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Street and Roadway Lighting Market : Overview, Trend, Product Scope 2017 to 2025

07-21-2017 03:12 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: TMR Research

Street and Roadway Lighting Market : Overview, Trend, Product

Global Street and Roadway Lighting Market: Overview

Street and roadway lighting is among the most essential aspects of an urban area, and a considerable chunk of budget is allotted to the maintenance of these public service lights. With depleting natural resources, the need to improve the efficiency of every energy consuming public service equipment is paramount. Together, these two factors have given birth to the concept of smart street and roadway lighting wherein several benefits are offered both to the consumers as well as the vendor. With mushrooming smart cities across the world, smart lighting is quickly replacing conventional lighting methods and consequently, the demand in the global street and roadway lighting market is expected to expand at a robust CAGR during the forecast period of 2017 to 2025.

Global Street and Roadway Lighting Market: Key Trends

LED lights and luminaries have gained exponential popularity in the recent past for the quality of light they offer, their longevity, energy efficiency, and low maintenance cost. This popularity has lured several manufacturers to indulge into the market and in turn, the costs of LED lights have decreased substantially. This factor has encouraged a shift from conventional lighting to the adoption of LED lights and luminaries for street and roadway lighting, and proved a boon for the market for the same. Smart lighting also helps in monitoring performance activities such as weather conditions and traffic control. Global efforts to reduce carbon emissions is another factor positively reflecting over this market.

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Moreover, several key players in this market such as Honeywell, Philips, and Osram are offering customized products, with greater emphasis on efficiency via latest technology and quality of light, besides improved after-sales services. Introduction of new technology such as sensor based street light and wireless handling and monitoring is also driving the global market for street and roadway lighting. However, high installation cost is one factor that is challenging the market from attaining its full potential during the forecast period.

Global Street and Roadway Lighting Market: Market Potential

Rapid urbanization across the world and the development of several smart cities augur very well for the players involved in this market, and although reasonable finance and resources are required to make a presence in the market, long-term benefits assured. Heavy investments being made by the developers of smart cities and government incentives are being offered for outdoor lighting applications such as freeways, bridges, roadways, tunnels, and in-city street lights.

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Global Street and Roadway Lighting Market: Regional Outlook

Europe currently is the most lucrative region for the global street and roadway lighting market and is expected to maintain the demand during the forecast period. This is a reflection of stringent government regulations such as energy performance contracting (EPC) in the countries such as Germany, Italy, and France. North America is another profitable regional market for street and roadway lighting. Development of smart cities in several emerging economies is also expected to increment the demand from the region of Asia Pacific, which resides vast populations.

Global Street and Roadway Lighting Market: Competitive Analysis

OSRAM Licht AG, Eaton Corp Plc., Koninklijke Philips N.V., General Electric Company, ClaroLux Landscape Lighting, Cree, Inc., Acuity Brands, Inc., and Hubbell Inc., Lighting Reality Ltd., Forus Electric Private Limited, MMA Lighting Consultancy Ltd., and Shenzhen HXD Lighting Co., Ltd. are some of the leading companies currently operating in the global street and roadway lighting market. Research and development of advancement products and improved after-sales service are some of the common strategies adopted by these players to maintain their stronghold over the market.

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About TMR Research :

TMR Research is a premier provider of customized market research and consulting services to business entities keen on succeeding in today’s supercharged economic climate. Armed with an experienced, dedicated, and dynamic team of analysts, we are redefining the way our clients’ conduct business by providing them with authoritative and trusted research studies in tune with the latest methodologies and market trends.

Our savvy custom-built reports span a gamut of industries such as pharmaceuticals, chemicals and metals, food and beverages, and technology and media, among others. With actionable insights uncovered through in-depth research of the market, we try to bring about game-changing success for our clients.

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