New Upcoming Technology Developments in LED Street Light Market to Grow during the Forecast Period 2023-2028

The 'Global LED Street Light Market Share, Size, Price, Trends, Growth Report and Forecast 2023-2028' by Expert Market Research gives an extensive outlook of the global LED street light market, assessing the market on the basis of its segments like product type, applications, and major regions.

The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.

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The key highlights of the report include:

Market Overview (2018-2028)

• Forecast CAGR (2023-2028): 26.3%

LED street lights are energy efficient and eco-friendly which makes them applicable across the major urban areas in countries worldwide, particularly in nations with limited electrical supply. In addition, LED street light offer significant advantages as compared to traditional lighting systems. These advantages include longer life span, better brightness, and less electricity consumption. Hence, the growing transition from traditional to modern LED lighting systems worldwide is bolstering the global LED street light market.

With an increase in crime rates, particularly after nightfall, adequate street lights, such as reliable LED street lights, help in discouraging crimes such as theft. The rising footfall in public places, which is further fuelled by the growing population, increasing outdoor activities, and rapid infrastructure development, are some of the factors leading to a heightened installation of LED street lights.

Over the forecast period, the architectural and retail and hospitality sectors are expected to generate a decent demand for LED street light, in order to improve their infrastructure. The permeation of tourists across the developing nations are anticipated to accelerate the LED street light market growth in the coming years.

Furthermore, the technical upgradations taking place across the enterprises are likely to propel the installation of LED street lights across offices and professional spaces.

LED Street Light Industry Definition and Major Segments

LED street light is defined as an LED light source which illuminate streets, highways, roads, and various commercial areas. These street lights are made up of mini-sized LED bulbs which diffuse the light across a particular area. LED street lights have a long service life and come in various shapes and sizes, to suit the specific area needs.

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On the basis of product type, the market is divided into:

• LED Lamps
• Modules
• Fixtures

Based on application, the market can be segmented into:

• Retrofit
• Retail & Hospitality
• Outdoor
• Offices
• Architectural
• Residential
• Industrial
• Others

On the basis of region, the market can be categorised into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

LED Street Light Market Trends

The key trends in the global LED street light market include the increasing investments aimed towards the development of smart cities which are leading to a transition from traditional fluorescent street lamps to LED street lights. Meanwhile, technological advancements by major product manufacturers aimed towards developing more cost-effective LED street lights with greater efficiency, are anticipated to fuel the market growth in the forecast period.

Stringent regulations by various governments aimed towards curbing the wastage of electricity are a crucial trend of the market, encouraged at a global level to reduce climate change as a result of heightened electricity needs. Governments are diffusing programmes and initiatives through social media platforms and advertising, which are further providing impetus to the global LED street light market.

In geographical terms, North America holds a decent share in the market, which is being driven by the presence of advanced street lighting infrastructure, along with upgradations in cities across countries like the United States. The strong foothold of major market players is further improving the market dynamics in this region.

Key Market Players

The major players in the LED street light market report are:

XtraLight
Niland
Pemco Lighting Products, LLC
Pkk Lighting, Inc
Eaton
NIPSCO Inc
Wendel
Others

The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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