Outdoor LED Lighting Market Size, Share, Growth Analysis, By Type(LED Street Lights, LED Floodlights), By Application(Municipal Lighting, Commercial Lighting) - Industry Forecast 2024-2031

Outdoor LED Lighting Market size was valued at USD 19.9 billion in 2021 and is poised to grow from USD 21.9 billion in 2022 to USD 48.8 billion by 2030, growing at a CAGR of 10.5% in the forecast period (2023-2030).

The global outdoor LED lighting market is driven by the increasing adoption of energy-efficient lighting solutions, growing urbanization, and government initiatives promoting sustainable practices. Outdoor LED lighting offers numerous advantages, such as longer lifespan, reduced energy consumption, and lower maintenance costs, making it an attractive choice for various outdoor applications. As governments and organizations worldwide seek to reduce their carbon footprint and energy consumption, outdoor LED lighting has emerged as a viable solution to meet these objectives. Additionally, the ongoing phase-out of traditional incandescent and fluorescent bulbs further fuels the demand for LED lighting solutions in outdoor settings. The versatility of outdoor LED lighting solutions is another factor contributing to their growing popularity. These lighting systems are suitable for a wide range of applications, including street lighting, architectural lighting, parking lots, stadiums, and public spaces.

The ability to provide efficient illumination while reducing light pollution makes LED lighting an ideal choice for city planners and urban developers. Moreover, advancements in LED technology have led to enhanced product performance and increased affordability, making outdoor LED lighting more accessible to various end-users. As the cost of LED components continues to decline, the return on investment for adopting LED lighting solutions improves significantly, encouraging adoption across both public and private sectors.

US Outdoor LED Lighting Market is poised to grow at a sustainable CAGR for the next forecast year.