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The market dynamics of the Outdoor LED Smart Lighting Solution sector are characterized by a complex interaction of things that collectively have an impact on its increase and evolution. One of the number one drivers shaping these dynamics is the increasing worldwide emphasis on sustainability and strength performance. With a rising cognizance of environmental worries, governments, organizations, and customers are increasingly turning to Outdoor LED Smart Lighting Solutions as a means to reduce electricity consumption and decrease the ecological footprint. The fast evolution of clever metropolis initiatives is another pivotal factor influencing the market dynamics. Cities around the arena are present in the process of transformative technological adjustments to decorate city dwellings, and intelligent outdoor light systems are quintessential to this improvement.
Technological advancements play a critical role in using market dynamics. The integration of Internet of Things (IoT) generation, sensors, and connectivity alternatives enhances the skills of Outdoor LED Smart Lighting Solutions. Government rules and projects also significantly affect the market dynamics of the Outdoor LED Smart Lighting Solution sector. Many international locations have applied regulations to section out traditional light technology in the desire for greater power-efficient options. Incentives and subsidies similarly drive the adoption of LED technology, growing conducive surroundings for market increase. The alignment of industry practices with energy efficiency requirements contributes to the general advantageous trajectory of the market.
The competitive landscape provides a layer of complexity to the market dynamics, with corporations vying for market proportion through various strategies. Product differentiation is a common approach, with companies in search of distinguishing their offerings via specific capabilities, design factors, or technological improvements. Pricing techniques, including class and price-effective options, also contribute to the competitive dynamics as companies purpose to cater to numerous customer segments. Global occasions and unexpected situations, including the COVID-19 pandemic, can introduce uncertainties into the market dynamics. Smart outside lighting fixtures are utilized in companies, factories, and homes. As extra humans use LED lighting fixtures in their buildings, it is predicted that the Outdoor LED Smart Lighting Solution market develop in destiny.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Component, Communication Technology, Application and Region |
Outdoor LED Smart Lighting Solution Market Highlights:
Global Outdoor LED Smart Lighting Solution Market Overview:
Outdoor LED Smart Lighting Solution Market Size was valued at USD 5.8 Billion in 2023. The Outdoor LED Smart Lighting Solution Market industry is projected to grow from USD 6.6 Billion in 2024 to USD 16.3 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.96% during the forecast period (2024 - 2032). Increasing Interest in energy-efficient lighting systems and a greater focus on smart city initiatives are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Outdoor LED Smart Lighting Solution Market Trends
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Growing Demand for Energy-Efficient Lighting Systems Drives Market Growth
Market CAGR outdoor LED smart lighting solution is predicted to grow fast in the future years, driven by rising demand for energy-efficient lighting solutions. LED lighting is more energy-efficient than traditional lighting systems such as incandescent bulbs and fluorescent lights, and it can assist cut energy consumption and costs. Furthermore, the development of smart lighting solutions that can be remotely controlled and monitored is fueling the growth of the Outdoor LED Smart Lighting Solution Market.
These smart lighting systems provide a variety of advantages, including increased energy efficiency, lower maintenance costs, and increased safety and security. With the growing adoption of smart city initiatives and the increased emphasis on sustainability, the demand for Outdoor LED Smart Lighting Solutions is likely to skyrocket in the next years.
Another factor driving the growth of the Outdoor LED Smart Lighting Solution Market is the increased government programs and investments targeted at encouraging the adoption of energy-efficient lighting solutions. The Indian government, for example, initiated the Street Lighting National Program (SLNP) in 2015 with the goal of replacing 35 million conventional streetlights with energy-efficient LED lights. Similarly, the European Union (EU) developed the Horizon 2020 initiative, which includes funding for smart lighting research and development. Such activities and investments are accelerating the use of Outdoor LED Smart Lighting Solutions, notably in public spaces like streets, highways, and parks. Furthermore, the increased acceptance of smart city initiatives aimed at improving inhabitants' quality of life via the use of technology is driving the growth of the Outdoor LED Smart Lighting Solution Market.
In addition, Smart city ideas are receiving more attention. Smart city initiatives leverage sophisticated technologies such as IoT, AI, and cloud computing to improve inhabitants' quality of life and the efficiency of urban services. Smart lighting solutions are an essential component of smart city initiatives because they may assist reduce energy consumption, increase safety and security, and improve inhabitants' overall quality of life.
As an example, Barcelona has put in place a smart lighting system that uses motion sensors and other innovative technology to minimize energy usage and increase street safety. As more cities around the world implement smart city programs, demand for Outdoor LED Smart Lighting Solutions is likely to skyrocket in the coming years.
Outdoor LED Smart Lighting Solution Market Segment Insights:
Outdoor LED Smart Lighting Solution Component Insights
The Outdoor LED Smart Lighting Solution Market segmentation, based on Component includes Hardware, Software, and Services. In 2022, the hardware category led the market in terms of revenue share. Smart lighting hardware is further subdivided into lamps and luminaires, with the smart lamp category indicating considerable growth potential from 2022 to 2030. The popularity of connected lighting bulbs and fixtures that can change colours, dim lights, and turn on/off using a controlling device such as a smartphone or tablet is related to the hardware segment demand.
Outdoor LED Smart Lighting Solution Communication Technology Insights
The Outdoor LED Smart Lighting Solution Market segmentation, based on Communication Technology, includes Wired, Wireless. Over the projection period, the wireless connectivity category is expected to grow at the fastest CAGR of more than 20%. Wireless connectivity in a smart lighting environment is widely preferred by consumers who require connections within a short distance, making it the fastest expanding segment over the projection period. Wi-Fi, Bluetooth, SmartThings, Z-Wave, and ZigBee wireless technology connects lighting fixtures with smartphone apps to control the light bulb's functionality.
Figure1: Outdoor LED Smart Lighting Solution Market, by Communication Technology, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Outdoor LED Smart Lighting Solution Application Insights
The Outdoor LED Smart Lighting Solution Market segmentation, based on Application, includes Street Lighting, Landscape Lighting, Stadium, Parking, Waterways And Others. The street lighting segment dominates the market. Lighting routes, streets, lanes and by-lanes, and walkways has become a critical emphasis area in order to preserve public safety and vibrancy, resulting in market growth. Furthermore, the stadium and parking segments are likely to increase at a rapid rate. Lighting fixtures are typically utilized in multi-story parking garages and have an enclosed design that protects them from moisture, dust, and insects.
Outdoor LED Smart Lighting Solution Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Outdoor LED Smart Lighting Solution Market area will dominate this market, due to consumers' rising adoption of smart lighting and the energy-efficient solution to the lighting problem in the region. In addition, some prominent corporations, such as Honeywell International Inc., have produced smart lighting solutions using cutting-edge technologies, promoting the region's adoption of smart lighting solutions.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: Outdoor LED Smart Lighting Solution Market SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Outdoor LED Smart Lighting Solution Market accounts for the second-largest market share because of increased commercial building construction for office, retail, and entertainment uses, demand for smart lighting is increasing, which is also driving market revenue growth in this area. Further, the German Outdoor LED Smart Lighting Solution Market held the largest market share, and the UK Outdoor LED Smart Lighting Solution Market was the fastest growing market in the European region
The Asia-Pacific Outdoor LED Smart Lighting Solution Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the growing demand from the commercial and residential application categories. Moreover, China’s Outdoor LED Smart Lighting Solution Market held the largest market share, and the Indian Outdoor LED Smart Lighting Solution Market was the fastest growing market in the Asia-Pacific region.
Outdoor LED Smart Lighting Solution Key Market Players& Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Outdoor LED Smart Lighting Solution Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Outdoor LED Smart Lighting Solution industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Outdoor LED Smart Lighting Solution industry to benefit clients and increase the market sector. In recent years, the Outdoor LED Smart Lighting Solution industry has offered some of the most significant advantages to medicine. Major players in the Outdoor LED Smart Lighting Solution Market, including Osram Licht AG (Germany), Honeywell International Inc. (U.S.), General Electric (U.S.) and Cooper Industries, Inc. (U.S.) and others, are attempting to increase market demand by investing in research and development operations.
Leviton Manufacturing Company, Inc. is a North American producer of electrical wiring equipment. Electrical light sockets, receptacles, and outlets, switches, dimmers, and other lighting control systems, wire, power cables, power cords, wall and ceiling occupancy sensors, wall plates, datacom, and other electrical goods are all manufactured by the company. In November 2021, Leviton has released a new series of LED Illuminated Switches that are intended to work with all bulb types, including LEDs, CFLs, and incandescent. Installation of these switches does not necessitate the use of a neutral wire.
Savant Systems Inc. is an American home automation firm based in Hyannis, Massachusetts. The privately held corporation was started in 2005. It employs 200 people at its headquarters and 700 more through its subsidiary GE Lighting. Savant Systems owns GE Lighting, which it purchased from General Electric in May 2020. The price was not disclosed by either corporation, although the Wall Street Journal reported that it was $250 million. At the historic Nela Park in East Cleveland, Ohio, GE Lighting employs 700 workers. In January 2023, GE Lighting, a Savant company, has announced the expansion of its Cync smart home network. Cync revealed their whole Dynamic Effects entertainment array, including 16 million colours, pre-set and personalized light shows, on-device music synchronization, and other capabilities.
Key Companies in the Outdoor LED Smart Lighting Solution market include
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Philips Lighting Holding B.V. (Netherlands)
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Acuity Brands, Inc. (U.S.)
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General Electric (U.S.)
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Osram Licht AG (Germany)
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Honeywell International Inc. (U.S.)
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Cooper Industries, Inc. (U.S.)
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Schneider Electric SE (France)
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Digital Lumens, Inc. (U.S.)
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Streetlight. Vision (France)
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Lutron Electronics Company, Inc. (U.S.)
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Others.
Outdoor LED Smart Lighting Solution Industry Developments
March 2021, with the launching of decora smart Wi-Fi 2nd Gen, Leviton enhanced the compatibility and features of its award-winning Decora Smart Wi-Fi lighting control portfolio. The next generation of decora smart Wi-Fi includes four new products that work with the free My Leviton app, are Wi-Fi certified, and are compatible with Amazon AlexaTM, Hey Google, Apple HomeKit/Siri, IFTTT, and other voice assistants.
May 2021, Osram and Joyn, a developer of smart building solutions, announced a collaboration to provide cutting-edge LED lighting solutions for both indoor and outdoor applications. The collaboration is expected to hasten the adoption of smart lighting solutions across a variety of businesses.
April 2020, Cooper Lighting Solutions was purchased by Signify. The acquisition is expected to strengthen Signify's position in the North American market and diversify its offering of lighting solutions.
Outdoor LED Smart Lighting Solution Market Segmentation:
Outdoor LED Smart Lighting Solution Market By Component Outlook
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Hardware
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Software
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Services
Outdoor LED Smart Lighting Solution Market By Communication Technology Outlook
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Wired
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Wireless
Outdoor LED Smart Lighting Solution Market By Application Outlook
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Street Lighting
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Landscape Lighting
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Stadium
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Parking
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Waterways
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Others
Outdoor LED Smart Lighting Solution Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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