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The global LED street light market exhibited strong growth during 2015-2020. The LED technology has evolved significantly over time, which has led to a reduction in their production costs and simultaneous improvements in efficiency and performance characteristics. These enhancements have enabled the technology to be combined with roadway and exterior area lighting such as streetlights and floodlights. Nowadays, the incorporation of street lighting with energy-efficient, modern LED systems has presented numerous opportunities for building a secure and connected city lighting network. On account of their longer lifespan and lower energy consumption, various cities around the world have adopted LED streetlights.
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. Looking forward, IMARC Group expects the global LED street light market to grow at a CAGR of 13.5% during the forecast period (2021-2026).
IMARC Group provides an analysis of the key trends in each sub-segment of the global LED street light market report, along with forecasts for growth at the global, regional and country-level from 2021-2026. Our report has categorized the market based on region and application.
Breakup by Application:
Currently, LED lighting is majorly used for retrofitting purposes in which the inefficient light sources are replaced with LED lights in order to enhance optical performance and energy efficiency. The other major applications include retail & hospitality, outdoor, offices, architectural, residential and industrial.
On a regional basis, the report finds that China is the largest market for LED lighting, holding the majority of the global market share. This can be attributed to increasing urbanization, implementation of local energy saving targets and introduction of financial subsidies to promote the usage of LED lights across the nation.
The competitive landscape of the LED lighting industry has also been analyzed with details of the key players operating in the market across the globe.
According to the estimates by IMARC Group, the global LED street lighting market is expected to grow at a CAGR of 13.5% during the forecast period (2021-2026).
The rising development of smart cities and the upgradation of existing infrastructures represent some of the key drivers for the global LED street lighting market.
The implementation of the connected street lighting program through a mobile network with a Centralized Management System (CMS) which enables city managers to control and monitor lighting assets remotely, represents one of the key trends in the global LED street lighting market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary halt in numerous construction activities, particularly in the commercial sector, thereby hampering the demand for LED streetlights.
On the basis of the application, the market has been segmented into retrofit, retail & hospitality, outdoor, offices, architectural, residential and industrial. At present, retrofit exhibits a clear dominance in the market.
Region-wise, the market has been classified into India, China, Europe, United States, Japan, Brazil and Russia, where China dominates the global market.
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