Outdoor LED Lighting Market SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)
Outdoor LED Lighting Market is segmented By Installation (New, Retrofit), By Offering (Hardware, Services, Software), By Sales Channel (Retail/Wholesa....
Outdoor LED Lighting Market Size
Market Size in USD
CAGR21.1%
| Study Period | 2024 - 2031 |
| Base Year of Estimation | 2023 |
| CAGR | 21.1% |
| Market Concentration | Medium |
| Major Players | Dialight PLC, General Electric Co. Ltd., Osram Licht AG, Signify N.V., Acuity Brands Lighting Inc. |
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Outdoor LED Lighting Market Analysis
The Global Outdoor LED Lighting Market is estimated to be valued at USD 29.5 Bn in 2024 and is expected to reach USD 136.5 Bn by 2031, growing at a compound annual growth rate (CAGR) of 21.1% from 2024 to 2031. The increasing installation of LED street lighting systems for cost savings and energy efficiency is driving the market. Several countries are shifting from conventional lights to LEDs to meet sustainability goals which is further fueling the demand.
The market is expected to experience steady growth during the forecast period owing to various government initiatives and policies that promote the adoption of energy-efficient lighting systems. Furthermore, the development of smart cities worldwide is augmenting the incorporation of intelligent outdoor LED lighting management systems that can be controlled remotely.