Press release
Street And Roadway Lighting Market Trends, Size & Forecast 2024-2033
Street And Roadway Lighting Market Trends
According to The Business Research Company's, The street and roadway lighting market size has grown strongly in recent years. It will grow from $9.97 billion in 2023 to $10.68 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to community demands and feedback, energy conservation initiative, advancements in lighting design, transition to led technology, government regulations..
The street and roadway lighting market size is expected to see strong growth in the next few years. It will grow to $13.95 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to adoption of smart city initiatives, environmental concerns and light pollution, integration with iot and sensors, expansion of urban infrastructure, demand for energy-efficient solutions.. Major trends in the forecast period include led technology advancements, smart lighting controls, sustainability initiatives, safety and security enhancements, adaptive lighting solutions..
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Market Drivers and Trends:
Increased road transportation is expected to propel the street and roadway lighting market going forward. Road transport refers to the movement of goods and passengers from one location to another on roads. Increasing road transportation will raise the demand for street and roadway lighting to increase the road safety of drivers, riders and pedestrians by improving visibility. For instance, in March 2021, according to the report shared by the U.S. Department of transportation, an executive department of the U.S. federal government, for March 2022 compared to March 2021, travel on all highways and streets changed by +2.9% (+7.9 billion vehicle miles). 277.4 billion vehicle miles are projected to have been driven during the month. 274.8 billion miles were driven in vehicles during the month of March 2022, up 2.80% (7.5 billion miles) from March 2021. Therefore, increased road transportation is driving the street and roadway lighting market.
Product innovations are a key trend gaining popularity in the street and roadway lighting market. Major companies operating in the street and roadway lighting market are focused on developing new technological solutions to strengthen their position in the market. For instance, in March 2021, TVILIGHT Projects B.V., a Netherlands-based provider of smart street lighting solutions and wireless smart street light controllers, launched the OpenSky IoT devices, wireless smart street light controllers (SLC)and outdoor light controllers (OLC). They are uniquely designed to connect via an open, reliable and proven international telecom standard. They are expected to offer long-range, deep coverage and high availability with secured and managed LPWAN (low power wide area network). They automatically select the available local telecom network to connect directly with the CityManager central management system.
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Major Key Players of the Market:
Cree Inc.; Acuity Brands Inc.; OSRAM Licht AG; Current Lighting Solutions; Syska LED Lights Pvt Ltd.; Signify Holding; DCD Technologies ME FZCO; Hubbell Inc.; Zumbotel Group; LED roadway lighting Ltd.; ClaroLux Landscape Lighting; Forus Electric Private Limited; Koninklijke Philips N V; WS Atkins Plc; Shenzhen GHC Co. Ltd.; Lighting Reality Ltd.; Schneider Electric; Silver Spring; Petra Systems; Eaton Corporation plc; SHAH; Streetlight.Vision; Philips Lighting; TVILIGHT Projects B.V.; General Electric Company; Echelon Corporation; Cyan Technology Ltd.; Teletrac Navman Ltd.; ONTAZ; Lutron Electronics Company; Honeywell International Inc.; Bridgelux Inc.
Street And Roadway Lighting Market 2024 Key Insights:
• The street and roadway lighting market will grow to $13.95 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%.
• Increased Road Transportation Fuels Growth In The Street And Roadway Lighting Market
• Product Innovation Transforms The Market
• Asia-Pacific was the largest region in the street and roadway lighting market in 2023
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