Growing Environmental Awareness Powering the Robotaxi Market

The robotaxi market is valued at USD 458.9 million (E) in 2023, and it will touch USD 29.2 billion by 2030, powering at a mammoth rate of 82.6% by the end of this decade.

An economical and practical form of transportation is offered by robotaxis. With the use of smartphone applications, passengers might request a ride, therefore doing away with the requirement to own a car and saving money on traveling.

The key application in the industry is passenger transportation. Talking of the creation and use of automated vehicles, passengers are the key emphasis of OEM and service providers’ resources and efforts. 

On the basis of component, LiDAR sensors will have the fastest growth in the future. Automated vehicles' perception skills are enhanced by this tech, which allows them to identify and classify items for example passengers, other cars, and barriers with better precision. For dependable and secure process, the car's choices and grounding procedures hinge on such data.

Though self-driving vehicles frequently use other sensor techniques, for example radar, and camera LiDAR has some compensations. Particularly under poor lighting conditions, it allows high-resolution and detailed depth perception. For automatic driving functions, where precise object identification and localization are important, LiDAR does a world of good.

Based on vehicle type, the fastest growth will be by car. As a result of the current infra and road network built for conservative vehicles, cars have an edge in this industry. It is simpler to install and integrate autonomous cars as they can take advantage of the vast road networks, availability of parking lots, and charging infra presently in place.

 Due to the growing environmental awareness, the demand for robotaxis is on the rise, and this trend will continue in the years to come as well.

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With Ambitious Climate Targets, Energy-Efficient Lights Being Used Outdoors

 In the U.S., from 2014 to 2016, the Outdoor Lighting Accelerator garnered an assurance to upgrade 1.3 million street lights, with the aim to save an estimated $48 million every year for each of the 25 partners, including 16 cities, three states, and six regional energy networks. Outdoor lighting consumes a lot of energy, approximately 1.3 quadrillion British thermal units every year, adding up to a total cost of nearly $10 billion every year, as per the U.S. Department of Energy.

Hence, with the rising preference for energy-efficient lights, the worldwide revenue of the outdoor lighting market was $10,352.1 million in 2020, and it is predicted to grow at a 7.0% CAGR  during 2020–2030 and reach $20,269.7 million. Apart from the growing acceptance of energy-efficient lighting solutions, the rising number of government initiatives for energy efficiency and an increasing investment in infrastructure, especially in urban and semi-urban areas, are credited for the growth of the market.

Outdoor Lighting Market Trends and Demand Forecast, 2030

In the last decade itself, numerous municipalities started using LED technologies to reduce energy costs by about 50% over conventional lighting technologies and offer extra savings of 20 to 40% with smart controls. Apart from cost and energy savings, the higher effectiveness of LED lights offers benefits such as reduced carbon dioxide emissions, aiding cities to reach their goals of carbon reduction; decreased pollution by light, and better public safety due to enhanced visibility via better color rendition, and more-even distribution of the light.

The LED lights category reported the largest share in the outdoor lighting market in 2020, based on lighting type. It is further expected to be the fastest-growing category in the years to come. This can be credited to the rising penetration for LEDs as a source of light in numerous applications, for example, streets, parking spaces, and stadiums. Furthermore, LED permits the effective use of light intensity controls and enhances the potential for energy savings.

In recent times, in excess of 36.70 crore LED bulbs and 72.09 lakh LED tubes have been dispersed by the EESL all over India. This has brought about a projected savings of 47.98 billion kWh every year with an evaded peak demand of 9,747 MW, emission reduction of 39 million tons of CO2 equivalent every year, and projected annual savings of INR 19,156 crore on power bills. Dur to such advantages, LEDs for outdoor applications, such in parks, garages, and streets, is rapidly gaining popularity around the world.

APAC generated the highest revenue for the outdoor lighting market in 2020. This is credited to the rising adoption of smart LED lighting in the region, majorly under government initiatives. This region is correspondingly predicted to continue its dominance in the near future, because of the growing count of smart city projects in developing nations, such as China, South Korea, and India. Governments are also focusing on energy-saving through the usage of LED lighting on roads. The efficiency and low power consumption of LEDs are the important advantages that make them ideal for street lighting.

Hence, because of the presence of energy-efficient lighting solutions and increase in the number of government initiatives, the demand for smart outdoor lighting will rise further.

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COVID-19 Impact Review: Outdoor Lighting Market Outlook in 2020? | Know the Challenges and Trend Analysis

The prime focus of the different governments across the world at the present time is saving energy due to the surging energy crisis. It is because of this that the demand for energy efficient lighting solutions, primarily light emitting diodes (LED), is growing. Since LEDs can work efficiently for long operating hours and have low maintenance cost, they are particularly beneficial in outdoor lighting applications.

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Outdoor lighting includes illumination of public landscapes and private gardens for the purpose of security, safety, convenience, and nighttime aesthetics. As per a research conducted by P&S Intelligence, in 2017, the global outdoor lighting market generated a revenue of $8,740.0 million and is expected to advance at an 8.0% CAGR during the forecast period (2018–2023).

In addition to this, LEDs make excellent directional light source and are substantial with a long lifespan, which is why many local authorities, such as municipalities of different counties, have initiated projects to change their conventional outdoor lighting sources to LEDs. Apart from LEDs, high intensity discharge (HID) lamps, plasma lamps, and fluorescent lights are also utilized for outdoor lighting applications.

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Among these, the largest demand during 2013–2017 was created for HID lamps; however, during 2020–2023, the requirement for LED lights is predicted to be the highest. Out of these, the largest demand for outdoor lighting solutions was created for street lighting applications during 2013–2017 and the situation is expected to be the same during the forecast period as well due to the rising adoption of LED and solar-based lighting around the world.

Different types of outdoor lighting solutions are distributed by commercial and retail distribution channels. The higher demand for outdoor lighting is projected to be created by the commercial distribution channel in the coming years.

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