COVID-19 Impact Review: Outdoor Lighting Market 2020, Outlook in 2030? | Know the Challenges and Trend Analysis
A major reason driving the growth of the outdoor lighting industry is the rising adoption of energy-efficient lighting solutions. These days, solar-powered lighting is emerging as a reliable and popular source of street lighting and is extensively being utilized around the world. Strict government regulations for the development of sustainable infrastructure, increasing public and private investments towards electrification of off-grid areas, and surging consumer awareness about climate change are the major factors leading to the rising adoption of solar-lighting systems. These systems further have low operational cost, owing to which, they are ideal for remote locations. As per a study by P&S Intelligence, the outdoor lighting market is predicted to reach a value of $23.8 billion by 2030, rising from $10.7 billion in 2019, advancing at a 7.3% CAGR during the forecast period (2020–2030). The market is witnessing growth due to the rising adoption of energy-efficient lighting s...