ongoing modernisation and infrastructure development projects, the research found.
LED lights outdoor matrix board
The report projects that 50 W and 150 W LEDs will lead the outdoor LED lighting market as their lower energy consumption and cost-effectiveness are increasingly appreciated across the globe. “The growth of this segment of the market can be attributed to increased adoption of outdoor LED lighting across the globe due to its energy efficiency and low maintenance costs. LED lights and luminaires with a wattage range of between 50 W and 150 W are widely used across highways and roadways,” it states.
New installations are set to outstrip retrofits between 2017 to 2023 owing to the installation of new-generation LED lamps and luminaires. “Consumers prefer outdoor LED lighting for new installations, owing to various advantages offered by it, which include a long lifespan and reduced consumption of electricity. Although the cost of the outdoor LED lighting technology is high, its installation and maintenance costs are low,” the report says.
While all regions will experience growth in outdoor LED lighting, the Asia Pacific outdoor LED lighting market is projected to expand at the highest rate. This can be attributed to ongoing modernisation and infrastructure development projects, such as smart cities, across the region. Countries such as Australia, Taiwan, Singapore, and Vietnam are experiencing fast economic growth and urbanisation, contributing to a significant demand for outdoor LED lighting systems in these countries.
Similarly, the research firm found that the global commercial airport lighting market is expected to grow 8% between 2016 and 2021. The key factors driving the growth are growing air passenger traffic, investments in airport modernisation and upgrades, and increased demand for passenger and aircraft safety.
Adoption of solar LED lights to power runways, taxiways, and terminal lights, together with the evolution of technologies to monitor airfield lighting systems are the emerging trends impacting the market, according to the report.
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