The prime focus of the different governments across the world at the present time is saving energy due to the surging energy crisis. It is because of this that the demand for energy efficient lighting solutions, primarily light emitting diodes (LED), is growing. Since LEDs can work efficiently for long operating hours and have low maintenance cost, they are particularly beneficial in outdoor lighting applications.
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Outdoor lighting includes illumination of public landscapes and private gardens for the purpose of security, safety, convenience, and nighttime aesthetics. As per a research conducted by P&S Intelligence, in 2019, the global outdoor lighting market generated a revenue of $10.7 billion and is expected to advance at an 7.3% CAGR during the forecast period (2020–2030).
In addition to this, LEDs make excellent directional light source and are substantial with a long lifespan, which is why many local authorities, such as municipalities of different counties, have initiated projects to change their conventional outdoor lighting sources to LEDs. Apart from LEDs, high intensity discharge (HID) lamps, plasma lamps, and fluorescent lights are also utilized for outdoor lighting applications.
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This market research report provides a comprehensive overview of the outdoor lighting market
- Future potential of the market through its forecast for the period 2020– 2030
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings