Street Lighting Market size is predicted to see lucrative gains in the coming years impelled by growing initiatives for providing safety and visibility on roads in dark conditions across the globe. These devices provide enhanced visibility to drivers and pedestrians, which is a crucial factor for road safety, further creating a high demand for streetlights. Increasing government investments and initiatives to develop public infrastructure facilities are promoting the street lighting market growth globally. The increasing need for sustainable and power-efficient light products has led to the development and adoption of solar lights. Additionally, the integration of LEDs into these devices provides features such as long lifetime, lower energy consumption, and reduced maintenance costs. Increasing smart city establishments across the globe are driving the market growth.
The traditional lights consume high power, have a shorter lifetime, and high replacement cost, majorly hindering the street lighting market. The installation process needs a new wiring setup, which will lead to the cost of wires, labor charges, and other expenses, further increasing overall installation cost. Additionally, owing to their fragile nature, luminaries require good packaging and transportation facilities, adding up to the product price. The technical developments, such as LEDs, solar-powered light, and smart lights, will support in overcoming the existing challenges, further fueling market expansion. External factors, such as import duties and rates on lighting solutions, lead to the increased price of the product, which will limit the industry development.
The street lighting market is witnessing rapid growth owing to the increasing demand for road safety and traffic control. The growing urbanization and various developments in urban areas are generating a high demand for these products. Several government initiatives for smart cities projects and reducing the carbon emissions will lead to the adoption of technically developed smart lights or LEDs in these devices. Growing investments by major players in R&D activities to introduce new technology, such as wireless and sensor-based lights, are promoting the demand for these devices, further driving the market growth.
LEDs are gaining high popularity in the street lighting market due to their various features such as energy efficiency, longer life expectancy, low carbon emissions, and accurate color rendering. The growing demand for energy-efficient lights in streetlights to reduce energy consumption is supporting the higher implementation of LEDs. The decreasing price of LEDs and government subsidies for supporting their implementation are further leading to a high product demand. The longer life expectancy of this technology is boosting the utilization in lighting devices, promoting street lighting market growth. The industrial sector is adopting LEDs on outdoor premises to reduce the carbon footprints and energy consumption.
The controller segment has witnessed growth in the street lighting market due to its features such as easy maintenance and increased energy saving. These control systems are utilized for monitoring the lighting device and controlling them. The integration of several sensors, dimmers, and timers into the control system allows greater energy management, further providing energy efficiency. With the increasing adoption of smart lights and LEDs, the controls are essential for the efficient working of devices. Lighting control systems can also assist in load shedding practices by driving down the usage during peak demand periods. The system provides better management of the current input, increasing the life expectancy of the lighting products, adding up to the street lighting market expansion.
The Asia Pacific street lighting market is growing due to the high manufacturing and distribution of LED-based lighting systems and the presence of major exporters of energy-efficient light solutions. Several governments in the Asia Pacific region have implemented energy-saving policies, which include the promotion of LED bulbs over the traditional incandescent bulbs. The Smart City Mission is an initiative by the Government of India for economic growth and providing enhanced lifestyle by enabling local development with advanced technical support. Additionally, the rapid development of smart cities in the U.S. and Canada is leading to the development of intelligent infrastructures with smart lighting, fueling the market growth.
Major players in the street lighting market include Philips Lighting N.V, OSRAM GmbH, K-LITE, Panasonic, Schneider Electric, Toshiba Lighting, Dimonoff Inc., Cree Inc., Legrand, and General Electric Co. Several companies in the market are adopting strategies such as M&A activities, collaborations, and partnerships to gain high revenue and for a competitive advantage. For instance, in August 2017, OSRAM GmbH launched new streetlight LEDs, which are environment-friendly and offer amber colored lighting for better visibility. For instance, In February 2017, LSI Industries Inc. announced its acquisition of Atlas Lighting Products, to enhance its LED light product portfolios.