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Increasing Traffic Congestion Fueling Outdoor Lighting Deployment

The International Organization of Motor Vehicle Manufacturers (OICA) estimated that 77,971,234 vehicles were sold across the world in 2020, including 53,598,846 units of passenger cars and 24,372,388 units of commercial vehicles. The steep surge in automobile sales has resulted in dense traffic around the globe, owing to which governments of numerous countries, especially China, India, Germany, and the U.S., are focusing on the development of their roads and highways.

Thus, the soaring automobile sale and increasing development of highways and roads will create a huge requirement for outdoor lighting solutions. Moreover, the increasing number of government initiatives on energy efficiency, on account of the surging concerns for energy conservation, will drive the outdoor lighting market at a CAGR of 7.3% during the forecast years (2020–2030).


Outdoor Lighting Market Growth, Demand & Opportunities

According to P&S Intelligence, the market revenue is expected to rise from $10.7 billion in 2019 to $23.8 billion by 2030. Governments around the world are deploying high volumes of light-emitting diode (LED) lights, due to the low carbon and thermal pollution caused by these energy-efficient lights. In recent years, solar-powered lighting systems have emerged as a reliable and popular source of street lighting.

These renewable energy lighting solutions are gaining traction due to the toughening government regulations on sustainable infrastructure development, soaring customer awareness about climate change, and mounting public and private investments being made for electrification of off-grid areas. Additionally, the independence of solar street lights from utility grids and low maintenance and operational costs of such lights have fueled their installation on roads and highways.

This market research report provides a comprehensive overview of the market
  • The 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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