The global revenue from outdoor LED luminaires will grow from $921 million annually in 2014 to $1.4 billion in 2021, according to a Navigant Research report.
The lifespan of LEDs is longer than that of traditional lighting and due to this direct revenue from lamp and luminaire sales will decrease gradually after 2021, says the report.
This trend will initiate major players in the market to formulate a service model for lighting technology than offering LED lighting facility as a one-time equipment sale.
Besides, with the fall in price, the idea of installing a number of outdoor LED luminaries will become more convincing for customers.
The deployment of LED lighting in parking lots will cut down bills and help in achieving environmental goals, with an enhanced benefit of quality lighting, says, Jesse Foote, senior research analyst, Navigant Research.
Drivers can easily identify objects; minimize glare and light pollution and make spaces visually appealing, enhancing safety during driving with LED lamps in parking areas.
Outdoor lighting systems are going through early stages of transition from fluorescent, halide lamps to LEDs.