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LED Street Light Market Analysis With Key Players, Applications, Trends And Forecast To 2033
LED Street Light Market
LED Street Light Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $31.43 billion In 2028 At A CAGR Of 21.3% :
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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LED Street Light Market Major Segments
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
Key Driver - Global Surge In Smart City Initiatives Boosts Demand For Led Street Lights Market
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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Prominent Trend - Goldmedal Electricals Launches Torus Led Street Light With Cutting-Edge Technology And Stylish Design
Technological advancements have emerged as the key trend gaining popularity in the LED street light market. Major companies operating in the LED street light market are developing technologically advanced solutions to strengthen their position in the market. For instance, in August 2023, Goldmedal Electricals Pvt. Ltd., an India-based company specializing in electrical accessories launched torus LED streetlight. This innovative invention aims to revolutionize outdoor lighting by utilizing the newest LED technology and providing strong illumination in a stylish design. The launch of Gold medal Electricals' torus LED streetlight is a testament to their dedication to offering creative and affordable lighting options for both outdoor and urban settings. The torus LED streetlight is protected from severe weather thanks to its remarkable IP66 rating. High-quality lenses are included with the street light to provide bright, clear illumination.
LED Street Light 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.
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the LED street light market in 2023. The regions covered in the led street light market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. LED Street Light Market Report Structure
3. LED Street Light Market Trends And Strategies
4. LED Street Light Market - Macro Economic Scenario
5. LED Street Light Market Size And Growth
…..
27. LED Street Light Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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