To cater to the booming population, countries are rapidly stepping up their infrastructure development efforts. The World Bank says in its Construction Industry Value Chain report of 2018 that almost 75% of the infrastructure that will be there in 2050 hasn’t been constructed yet, thus reflecting a burgeoning demand for raw materials and other things.
This is already being reflected in the increasing number of roads and highways, bridges, tunnels, stadia, commercial buildings, factories, and residences around the world. One of the primary requirements in any modern setting is lighting, for both interior and exterior purposes. P&S Intelligence says that the growing infrastructure sector will likely propel the outdoor lighting market to $23.8 billion in 2030 from $10.7 billion in 2019 at a 7.3% CAGR during 2020–2030 (forecast period).
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In this regard, the increasing spending on transport infrastructure has been driving the installation of outdoor lights, by leading to the construction of new roads, highways, bridges, parking lots, and tunnels. As more lights mean more energy consumption, most countries are focusing on energy-efficient lights, such as light-emitting diodes (LED), even replacing the existing conventional fixtures with them.
For instance, under the Street Light National Programme (SLNP) launched by the Indian government in 2015, 35 million conventional street lights are being replaced with LEDs. Similarly, in 2016, Los Angeles completely replaced all of its 150,000 streetlights with LEDs in hopes of reducing its electricity usage by almost 63% and, in turn, saving $8 million in utility expenses every year.
This market research report provides a comprehensive overview of the market
This is already being reflected in the increasing number of roads and highways, bridges, tunnels, stadia, commercial buildings, factories, and residences around the world. One of the primary requirements in any modern setting is lighting, for both interior and exterior purposes. P&S Intelligence says that the growing infrastructure sector will likely propel the outdoor lighting market to $23.8 billion in 2030 from $10.7 billion in 2019 at a 7.3% CAGR during 2020–2030 (forecast period).
Get the Sample Copy of this Report @ https://www.psmarketresearch.com/market-analysis/outdoor-lighting-market/report-sample
In this regard, the increasing spending on transport infrastructure has been driving the installation of outdoor lights, by leading to the construction of new roads, highways, bridges, parking lots, and tunnels. As more lights mean more energy consumption, most countries are focusing on energy-efficient lights, such as light-emitting diodes (LED), even replacing the existing conventional fixtures with them.
For instance, under the Street Light National Programme (SLNP) launched by the Indian government in 2015, 35 million conventional street lights are being replaced with LEDs. Similarly, in 2016, Los Angeles completely replaced all of its 150,000 streetlights with LEDs in hopes of reducing its electricity usage by almost 63% and, in turn, saving $8 million in utility expenses every year.
This market research report provides a comprehensive overview of the market
- Future potential of the market through its forecast for the period 2020– 2030
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
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