The LED Street Light Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s LED Street Light Global Market Report 2024, 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.
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.
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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
Major companies operating in the LED street light market are developing new products such as solar-powered streetlight to gain a competitive edge in the market. A solar-powered streetlight is a lighting system that integrates solar panels, batteries, LED lamps, and other components to provide illumination for outdoor areas, and pathways. For instance, in May 2023, AGC Inc., a Japan-based glass manufacturing company launched ST57 solar LED streetlight. The light is a sustainable and eco-friendly lighting option because it is solar energy powered. The ST57 offers a longer discharge time thanks to its integrated smart control, which includes a timer, PIR sensor, and microwave sensor. The IP66 rating of the ST57 guarantees protection from severe weather. It is a full-range solar streetlight with different features and advantages that comes in six different sizes (10W, 20W, 30W, 40W, 50W, and 60W).
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
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31. LED Street Light Market Other Major And Innovative Companies
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
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