According to IMARC Group’s latest report, titled “LED Street Light Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” The global LED street light market size reached a value of US$ 9 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 19.4 Billion by 2027, exhibiting a CAGR of 13.86% during 2022-2027.
The light-emitting diode (LED) street lights are one of the most energy-efficient lighting solutions for outdoor applications. These lights are compact and cost-effective and provide longer life and improved light. They are easy to install, produce less heat and require low maintenance as compared to their conventional counterparts. Moreover, they do not contain toxic chemicals, such as metal halide, sodium and mercury. Owing to these associated benefits, they are gaining traction across the globe for improving public safety and providing a safe and secure driving route.
COVID-19 Impact:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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LED Street Light Market Trends
The development of smart cities represents the key factor driving the demand for LED streetlights. The installation of connected LED street lighting in smart cities projects serves as a contributor to the broader renovation of aging city infrastructure. The implementation of the connected street lighting program through a mobile network with a Centralized Management System (CMS) enables city managers to control and monitor lighting assets remotely. Moreover, a global shift from traditional lighting systems is also having a positive impact on market growth. Governments of various nations are taking initiatives to replace old streetlights with LED variants. For instance, cities in Canada and the United Kingdom have recently introduced projects for installing smart lighting systems. Besides this, starting from September 2019, the Government of Malaysia will replace all the streetlights in the country from incandescent or fluorescent bulbs to LED lights.
LED Street Light Market Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the LED street light market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
Nichia Corporation
Osram
Samsung Electronics Co., Ltd.
Everlight Electronics Co., Ltd.
LG Innotek
Key Market Segmentation:
The report has segmented the LED street light market on the basis of product, application and region.
Breakup by Application:
Retrofit
Retail & Hospitality
Outdoor
Offices
Architectural
Residential
Industrial
Breakup by Region:
North America (United States, Canada)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Turkey, South Africa, Others)
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Key Highlights of the Report:
Market Performance (2015-2020)
Market Outlook (2021-2026)
Market Trends
Market Drivers and Success Factors
Impact of COVID-19
Value Chain Analysis
Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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