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Global Outdoor Lighting Market Size, Share, Development, Growth and Demand Forecast to 2023 Industry Insights by Lighting Type, by Technology and by ApplicationLONDON, Oct. 11, 2017 /PRNewswire/ -- Market Overview Growth Drivers Growing adoption of energy efficient products along with increasing government focus towards energy saving is fueling the penetration of energy efficient lighting sources, such as light emitting diodes (LEDs), which is likely to bolster the growth of the global outdoor lighting market. LEDs are particularly advantageous in outdoor lighting applications as they work efficiently for long operating hours and at low maintenance cost. In addition, LEDs are the excellent directional light sources, are substantial and exhibit long lifetime. Owing to these benefits, many local authorities including municipalities, of various countries have commenced projects to completely transition their outdoor lighting applications to LEDs. For instance, according to the U.S. Department of Energy, the City of Los Angeles has completed a citywide street lighting replacement program and has installed over 150,000 LED streetlights, reducing energy usage by 63%, and saving of $8 million in annual energy costs. LED lights offers several advantages over incandescent, fluorescent and even high-pressure sodium lights including higher efficiency, lower maintenance, directional, resilience to vibration, intelligence control and fast operation. The increasing cost of electricity constitutes high operating cost to consumers and businesses and offers substantial savings. Therefore, LED price erosion is likely to spearhead the global outdoor lighting market in the coming future. Restraints The higher import duties on lighting sources are expected to hinder the growth of the global outdoor lighting market across the globe. Other duties and taxes, such as the airport fee, storage fee, handling fee and declaration fee are also impacting the growth of the market, globally. In addition, due to political impact, the import rate of various countries, such as Brazil, Argentina and Italy, are very high and it leads to increase in prices of different technology enabled outdoor lighting in the respective country. Opportunities Benefiting from the advancement of LED lighting technology, the price of LED lighting products has gradually decreased and become closer to that of conventional outdoor lighting products. The price fall of LED lighting is expected to continue, owing to the technological developments. It will consequently encourage the outdoor lighting consumers to switch from traditional lighting to LED lighting. Competitive Landscape There are large number of players operating the global outdoor lighting market. Due to the fragmented nature of the market, the competition among global and regional players is high. Some of the major companies operating in the global outdoor lighting market include Philips Lighting Holdings, General Energy Connections, Osram Licht, Hubbell Incorporated, Cree Inc, Eaton Corporation, Syska LED, Virtual Extension, Dialight Plc, Zumtobel Group AG. Scope for Customization P&S Market Research offers customization as per specific business requirements of clients. Illustrative customization within the scope of this report includes: Period of Analysis – Increase in the study period, including historic and forecast years Geographical Analysis – Increase in country coverage Segment Analysis – More granular coverage related to: Application Segmentation - "Others" can be further broken down into different industries Company Profiles – Wider company coverage in terms of detailed analysis or additional company profiles New Custom Report – A completely customized report can be provided on the market, specific to a region/ country/ segment Download the full report: https://www.reportbuyer.com/product/5038487 About Reportbuyer Reportbuyer is a leading industry intelligence solution that provides all market research reports from top publishers https://www.reportbuyer.com For more information: Sarah Smith Research Advisor at Reportbuyer.com Email: [email protected] Tel: +44 208 816 85 48 Website: www.reportbuyer.com SOURCE ReportBuyer |