Outdoor and parking lot LEDs expected to pass $1 billion by 2021

Navigant Consulting, Chicago, released a report on the lighting industry that forecasts growth in the outdoor and parking-lot segments of the market will push sales of LED lighting for those applications to around $1.4 billion worldwide by 2021. Navigant estimated the market at $921 million in 2014.

After 2021, though, look for sales to decline. “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, Outdoor and Parking Lighting Systems. “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.”

According to Navigant’s analysts, the growth of outdoor LED is about the quality of lighting as much as it is about environmental goals or cutting energy bills. The report also covers lighting controls for outdoor applications.

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