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(EMAILWIRE.COM, March 20, 2019 ) The report "Outdoor LED Lighting Market by Installation Type (New, Retrofit), End Use Application (Highways & Roadways, Architectural, Public Places), Offering (Hardware, Software & Services), Wattage Type, Region - Global Forecast to 2023", The outdoor LED lighting market is projected to reach USD 21.95 Billion by 2023, at a CAGR of 13.7% during the forecast period, 2017 to 2023.
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The outdoor LED lighting market has been segmented on the basis of installation type, wattage type, end-use application, offering, and region. The market size estimations for these segments, with key trends and market dynamics, have been covered in separate chapters in this report.
In 2016, the highways & roadways end-use application segment led the outdoor LED lighting market. However, the public places segment of the market is projected to grow at the highest CAGR during the forecast period, 2017 to 2023. The growth of the public places segment of the market can be attributed to the increasing infrastructural activities across the globe.
The retrofit installation type segment of the outdoor LED lighting market is projected to grow at the highest CAGR during the forecast period. The growth of the retrofit installation type segment of the market is due to the increasing replacement of incandescent lamps in the existing infrastructures with energy-efficient light sources such as LED lamps. These incandescent lamps are being slowly phased out, and the fixtures are being retrofitted with LED lamps as they have a long lifespan and consume less energy.
Browse and in-depth TOC on "Outdoor LED Lighting Market"
62 - Tables
52 - Figures
147 - Pages
View more detailed TOC @
https://www.marketsandmarkets.com/Market-Reports/outdoor-led-lighting-market-211822268.html
The hardware offering segment is expected lead the outdoor LED lighting market from 2017 to 2023. The growth of the hardware offering segment can be attributed to the increasing demand for LED luminaries from the new installations across the globe.
The Asia Pacific region held the largest share of the market in 2016. The European region is projected to account for the second-largest share of the market by 2023. The high standard of living of the masses in the European region has led to the construction of smart homes in the region, which are fitted with several and innovative outdoor LED lighting systems. This, in turn, has led to the growth of the Europe outdoor LED lighting market. The Asia Pacific outdoor LED lighting market is projected to grow at the highest CAGR during the forecast period due to ongoing infrastructure modernization projects in the emerging economies, such as China and India for the construction of several smart cities.
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Lack of awareness among masses regarding the installation costs of outdoor LED lights and payback period, and development of alternate technologies such as laser technology are the major restraints for the growth of the outdoor LED lighting market. The major players operating in the market are Phillips Lighting Holding B.V. (Netherlands), General Electric Company (U.S.), OSRAM Licht AG (Germany), Cree, Inc. (U.S.), and Hubbell Incorporated (U.S.), among others. These key players have adopted various strategies, such as new product launches partnerships, collaborations, and expansions to enhance their revenues in the market.
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