Outdoor Lighting Market Size, Share, Growth Analysis, By Source Type(LED Lights, Plasma Lamps, High-Intensity Discharge Lamps, and Fluorescent Lights), By Application(Residential, Commercial), By Distribution Channel(Offline, Online), By Region - Industry Forecast 2024-2031

Outdoor Lighting Market size was valued at USD 15.40 Billion in 2022 and is expected to grow from USD 16.29 Billion in 2023 to USD 25.58 Billion by 2031, at a CAGR of 5.80% during the forecast period (2024-2031).

The Outdoor Lighting Market is highly competitive, with a few dominant players and a large number of smaller producers and processors. The market is expected to continue to grow as consumers increasingly recognize the various advantages of outdoor lighting. Some prominent players in the outdoor lighting market include: 'Philips Lighting (Netherlands)', 'Osram Licht AG (Germany)', 'Cree, Inc. (US)', 'Eaton Corporation (Ireland)', 'Acuity Brands Lighting, Inc. (US)', 'General Electric Company (US)', 'Zumtobel Group AG (Austria)', 'Hubbell, Inc. (US)', 'Thorn Lighting (UK)', 'Havells India Limited (India)', 'Iwasaki Electric Co., Ltd. (Japan)', 'Stanley Electric Co. Ltd. (Japan)', 'Dialight plc (US)', 'Acuity Brands Inc. (US)', 'Vonn, LLC. (US)', 'Masco Corporation (US)', 'SMART Holdings, Inc. (US)', 'ENDO Lighting Corporation (Japan)', 'Samsung Electronics Co. Ltd (South Korea)', 'ams-OSRAM AG (Austria)', 'Syska Led Lights Private Limited (India)', 'Trade Gear Ltd. (UK)', 'In December 2022, Acuity Brands' subsidiary that offers lighting and building management solutions entered into a technology transition agreement with Dhyan Networks and Technologies, a provider of central management system software and solutions. The StreetMan for managing smart streetlights, LightMan for managing smart area lights like those installed in campuses, parking lots, buildings, and warehouses, and CitiMan for managing smart city IoT assets make up the Dhyan family of central management software for the IoT market.'

The need for outdoor lighting systems to increase the security and safety of public areas is rising as more people relocate to cities. The trend towards intelligent, connected lighting systems, which can be integrated with other smart city technologies to increase efficiency and lower energy consumption, has also been fueled by urbanization.

The market for outdoor lighting is seeing a rise in the use of LED lighting because of its energy-saving attributes, long lifespan, and affordability. The market for outdoor lighting is seeing a rise in the use of LED lighting due to the significant energy savings it provides. The growing adoption of IoT technologies is driving up demand for smart lighting solutions. The market for outdoor lighting is seeing an increase in the adoption of smart lighting solutions because of the many advantages they provide, including remote control, energy efficiency, and the ability to alter lighting settings.

North America is the dominant region for Outdoor Lighting Market. Due to the growing trend of hosting family gatherings and dinners outdoors at home, there is a greater demand for outdoor lighting in North America. This trend is further supported by the growing popularity of designing and caring for front and backyard gardens, which not only improve the appearance of homes but also provide a pleasant space to host outdoor gatherings. The infrastructure in North America is well-established, which is helpful for the market expansion for outdoor lighting. Urbanization in the area is also increasing, which has increased demand for outdoor lighting in public areas, commercial buildings, and residential neighborhoods. The type of lighting product, the application, and the end-user are used to segment the market.