Over the next 10 years, however, light-emitting diodes (LEDs) will become the leading lamp type for outdoor installations. According to a new report from Navigant Research, worldwide shipments of luminaires with LED lamps for outdoor and parking applications will grow from 4.1 million annually in 2014 to nearly 14 million in 2023.
“LED outdoor area luminaires must compete with existing technologies that are relatively energy efficient and low cost, making lifetime cost savings more challenging in a market led by retrofits and replacements,” says Jesse Foote, senior research analyst with Navigant Research.
“With LED prices continuing to fall, however, the case for replacing today’s most prevalent lighting technologies is becoming more and more compelling.”
The growth of smart city initiatives is also driving outdoor lighting systems to become increasingly sophisticated, according to the report. Smart lighting systems can make decisions in real time; a networked light in a city park, for example, can detect when an individual lamp burns out and immediately schedule a maintenance crew visit.
Many companies in the lighting sector now refer to themselves as being at the center of the Internet of Things, rather than as pure-play lighting companies.
The report, Outdoor and Parking Lighting Systems, analyzes the global market opportunity for outdoor luminaires, lamps, and lighting controls in the following end-use applications: city parks and public areas, sports parks and stadiums, commercial site lighting, open air parking lots, indoor parking garages, and university and college campuses.
The report provides a comprehensive assessment of the demand drivers, business models, policy and regulatory factors, and technology issues associated with the global market for these products. Key industry players are profiled in depth, and worldwide revenue and unit shipment forecasts, segmented by nine product types and five major geographic regions, extend through 2023.
An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information can be found at www.navigantresearch.com.
Navigant is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information can be found at www.navigant.com.