According to a report by market research agency MarketsandMarkets, by 2023, the global outdoor LED lighting market value will reach US$21.95 billion, and will grow at a compound annual growth rate of 13.7% during the forecast period from 2017 to 2023.
The growth of the outdoor LED lighting market can be attributed to the increasing demand for outdoor visibility, the need to ensure the safety of drivers and passersby, and the modernization of infrastructure. In addition, factors such as low energy consumption and high cost-effectiveness of LEDs have also contributed to the growth of the global outdoor LED lighting market.
From 2017 to 2023, LED luminaires with new installation methods will be a major factor driving the growth of the outdoor LED luminaires market.
Outdoor LED lighting fixtures with new installation methods have the advantages of long service life and energy saving, so they are very popular among consumers. Despite the high cost of outdoor LED lighting technology, installation and maintenance costs are relatively low.
Luminaires ranging from 50 watts to 150 watts will help boost the growth of the LED lighting market during the forecast period. The reason for such market growth can be attributed to the increasing adoption of LED outdoor lighting, which is energy-efficient and low-maintenance, outdoors around the world. Such LED outdoor lighting fixtures are mainly used on highways and roads.
During the forecast period, the outdoor LED lighting market in the Asia-Pacific region will witness a high CAGR. The growth of the market in this region can be attributed to the modern infrastructure development and optimization of cities. Countries and regions like Australia, Taiwan, Singapore, and Vietnam are experiencing huge economic growth and urbanization, which has greatly increased the demand for outdoor LED lighting systems in these countries.