The outrage of the fatal virus COVID hit various industries hard, and the outdoor lighting market is one of those industries. Going back to the year 2019, as per the reports, the market was valued at about $10 billion. The outdoor lighting market is driven by the growing demand for energy-efficient lighting & rising awareness about LED lighting systems. According to industry experts and recent growth trends, the market is showing great promise. It's predicted that it will grow at a Compound Annual Growth Rate (CAGR) of 7.3 % over the next five years and beyond.

There are multiple factors that contribute to this growth. Let’s take a closer look at a few of them.

TOP FACTORS DRIVING THE GROWTH OF THE OUTDOOR LIGHTING MARKET

Energy-efficient lighting is one of the significant factors that has helped contribute to the growth of this industry because it is an aspect in which there are many initiatives being taken by the government that has driven its industry to grow at such a fast pace. The quick rise in infrastructure, though also an important factor, is not as influential as energy-efficient lighting.

One thing many of us can agree upon is that the use of outdoor gas lanterns has also come back in trend as their demand has been increasing tremendously. Apart from the soothing and ambient source of lighting, they are also preferred by people who wish to decorate the interior and exterior of their house.

The demand for such lighting alternatives has increased over the past few years because it comes with multiple advantages to offer such as saving electricity, a wide variety of designs, and so much more.

Apart from that, the rapid construction of the roads and highways has also been propelling the growth of the outdoor lighting industry. The increasing construction activities and the growing demand for lighting systems that reduce the risk of personal injury and road accidents are expected to be the major drivers for the growth of the outdoor lighting market.

WRAPPING UP

So these were a few of the factors that have been driving the outdoor lighting industry growth. However, there are plenty of more to talk about as well, but that can take too long to be covered here. Hope you found the information helpful. In case you are someone who is also looking forward to buying the outdoor gas lights, then there is barely any other option better than relying on the "Gulf Coast Lanterns".

It’s one of the best companies out there that comes with an extensive collection of beautiful lanterns at affordable prices. Going through their website, you will be able to see a wide array of gas and LED lanterns that are sure to leave you wonderstruck. Apart from their wide variety of highly appealing and durable lanterns, you can also have your custom lantern made in no time. So feel free to head to their official website right now and get yourself those beautiful lanterns. To know more, visit - https://www.gulfcoastlanterns.com/Home.html