According to the latest report by IMARC Group, titled “LED Street Light Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on global LED street light market share. The global LED street light market reached a value of 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 diodes (LEDs) are semiconductor devices that produce non-coherent and narrow-spectrum light when an electric current is passed through them. LED lights are environment-friendly, and help save around 90% of the overall energy as compared to conventional lights like fluorescent lamps. Besides this, these lights are reliable, compact and offer fast switching, longer lifespan, improved physical robustness, low heat output and minimum radiation emission. Consequently, the LED technology has been combined with exterior area lighting, such as street lights, which provides various opportunities for building a secure and connected city lighting network.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global LED Street Light Market Trends and Drivers:
At present, governing agencies of numerous countries are undertaking initiatives to develop smart cities. This, in turn, is increasing the sales of LED street lights, which play a key role in the renovation of the aging city infrastructure. Moreover, the implementation of connected street lighting programs through a mobile network with a Centralized Management System (CMS) enables city managers to control and monitor lighting assets remotely. Apart from this, these agencies are also focusing on the replacement of old street lights with LED variants to save energy. For instance, several cities in the United Kingdom have recently introduced projects for installing smart lighting systems. Similarly, the New York State Energy Research and Development Authority (NYSERDA) project aims to create a more affordable pathway to LED street light conversion in the state. However, with the sudden surge of the coronavirus disease (COVID-19), governments of various countries have imposed lockdowns, which have led to the temporary closure of several manufacturing units. This has negatively impacted the market growth, but the industry is anticipated to grow once normalcy is regained.
Key Market Segmentation:
The report has segmented the global LED street light market on the basis of application and region.
Breakup by Application:
- Retail & Hospitality
- United States
- Other Regions
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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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