LED Luminaire Revenue for Outdoor and Parking Applications Will Reach $1.4 Billion Annually by 2021, Forecasts Navigant Research
Revenue expected to gradually decline after 2021, report concludes
BOULDER, Colo.--(BUSINESS WIRE)--Outdoor lighting systems are in the early stages of a transition from fluorescent, high-pressure sodium, and metal halide lamps to light-emitting diodes (LEDs). As LED prices continue to fall, the case for replacing today’s most prevalent lighting technologies in outdoor systems is becoming more and more compelling. Click to tweet: According to a recent report from Navigant Research, worldwide revenue from LED luminaires for outdoor and parking applications will grow from $921 million annually in 2014 to $1.4 billion in 2021.
“LED lighting can help drivers better identify objects, obstacles, and individuals; minimize glare and light pollution; and make spaces more visually appealing while enhancing safety for pedestrians and motorists.”
“While the deployment of LED lighting in parking lots will dramatically cut energy bills and help politicians achieve environmental goals, better lighting quality is a significant additional benefit in itself,” says Jesse Foote, senior research analyst with Navigant Research. “LED lighting can help drivers better identify objects, obstacles, and individuals; minimize glare and light pollution; and make spaces more visually appealing while enhancing safety for pedestrians and motorists.”
Because the lifespan of LEDs is much longer than that of conventional lighting, direct revenue from lamp and luminaire sales will actually decline gradually after 2021, according to the report. This trend will drive the large lighting providers to move toward a “lighting-as-a-service” model, in which LED lighting and energy management will be offered as an ongoing service rather than a one-time equipment sale.
The report, “Outdoor and Parking Lighting Systems”, analyzes the global market opportunity for outdoor luminaires, lamps, and lighting controls in end-use applications, including 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 about Navigant Research 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 about Navigant can be found at www.navigant.com.
* The information contained in this press release concerning the report, “Outdoor and Parking Lighting Systems,” is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.