As per the analysis by Market Research Future Reports (MRFR), the global outdoor LED Smart Lighting Solution Market is projected to value USD 8 billion with a CAGR of 12% during the review period from 2016 to 2022. LED lighting saves expenses and time. It also provides reduced wastage, business intelligence, and increase plant operations. It is one of the essential factors which propels the global outdoor smart lighting solution market 2020. Besides, the advancements made in the Internet of Things (IoT), and Secure Sockets Layer (SSL) has developed the global lighting market as manufacturers have started using semiconductors as an alternative to wires and gas to power smart lighting systems. The market is growing due to the efficiency, and the cheap cost of LEDs has a longer life, energy consumption, and less maintenance price. These qualities of LEDs are the major reason propelling the market at a global level.
However, due to the sudden outbreak of COVID-19 is likely to change the market dynamics. We will provide COVID-19 impact analysis with the report.
The significant players of the global outdoor LED smart lighting solutions are Acuity Brands, Inc. (U.S.), Lutron Electronics Company, Inc. (U.S.), General Electric (U.S.), Honeywell International Inc. (U.S.), Philips Lighting Holding B.V. (Netherlands), Osram Licht AG (Germany), Cooper Industries, Inc. (U.S.), Digital Lumens, Inc. (U.S.), Schneider Electric S.E. (France), Streetlight. Vision (France) and a few others.
The geographical analysis of Asia-Pacific, Europe, North America, and the Rest of the World (RoW) has been conducted. As per the analysis, the global outdoor LED market is dominated by the North American market. The second position is attained by Europe. The North American market excels due to the higher rate of adoption of technology and the increasing initiatives taken to monitor the harmful impression of electricity utilization on the habitat. Furthermore, the study also reveals that the European market is a fast-growing market due to the smart LED solutions in various application vertical consisting of commercial, industrial, residential segment, and outdoor.
Moreover, the region’s lead is because of the rising adoption of smart lighting solutions in several sectors. North America and Europe collectively are projected to acquire the maximum market share during the assessment period. On the other side, the study also reveals that the developing countries of APAC like India and China and the RoW will possess lucrative occasions in the global market. The RoW region is likely to expand at a decent pace during the forecast period.
The global outdoor LED market can be classified on the basis of communication application, component, technology, and region.
On the basis of communication technology, the global outdoor LED market can be classified into wired and Wireless.
On the basis of application, the worldwide outdoor LED market can be segregated into Street Lighting, Waterways, Landscape Light, Parking, Stadium, and others.
On the basis of component, the global outdoor LED market can be segregated into Software, Service, and Hardware.
On the basis of region, the global outdoor LED market can be segregated into Europe, North America, Asia-Pacific, and the Rest of the World (RoW).
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