Press release
Global LED Street Light Market 2024: Growth Opportunities, Future Insights, Regional Segments, and Innovations Forecasted to 2033
LED street light market
The Business Research Company presents an extensive market research report on the LED Street Light Global Market Report 2024 , furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The LED street light market size has grown exponentially in recent years. It will grow from $11.86 billion in 2023 to $14.53 billion in 2024 at a compound annual growth rate (CAGR) of 22.4%. The growth in the historic period can be attributed to energy efficiency initiatives, government regulations and policies, cost savings, urbanization trends, environmental sustainability.
The LED street light market size is expected to see exponential growth in the next few years. It will grow to $31.43 billion in 2028 at a compound annual growth rate (CAGR) of 21.3%. The growth in the forecast period can be attributed to smart city initiatives, renewable energy integration, public safety and security, urban infrastructure development, cost-effective upgrades. Major trends in the forecast period include implementation of connected street lighting networks, focus on environmentally friendly materials, use of long-lasting and low-maintenance components, government initiatives for led street lighting, customized lighting solutions for smart cities.
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Key Market Players:
Major companies operating in the LED street light market report are Samsung Electronics Co Ltd., Revolution Lighting Technologies Inc., Panasonic Corporation, Eaton Corporation plc, Wipro Limited, Signify N.V., NIPSCO Inc., Hubbell Inc., Leotek Electronics LLC, Acuity Brands Inc., OSRAM GmbH, Havells India Limited, Zumtobel Group, Syska LED Street Light, Cree Inc., TATA Power Solar Systems Ltd., Crompton Greaves Consumer Electricals Limited, Cooper Lighting Solutions, Bajaj Electricals Limited, LSI Industries Inc., PEMCO Lighting Products LLC, XtraLight LED Lighting Solutions, Daintree Company, Niland Company, Nichia Corporation, Pkk Lighting Inc., SAVANT TECHNOLOGIES LLC, Ultravision LED Solutions, Jacksen International Ltd., Optolumens Light Solution, Brandon Industries Inc.
Market Drivers:
The development of smart cities around the globe is driving the LED street light market going forward. Smart cities refer to an administrative territory that uses information and communication technology (ICT) to improve its operational efficiency and provide better infrastructural facilities to its residents. Elegantly designed LED streetlights reduce city energy usage and improve public safety. It focuses on the energy efficiency created in smart cities because of the use of technologies for information and communication (ICT), such as the Internet of Things (IoT). For instance, in November 2021, the Federal government announced the Investment and Jobs Act in its annual bill, in which it allocated $500 million for accelerating its smart city initiative and increasing the number of smart cities in the country. Additionally, the Indian government allocated $868 million for smart city development in FY 21-22, which was an increase from $457 million in FY 2020-2021. Therefore, the development of smart cities around the globe is driving the demand for the LED street light market.
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https://www.thebusinessresearchcompany.com/report/led-street-light-global-market-report
The LED street light market covered in this report is segmented -
1) By Connectivity: Wired, Wireless
2) By Sales Channels: Direct, Indirect
3) By Applications: Retrofit, Retail And Hospitality, Outdoor, Offices, Architectural, Residential, Industrial, Other Applications
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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