Press release
LED Street Light Market Anticipated To Witness Robust Growth, Surpassing $37 Billion By 2029
LED Street Light Market
How Big Is the LED Street Light Market Size Expected to Be by 2034?
The expansion of the LED street light market has been remarkable in the past few years. The market, which is projected to rise from $14.31 billion in 2024 to $17.41 billion in 2025, is expected to register a compound annual growth rate (CAGR) of 21.6%. The significant growth during the earlier period can be associated with factors such as energy efficiency drives, government laws and guidelines, savings on cost, the surge in urbanization, and focus on environmental sustainability.
The LED street light market is predicted to undergo tremendous expansion in the forthcoming years, set to increase to a staggering value of $37 billion in 2029, with a compound annual growth rate (CAGR) of 20.7%. Factors contributing to this upward trend in the estimated period include smart city projects, integration of renewable energy sources, enhancement of public safety and security, development of urban infrastructure, and economical upgrades. The forecast period is expected to see the realization of new trends such as the execution of interconnected street lighting systems, emphasis on eco-friendly materials, utilization of durable and easy-to-maintain components, government-led support towards LED street lighting, and bespoke lighting solutions tailored for smart cities.
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What Are the Emerging Segments Within the LED Street Light Market?
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
Subsegments:
1) By Wired: Direct Wired Connections, Power Line Communication (PLC) Systems, Integrated Control Systems
2) By Wireless: Wi-Fi Enabled Street Lights, Zigbee-Based Connectivity, Cellular (4G Or 5G) Connected Street Lights, LoRaWAN (Long Range Wide Area Network) Systems, Satellite-Based Communication Systems
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What Long-Term Drivers Are Shaping LED Street Light Market Trends?
The global progression towards smart cities is fueling the growth of the LED street light industry. When we talk about smart cities, we're referring to specific regions that leverage information and communication technology (ICT) to boost operational productivity and offer superior infrastructure facilities to its inhabitants. Sophisticatedly structured LED streetlights are key in lowering city energy consumption and enhancing public safety. This emphasis on energy efficiency in smart cities derives from the use of ICT technologies such as the Internet of Things (IoT). In April 2023, data from the World Bank, a US-based global financial institution, showed that about 4.4 billion people, or 56% of the global population, currently live in cities. By the year 2050, the urban population is projected to more than double its current size with about 7 out of 10 people living in cities. Thus, the international move towards smart cities is stimulating the demand for the LED street light market.
Who Are the Top Competitors in Key LED Street Light Market Segments?
Major companies operating in the led street light market include 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, 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, Jackson International Ltd., Optolumens Light Solution, Brandon Industries Inc.
What LED Street Light Market Trends Are Gaining Traction Across Different Segments?
The rise of technological innovations is a major trend making waves in the LED street light market. Key companies within this market are consistently creating advanced technological solutions to solidify their market position. For instance, Goldmedal Electricals Pvt. Ltd., a company based in India specializing in electrical accessories, unveiled their torus LED streetlight in August 2023. This groundbreaking invention aims to transform outdoor lighting by integrating the latest LED technology and delivering powerful illumination in an attractive design. The introduction of the torus LED streetlight by Goldmedal Electricals displays their commitment to provide imaginative and cost-effective lighting alternatives for both outdoors and urban landscapes. The torus LED streetlight boasts of a notable IP66 rating, providing protection against harsh weather conditions. Along with the street light, high-quality lenses are included to ensure bright and sharp lighting.
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Which Regions Are Becoming Hubs for LED Street Light Market Innovation?
Asia-Pacific was the largest region in the LED street light market in 2024. The regions covered in the led street light market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the LED Street Light Market?
2. What is the CAGR expected in the LED Street Light Market?
3. What Are the Key Innovations Transforming the LED Street Light Industry?
4. Which Region Is Leading the LED Street Light Market?
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