According to the latest report by IMARC Group, titled “LED Street Light Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global LED street light market size reached US$ 10 Billion in 2019. Light-emitting diodes (LEDs) are semiconductor devices that produce non-coherent and narrow-spectrum light when an electric current is passed through them. LED lights are environment-friendly, and help save around 90% of the overall energy as compared to conventional lights like fluorescent lamps. Besides this, these lights are reliable, compact and offer fast switching, longer lifespan, improved physical robustness, low heat output and minimum radiation emission. Consequently, the LED technology has been combined with exterior area lighting, such as street lights, which provides various opportunities for building 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.
Global LED Street Light Market Trends:
At present, governing agencies of numerous countries are undertaking initiatives to develop smart cities. This, in turn, is increasing the sales of LED street lights, which play a key role in the renovation of the aging city infrastructure. Moreover, the implementation of connected street lighting programs through a mobile network with a Centralized Management System (CMS) enables city managers to control and monitor lighting assets remotely. Apart from this, these agencies are also focusing on the replacement of old street lights with LED variants to save energy. For instance, several cities in the United Kingdom have recently introduced projects for installing smart lighting systems. Similarly, the New York State Energy Research and Development Authority (NYSERDA) project aims to create a more affordable pathway to LED street light conversion in the state. However, with the sudden surge of the coronavirus disease (COVID-19), governments of various countries have imposed lockdowns, which have led to the temporary closure of several manufacturing units. This has negatively impacted the market growth, but the industry is anticipated to grow once normalcy is regained. Looking forward, the market is expected to grow at a steady rate during the forecast period (2020-2025).
- Based on the application, the market has been segregated into retrofit, retail and hospitality, outdoor, offices, architectural, residential and industrial segments. At present, LED lights are commonly used for retrofitting.
- Region-wise, the market has been classified into the United States, India, China, Europe, Japan, Brazil, Russia and others. Amongst these, China enjoys the leading position in the LED lighting market.
- The competitive landscape of the market has been examined in the report, along with the detailed profiles of the major players operating in the industry.
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