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Street Lighting Market Size
Street Lighting Market size is projected to witness lucrative gains from 2024-2032 impelled by the growing initiatives for providing safety and visibility on roads in dark conditions across the globe. Street lighting devices deliver improved visibility to motorists and pedestrians for aiding in significant road safety. The increasing government and private investments are driving the ongoing measures to develop public infrastructure facilities. To cite an instance, in March 2023, MIGA offered guarantees to KLED Capital and CIFI LATAM to assist in the installation, operation, and maintenance of an upgraded streetlight network in Saint Lucia. The project aims to replace 22,000 sodium streetlights on the island with LEDs and install 2,460 new LED streetlights, resulting in a GHG emission reduction of 5,000 tons of CO2e annually while boosting the level of lighting by more than 30% throughout the road network.
By fostering innovations and synergies, companies are partnering to expand their reach, accelerate product development, and address the evolving customer needs. For instance, in January 2024, Fluvius announced plans to upgrade over 1 million streetlamps in Belgium to LED technology by 2028. In addition, the rapid urbanization and developments in various urban areas are generating a high demand for streetlights in line with the surging emphasis on smart city projects and zero-carbon emissions programs. However, budget limitations, regulatory challenges surrounding energy efficiency standards, and the initial high costs of modernization may slow down the market expansion to some degree.
Street Lighting Market Trends
The surging need for sustainable and power-efficient light products leading to the adoption of solar lights is complementing the escalating demand for road safety and traffic control. Owing to their fragile nature, luminaries require good packaging and transportation facilities, adding to the product price. To that end, the introduction of LEDs, solar-powered lights, and smart lights to offer long shelf life, lower energy consumption, and reduced maintenance costs is benefitting in overcoming the existing challenges. For instance, in September 2023, Raytec introduced SPARTAN Street, a new line of high-performance general area luminaires designed exclusively for access roads, paths, and building perimeters in hazardous areas.
Street Lighting Market Analysis
LEDs are set to gain high popularity in the street lighting industry through 2032, due to their beneficial properties, such as energy efficiency, longer life expectancy, low carbon emissions, and accurate color rendering. The soaring demand for energy-efficient lights in streetlights to reduce energy consumption is supporting the higher implementation of LEDs. The decreasing price and the rise in government subsidies for supporting implementation will also fuel the product demand.
Street lighting industry size from the controller segment is set to depict exponential growth from 2024 to 2032 due to its easy maintenance and increased energy-saving features. These control systems are utilized for monitoring and controlling the lighting devices. Integration with 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, controllers have become essential for the efficient working of devices.
Regionally, the APAC street lighting market is set to progress at a robust rate during 2024-2032 attributed 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 region are implementing energy-saving policies, including the promotion of LED bulbs over traditional incandescent bulbs. The Smart City Mission is an initiative by the Government of India for economic growth for providing an enhanced lifestyle by enabling local development with advanced technical support. Such favorable government initiatives are further expected to accelerate the regional industry expansion.
Street Lighting Market Share
Several prominent street lighting firms are driving innovations with advanced LED technologies, smart lighting solutions, and sustainable practices to cater to the rising end-user demands. Through strategic partnerships, research investments, and community engagement, these market contenders are enhancing urban infrastructure, promoting energy efficiency, as well as creating safer, more vibrant cities for residents and businesses alike.
Major players in the street lighting market include-
- Philips Lighting N.V
- K-LITE
- OSRAM GmbH
- Panasonic
- Toshiba Lighting
- Schneider Electric
- Dimonoff Inc.
- Legrand
- Cree Inc. (Wolfspeed)
- General Electric Co.
Street Lighting Industry News
- In September 2023, US LED Ltd. introduced its new Right Choice Series of outdoor LED luminaires, to help users elevate their site lighting to new heights of distinction and performance while providing incredible value.