According to the latest report by IMARC Group, titled “LED Street Light Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global LED street light market reached a value of US$ 9 Billion in 2021. Light-emitting diode (LED) street light refers to a highly efficient and environment-friendly lighting fixture installed on poles that illuminates a large area. It consists of a cooling body, a tempered glass cover, an LED module, a constant current driver, and an optical lens for asymmetric light distribution. An LED street light is widely used to illuminate primary and secondary roads, highways, public spaces, tunnels, school yards, commercial buildings, walkways, parking areas, and residential complexes. It improves traffic safety and road conditions by assisting drivers and pedestrians in identifying warnings and signs on the road. LED street light also saves energy, minimizes light pollution, provides good color rendering, and irradiates natural light. As compared to traditional lights, it has a longer lifespan and lower energy consumption, due to which it is witnessing a significant demand across urban settings to build a secure and connected city lighting network.
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.
LED Street Light Market Trends:
The increasing demand for eco-friendly products due to rising environmental concerns among the masses is one of the key factors driving the market growth. LED street light reduces power consumption, minimizes carbon footprint, and doesn’t contain harmful chemicals and toxic gases, such as mercury, lead, and argon. Furthermore, increasing product adoption as part of smart city projects due to its sustainability, cost-effectiveness, lower maintenance, extended service life, and high luminous efficacy is providing a considerable boost to market growth. Apart from this, the introduction of a smart street light system that uses artificial intelligence (AI) and the Internet of Things (IoT) technology to deliver automated services, offer flexible dimming controls, and optimize consumption by reducing manual operations is creating a positive outlook for the market. Moreover, the rising investment by several governments in street light replacement programs to substitute conventional lamps with LED variants is providing an impetus to the market growth. Other factors, including the introduction of renewable and hybrid wind and solar power sources, the integration of cloud-computing capabilities, and the implementation of the connected street lighting program through a mobile network with a centralized management system (CMS) to control and monitor lighting assets remotely, are anticipated to drive the market growth. On account of the aforementioned factors, the market value is expected to reach US$ 19.4 Billion by 2027, exhibiting a CAGR of 13.86% during 2022-2027.
- On the basis of the application, the market has been divided into retrofit, retail and hospitality, outdoor, offices, architectural, residential, and industrial. Currently, retrofit dominates the market.
- On a regional basis, the market has been categorized into India, China, Europe, United States, Japan, Brazil, Russia, and other regions. At present, China is the largest market for LED lighting.
- The competitive landscape of the industry has also been examined along with the profiles of the key players.
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