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According to the estimates by IMARC Group, the global LED street lighting market is expected to grow at a CAGR of 13.86% during the forecast period (2022-2027).
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, Russia and Other Regions, where China dominates the global market.
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