LED Street Light Market to Touch US$ 19.4 Billion by 2027 Registering a CAGR of 13.86% - Report by IMARC Group

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.

Light-emitting diode (LED) street light refers to a highly efficient and environment-friendly lighting fixture installed on poles that illuminates a large area. It consists of a cooling body, a tempered glass cover, an LED module, a constant current driver, and an optical lens for asymmetric light distribution. An LED street light is widely used to illuminate primary and secondary roads, highways, public spaces, tunnels, school yards, commercial buildings, walkways, parking areas, and residential complexes.

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LED Street Light Market Trends

The escalating demand for eco-friendly products, on account of the increasing environmental concerns among the masses, is primarily augmenting the LED street light market. Furthermore, the rising usage of these lights, as they reduce power consumption, minimizes carbon footprint, and doesn’t contain harmful chemicals and toxic gases, including mercury, lead, and argon, is positively influencing the global market. Apart from this, the widespread product adoption as part of smart city projects, owing to its sustainability, cost-effectiveness, lower maintenance, extended service life, and high luminous efficacy, is acting as another significant growth-inducing factor. Moreover, the introduction of a smart street light system that uses artificial intelligence (AI) and the Internet of Things (IoT) technology to deliver automated services, offer flexible dimming controls, and optimize consumption by reducing manual operations, is also bolstering the market growth. Besides this, the inflating investment by numerous government bodies in street light replacement programs to substitute conventional lamps with LED variants is further catalyzing the global market. Additionally, the launch of renewable and hybrid wind and solar power sources, the integration of cloud-computing capabilities, and the implementation of a connected street lighting program through a mobile network with a centralized management system (CMS) to control and monitor lighting assets remotely are expected to drive the LED street light market in the coming years.

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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This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.

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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