The global outdoor lighting market attained a valuation of $10.7 billion in 2019. Furthermore, the market is predicted to exhibit a CAGR of 7.3% from 2020 to 2030 and generate a revenue of $23.8 billion by 2030.
LED lights, plasma lights, fluorescent lights, and high-intensity discharge (HID) lights are the major types of devices used for outdoor lighting purposes. Amongst these, the utilization of the LED outdoor lighting systems was the highest in the past.
The surging population levels and the increasing spending power of people in many countries have led to a sharp rise in the sales of vehicles, which has, in turn, increased the vehicular traffic all over the world. For example, "26.9 million commercial automobiles were sold across the world in 2019." Furthermore, "the total sales of these vehicles grew by 2.2% during the same year". This considerable rise in road traffic has made the governments of several countries such as Germany, India, the U.S., and China make huge investments for the development of road infrastructure.
One of the biggest examples of such massive road infrastructural development projects is "the nearly $328 billion transport infrastructural development project undertaken by the Chinese government during January 2019 - September 2019, as per the country's Ministry of Transport". Apart from this, the increasing government efforts in several countries for energy conservation is also boosting the demand for energy-efficient outdoor lighting systems such as light emitting diode (LED) lights. For instance, "the Indian government, through its National LED programme called the UJALA (Unnat Jyoti by Affordable LEDs for All) has replaced almost 77 billion conventional bulbs with the LED devices".
Besides the road development projects, that includes the development of highways and streets, the governments of many nations are also focussing on various other types of infrastructural development such as the construction and modernization of tunnels, parking lots, and stadiums. However, the demand for outdoor lighting devices is predicted to be the highest in highways in the coming years. This is ascribed to the soaring investments being made by both private and public road development organizations in highway construction projects. Additionally, the development of smart cities will further push the demand for smart outdoor lighting systems in future.
Therefore, it can be confidently said that the sales of outdoor lighting devices will increase significantly throughout the world over the next several years, mainly because of the increasing roadways and highway construction activities and rising requirement of energy-efficient lighting solutions in many countries around the world.