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Falling LED prices, street light market to witness impressive growth by 2021

Falling LED prices, street light market to witness impressive growth by 2021

Nov 9, 2016: Street lighting is mainly used in highways and roadways in order to illuminate the driving route safe and convenient in night. Various types of street lighting are LED, incandescent light, fluorescent light, mercury vapor light, etc. Apart from highways streetlight is also used in commercial, industrial and residential purpose mainly in garden, hotels and bridge. Investment by multinational companies on streetlight in design, production and application helps in the growth of street lighting market.

Streetlight is used in performance monitoring activities such as in traffic control conditions and weather conditions. Falling LED prices, various initiatives and projects by government to make city smarter and reducing carbon emissions are some of the key issue which leads to drive the global street lighting market. Growing urbanization and product up gradation are also some of the key factor for growth of global street lighting market. Various street lighting manufactures focuses on several issues such low energy consumption, long predictable lifetime, accurate color rendering, low electrical losses, light pollution and introducing environmental friendly street lighting system such as solar streetlight. Such initiative further helps in the growth of global street lighting market.

Latest technology, innovation

Many global brands such as Philips, Honeywell and Osram offers customize products in the market with emphasis on latest technology, quality, innovation and value combined with better after-sales services. Growing investment over research and development on various street lighting and introduction of new technology such as wireless, sensor based streetlight further helps in the growth of street lighting market.

Falling LED prices, street lighting market to witness impressive growth by 2021

The total number of global streetlight in 2013 is around 281.4million, this number is expected to reach 339.0 million by 2025. Such growth in number of street lighting further boosts the global street lighting market. Asia pacific is one of the prominent markets for growth of street lighting. Recently in a streetlight project, Chinese government provided strong incentives to replace streetlights with LED-based streetlights due to its great energy savings efficiency.

Such project by government also helps in the market growth of streetlight. Asia Pacific is expected to witness fastest growth rates in street lighting market during forecasted period 2014- 2020. In North America, the U.S holds the largest market share in street lighting market. Introduction of new and innovative products in the street lighting further boost the street lighting market. The global street lighting market is expected to grow in a single digit growth rate during forecasted period 2014- 2020.

Source: Persistence Market Research Pvt. Ltd

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