The Asia-Pacific outdoor lighting market was estimated to generate revenue of $5.6 billion in 2018 and is projected to advance at a CAGR of 11.1% in the forecast period (2019–2024), according to P&S Intelligence.
The key factors driving the market are the growing government initiatives toward energy preservation, development of smart cities, and decreasing prices of light-emitting diodes (LEDs). Outdoor lighting refers to the use of lights to brighten up streets, parking lots, and highways for offering convenience and safety during the night.
On the basis of lighting type, high-intensity discharge (HID) lamps, LED lights, fluorescent lights, and plasma lamps are the categories of the outdoor lighting market in Asia-Pacific. Out of these, in 2018, LED lights were the largest revenue contributor in the sector with over 65.0% share, as these enable effective consumption of light intensity controls, thereby saving energy.
When segmented by component, fixture and control are the two sub-divisions of the APAC outdoor lighting market. Among these, in 2018, the fixture sub-division accounted for the larger revenue share. Fixtures are used to create artificial lights with the help of various lighting sources to illuminate spaces during night time.
Due to this benefit, LEDs are preferred as an ideal light source in outdoor spaces, such as parking lots, streets, and stadiums, thus resulting in the growth of the domain.
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Due to the increasing installation and acceptance of fixtures for outdoor lighting, the category will continue dominating the market in the near future. However, in the coming years, the control category is anticipated to experience faster growth, at a CAGR of more than 10.0%.
Hence, owing to the cost-effectiveness of LED lights and high demand in smart city projects, the Asia-Pacific outdoor lighting market is prospering.0
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