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Key Trends Reshaping the LED Street Light Market: Goldmedal Electricals Launches Torus Led Street Light With Cutting-Edge Technology And Stylish Design Industry Transformation
LED Street Light Market
LED Street Light Market Size Growth Forecast: What to Expect by 2025?
In recent years, the market size for led street light has seen substantial growth. The market is projected to expand from $14.31 billion in 2024 to $17.28 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 20.7%. The significant growth during the historic period can be credited to initiatives promoting energy efficiency, governmental regulation and policies, savings on cost, trends in urbanization, and an emphasis on environmental sustainability.
How Will the LED Street Light Market Size Evolve and Grow by 2029?
The market size of led street lights is anticipated to witness substantial expansion in the coming years. It is projected to reach a valuation of $36.31 billion by 2029, with a CAGR of 20.4%. This forecast period growth can be traced back to elements like smart city drives, integration of renewable energy, efforts concerning public safety and security, progress of urban infrastructure, and financially feasible upgrades. Notable trends during the forecast period encompass the execution of interconnected street lighting systems, emphasis on eco-friendly materials, application of durable and easy-to-maintain components, governmental pushes for led street lighting, and tailor-made lighting solutions for smart cities.
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What Drivers Are Propelling the Growth of LED Street Light Market Forward?
The advancement of smart cities globally is serving as a major catalyst for the LED street light market. Smart cities are essentially administrative areas that leverage information and communication technology (ICT) to enhance operational capability and offer superior infrastructure. Tastefully designed LED street lights decrease city energy utilization and bolster public safety. The emphasis is placed on the energy efficiency realized in smart cities due to the employment of ICT technologies, such as the Internet of Things (IoT). As an example, The World Bank, from the United States, reported in April 2023 that about 4.4 billion individuals, equating to 56% of the world's populace, currently inhabit cities. By 2050, it is estimated that about 7 out of 10 individuals will reside in urban areas, effectively doubling the existing urban population. Consequently, the progression of smart cities worldwide is fueling the demand for the LED street light market.
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What Trends Will Shape the LED Street Light Market Through 2029 and Beyond?
The LED street light market has seen a surge in popularity due to technological advancements, which is the dominant trend currently. Major establishments in this market have been focusing on creating technologically superior solutions to fortify their market stand. An example of this is Goldmedal Electricals Pvt. Ltd, a company based in India that specializes in electrical accessories. In August 2023, they launched the Torus LED streetlight, an innovative product designed to transform outdoor illumination by harnessing the latest in LED technology and delivering powerful lighting in a sleek design. The Torus LED streetlight, a brainchild of Goldmedal Electricals, underscores their commitment towards developing imaginative, cost-effective lighting solutions that cater to both outdoor and urban environments. This LED streetlight is safeguarded against harsh weather due to its exceptional IP66 rating. It also boasts high-standard lenses, offering bright and crystal clear lighting.
What Are the Key Segments in 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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Who Are the Key Players Shaping the LED Street Light Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth in the LED Street Light Market?
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.
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