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NEW YORK , March 10, 2022 /PRNewswire/ -- The outdoor landscape lighting market size will grow by USD 664.88 million from 2021 to 2026, as per the latest market analysis report by Technavio. The report also predicts the market to progress at a CAGR of 5.52% during the forecast period. The outdoor landscape lighting market report covers insights on major trends, key growth drivers, and challenges impacting the overall growth of the market.
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The market is driven by growing demand for LED lighting for different applications. These lighting solutions are deployed in retail, hospitality, architecture, as well as other commercial and residential applications. This is increasing the adoption of LED lighting worldwide. In addition, the rapid advances in technology in the lighting industry is another factor supporting the outdoor landscape lighting market share growth. The technological transition in the market is trending toward product enhancements in terms of better efficiency and power-saving capabilities. These technological transitions in the market will also encourage vendors to be more responsive to the technological changes that customers need. However, The poor performance of LED lightings at high temperatures will be a major challenge for the outdoor landscape lighting market during the forecast period. The performance of LED chips and their related products is inversely proportional to temperature. The higher the temperature, the lower the LED performance.
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The Outdoor Landscape Lighting Market is segmented by Application (ATG and underwater), End-user (commercial and residential), and Geography (APAC, Europe , North America , South America , and Middle East and Africa ). The ATG segment held the highest market share in 2021. The segment will continue to account for the highest share during the forecast period with the vendors of this market segment are expected to increasingly adopt LED technology at a moderate rate. This is primarily because LED is energy-efficient and has a long lifecycle. The growing number of outdoor ATG spaces will increase the need for lighting such areas, which undoubtedly will have a positive impact on the growth of the market segment. In terms of Geography, APAC is likely to contribute 44% of the market's growth during the forecast period. The growth can be attributed to the rising disposable incomes, an increasing number of dual-income households, growing product awareness, and increasing availability of a comprehensive range of product offerings.
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The outdoor landscape lighting market covers the following areas:
This report presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters.
Outdoor Landscape Lighting Market Sizing Outdoor Landscape Lighting Market Forecast Outdoor Landscape Lighting Market Analysis Companies Mentioned
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Outdoor Landscape Lighting Market Scope
Accelerate at a CAGR of 5.52%
APAC, Europe, North America, South America, and Middle East and Africa
US, China, Japan, Germany, and UK
Leading companies, competitive strategies, consumer engagement scope
Acuity Brands Inc., ALLIANCE Outdoor Lighting, CAST Lighting LLC, Eaton Corp. Plc, General Electric Co., Halco Lighting Technologies LLC, Hubbell Inc., Kichler Lighting LLC, Landscape Forms Inc., LSI Industries Inc., Orbit Industries Inc., OSRAM Licht AG, Oversea Lighting and Electric (M) Sdn. Bhd., Panasonic Corp., Signify NV, VOLT Lighting, WAC Lighting, Wipro Ltd., and Cree Inc.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period,
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About Us Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: [email protected] Website: www.technavio.com/
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