The global LED street light market to grow at a CAGR of 13.5% during the forecast period (2021-2026). Looking forward, the market is expected to continue its moderate growth during the next five years., according to a new report by IMARC Group.
The light-emitting diode (LED) street lights are one of the most energy-efficient lighting solutions for outdoor applications. These lights are compact and cost-effective and provide longer life and improved light. They are easy to install, produce less heat and require low maintenance as compared to their conventional counterparts. Moreover, they do not contain toxic chemicals, such as metal halide, sodium and mercury. Owing to these associated benefits, they are gaining traction across the globe for improving public safety and providing a safe and secure driving route.
The development of smart cities represents one of the key factors driving the LED street light market growth. Technological advancements, such as integrated systems that alert officials when a light needs maintenance and increases brightness when a pedestrian walk, are also acting as major growth-inducing factors.
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Furthermore, governments of numerous countries are investing in the replacement of existing street lights with energy-efficient LED lighting solutions for building a connected and secure city lighting network. In addition to this, increasing partnerships between the industry players are further contributing to the market growth.
For instance, the Climate Group, an international non-profit organization, in partnership with Signify Holding, which is a lighting company, encouraged the wider adoption of LED lights around the world. Other factors, such as rapid urbanization, along with an enhanced focus on sustainable developments, are projected to bolster the market growth in the upcoming years.
Residential Street Lighting Highways and Interchanges Railway Crossings Tunnels Bridges Housing Complexes and Warehouses
India China Europe United States Japan Brazil Russia
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Some of the major players operating in the industry include Nichia Corporation (5393:Tokyo), Osram (OSR), Samsung Electronics Co., Ltd. (SSNLF), Everlight Electronics Co., Ltd. (TPE: 2393) and LG Innotek (KRX: 011070)
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