According to IMARC Group’s latest report, titled “LED Street Light Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” The global LED street light market size reached US$ 9 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 19.4 Billion by 2027, exhibiting a CAGR of 13.86% during 2022-2027.
Year Considered to Estimate the Market Size:
Base Year of the Analysis: 2021
Historical Period: 2016-2021
Forecast Period: 2022-2027
LED Street Light Market Overview:
Light-emitting diode (LED) street light represents a highly efficient and environment-friendly lighting fixture installed on poles that illuminates a large area. It comprises a cooling body, a tempered glass cover, an LED module, a constant current driver, and an optical lens for asymmetric light distribution. LED street light is extensively used to illuminate primary and secondary roads, highways, public spaces, tunnels, school yards, commercial buildings, walkways, parking areas, residential complexes, etc. It also improves traffic safety and road conditions by aiding drivers and pedestrians in identifying warnings and signs on the road. LED street light saves energy, minimizes light pollution, provides good color rendering, irradiates natural light, etc. As compared to traditional lights, it has a longer lifespan and lowers energy consumption. Consequently, it finds wide-ranging applications across urban settings to build a secure and connected city lighting network.
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LED Street Light Market Trends
The increasing demand for eco-friendly products, on account of the growing consumer environmental concerns, is primarily augmenting the LED street light market. Furthermore, they reduce power consumption as well as carbon footprint and do not contain harmful chemicals and toxic gases, including mercury, lead, argon, etc., which is acting as another significant growth-inducing factor. Apart from this, the widespread adoption of LED street lights as part of smart city projects, owing to their sustainability, cost-effectiveness, lower maintenance, extended service life, high luminous efficacy, etc., is positively influencing the global market. Moreover, the introduction of variants that use artificial intelligence (AI) and the Internet of Things (IoT) technology to deliver automated services, offer flexible dimming controls, and optimize consumption by minimizing manual operations is expected to fuel the LED street light market in the coming years.
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LED Street Light Market Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the LED street light market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Nichia Corporation
- Osram
- Samsung Electronics Co., Ltd.
- Everlight Electronics Co., Ltd.
- LG Innotek
Key Market Segmentation:
The report has segmented the LED street light market on the basis of product, application and region.
Breakup by Application:
- Retrofit
- Retail & Hospitality
- Outdoor
- Offices
- Architectural
- Residential
- Industrial
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Turkey, South Africa, Others)
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Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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