Global LED Street Light Market - WishTree Insight

LED Street Light Market by Product (Luminaries and Lamps), Application (Retail & Hospitality, Offices, Retrofit, Industrial, And Others), and Regions, The Asia Pacific, Middle East Africa, Europe, North America, and Latin America) - Global Industry Analysis, Share, Growth, Trends, Size, and Forecast 2021 – 2031

The led street light market size was valued at USD 56.1 billion in 2021 and is expected to surpass USD 63.2 billion by 2031, expanding at a CAGR of 13.4 % during the forecast period, 2021–2031. The market's growth is attributed to government regulations to lower the adoption of inefficient lighting technologies and construction activities in many countries.

INTRODUCTION

LED lights are a better solution to halogen, incandescent lights, CFL, and others. LED requires low energy input and provides high illumination this quality makes them popular for indoor and outdoor settings. This light consumes less power and offers high-lumen power. It gives better service life and no flickering.

LED technology has evolved, which led to a reduction in production costs, which resulted in their efficiency and performance. Enhancements have enabled combining the technology with streetlights and floodlights to illuminate roadways and exterior areas. This incorporation of an energy-efficient LED system with street lights has offered tremendous opportunities to build a secure and connected city lighting network. Due to its lower energy consumption and long-lasting durability, many countries around the world have adopted LED streetlights.

In smart city projects, connected LED street light contributes to the renovation of aging city infrastructure. In the connected street lighting program, city managers can control and monitor lighting assets remotely through mobile networks and Centralized Management Systems (CMS)

Market Trends, Drivers, Restraints, and Opportunities

• The benefits of LED lights have made them popular and thus the usage of these lights has increased which has helped to grow the market.
• The development of smart cities worldwide is anticipated to propel market growth.
• The global shift from traditional light systems to LED systems is attributed to the growing LED street light market.
• Governments of different nations are taking initiatives to switch existing streetlights with LED light systems.
• Awareness among consumers of a shift towards green lighting is expected to spur the market.
• The integration of occupancy sensors and Wi-Fi are the latest trends in the LED lighting market which are attracting consumers and thus increasing the popularity of these lights in the market.

Scope of the Report

Market Segment Insights

The LED luminaries segment is projected to register a considerable CAGR of 56%

Based on product, the LED street light market is divided into luminaries and lamps. The LED luminaries segment is projected to register a considerable CAGR of 56% during the forecast period. The growth of the segment is attributed to increasing commercial construction activities, and rising smart city projects resulting in the installation of track lights and street lights. However, the LED lamp segment is anticipated to hold a key share of the market in the coming years. The segment's growth is attributed to the increasing adoption of LED lamps in the residential sector. The awareness of LED systems by the government, the availability of various designs, energy efficiency, and high stability are also some factors that are driving the segment growth in the LED street light market.

The retrofit segment is holding the key market share

Based on application, the led street light market is divided into retail & hospitality, offices, retrofit, industrial, and others. The retrofit segment is holding the key market share as they are widely used as a replacement for inefficient light sources. They enhance optical performance and are energy efficient.

The Asia Pacific region holds a key market share

In terms of regions, the led street light market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of the Asia Pacific region holds a key share. Countries from the region like China, India, and Japan have the largest market for LED lighting. The growth of the region is attributed to the implementation of local energy-saving targets, subsidies to promote the use of LED lights and increasing urbanization. However, Europe & North America region accounts for a significant revenue for the LED street light market, owing to stringent government initiatives and regulations pertaining to energy efficiency.

Competitive Landscape

Key players competing in the LED street light market are MLS Lighting Co. Ltd. (China); LSI Industries Inc. (U.S.); Panasonic Holdings Corporation (Japan); Dialight (London); LumiGrow, Inc. (U.S.); Bull Group Co., Ltd. (China); LEDfy (India).

FAQs

How much is the market worth?

The led street light market size was valued at USD 56.1 billion in 2021 and is expected to surpass USD 63.2 billion by 2031.

During the forecast period, what is the CAGR of the market?

During the forecast period, the CAGR of the market is expected to be 13.4%.

What are the key drivers of the market?

The market's growth is attributed to government regulations to lower the adoption of inefficient lighting technologies and construction activities in many countries.

Mention which region is expected to hold the highest share of the LED street light market.

The Asia Pacific region is expected to hold the highest share of the LED street light market.

Mention the key players in the market.

MLS Lighting Co. Ltd. (China); LSI Industries Inc. (U.S.); Panasonic Holdings Corporation (Japan); Dialight (London); LumiGrow, Inc. (U.S.); Bull Group Co., Ltd. (China); LEDfy (India).