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

Global 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).

According to the outdoor lighting market, rising residential construction and renovation activities are factors supporting the market's burgeoning growth. Furthermore, as consumer behavior shifts in favor of more sustainable solutions, advanced and efficient lighting solutions are gaining ground. The increased home security that results from illumination that reaches every corner and makes everything visible has also increased demand for innovative outdoor lighting concepts.

The market is being penetrated and various aspects of lighting solutions are being advanced by the introduction of practical lighting solutions like HID lamps and waterproof outdoor wall lights. A sizable portion of the market for outdoor lighting is also consumed by the rise in the number of bungalows, private farms, and resorts. Additionally, the elevated aesthetic provided by these solutions contributes to the market's expansion prospects.

New energy-efficient technologies are replacing outdated ones in an increasing number of structures, including roads, intelligent infrastructure, and buildings. According to market research on outdoor lighting, more and more smart lighting projects are being implemented in various nations. Given the rising population and pollution, there is a need to use environmentally friendly and energy-efficient lighting solutions. The demand for outdoor lighting solutions is being driven by governments all over the world that are promoting smart and sustainable technologies. As infrastructure progresses, there is a growing need for streets, alleyways, and highways. Governments are looking for sustainable and environmentally friendly lighting solutions for these assets. The use of LED and solar-powered lights are drastically increasing, which has increased the demand for outdoor lighting. The development of integrated lighting systems, including IoT-integrated lights, lamps, and waterproof outdoor wall lights, is a result of the expansion of research and development facilities.

The COVID-19 pandemic, however, had an effect on market expansion. The COVID-19 epidemic spread, resulting in temporary closures of stadiums, park closures, and travel restrictions, which reduced the use of outdoor lighting. Furthermore, China continues to be a significant producer of lighting products and a major source of raw materials. It is also the place where the coronavirus first appeared, which has had an impact on raw material exports to other nations and slowed the expansion of the market.

US Outdoor Lighting Market is poised to grow at a sustainable CAGR for the next forecast year.