Overview and Scope
The LED Street lights, also referred to as LED pedestrian lights, are energy-efficient alternatives to traditional street lights such as high-pressure sodium (HPS) Street lights and road lamps that are utilized in cities, within and around homes. These lights enhance traffic safety and road conditions by making objects easier for pedestrians and drivers to recognize at night.
Sizing and Forecast
The LED street light market size has grown exponentially in recent years. It will grow from $11.86 billion in 2023 to $14.53 billion in 2024 at a compound annual growth rate (CAGR) of 22.4%. The growth in the historic period can be attributed to energy efficiency initiatives, government regulations and policies, cost savings, urbanization trends, environmental sustainability.
The LED street light market size is expected to see exponential growth in the next few years. It will grow to $31.43 billion in 2028 at a compound annual growth rate (CAGR) of 21.3%. The growth in the forecast period can be attributed to smart city initiatives, renewable energy integration, public safety and security, urban infrastructure development, cost-effective upgrades. Major trends in the forecast period include implementation of connected street lighting networks, focus on environmentally friendly materials, use of long-lasting and low-maintenance components, government initiatives for led street lighting, customized lighting solutions for smart cities.
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The LED street light market covered in this report is segmented –
1) By Connectivity: Wired, Wireless
2) By Sales Channels: Direct, Indirect
3) By Applications: Retrofit, Retail And Hospitality, Outdoor, Offices, Architectural, Residential, Industrial, Other Applications
Asia-Pacific was the largest region in the LED street light market in 2023. The regions covered in the led street light market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The development of smart cities around the globe is driving the LED street light market going forward. Smart cities refer to an administrative territory that uses information and communication technology (ICT) to improve its operational efficiency and provide better infrastructural facilities to its residents. Elegantly designed LED streetlights reduce city energy usage and improve public safety. It focuses on the energy efficiency created in smart cities because of the use of technologies for information and communication (ICT), such as the Internet of Things (IoT). For instance, in November 2021, the Federal government announced the Investment and Jobs Act in its annual bill, in which it allocated $500 million for accelerating its smart city initiative and increasing the number of smart cities in the country. Additionally, the Indian government allocated $868 million for smart city development in FY 21–22, which was an increase from $457 million in FY 2020–2021. Therefore, the development of smart cities around the globe is driving the demand for the LED street light market.
Key Industry Players
Major companies operating in the LED street light market report are Samsung Electronics Co Ltd., Revolution Lighting Technologies Inc., Panasonic Corporation, Eaton Corporation plc, Wipro Limited, Signify N.V., NIPSCO Inc., Hubbell Inc., Leotek Electronics LLC, Acuity Brands Inc., OSRAM GmbH, Havells India Limited, Zumtobel Group, Syska LED Street Light, Cree Inc., TATA Power Solar Systems Ltd., Crompton Greaves Consumer Electricals Limited, Cooper Lighting Solutions, Bajaj Electricals Limited, LSI Industries Inc., PEMCO Lighting Products LLC, XtraLight LED Lighting Solutions, Daintree Company, Niland Company, Nichia Corporation, Pkk Lighting Inc., SAVANT TECHNOLOGIES LLC, Ultravision LED Solutions, Jacksen International Ltd., Optolumens Light Solution, Brandon Industries Inc.
The led street light market report table of contents includes:
1. Executive Summary
2. LED Street Light Market Characteristics
3. LED Street Light Market Trends And Strategies
4. LED Street Light Market – Macro Economic Scenario
5. Global LED Street Light Market Size and Growth
…..
32. Global LED Street Light Market Competitive Benchmarking
33. Global LED Street Light Market Competitive Dashboard
34. Key Mergers And Acquisitions In The LED Street Light Market
35. LED Street Light Market Future Outlook and Potential Analysis
36. Appendix
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