Street & Street Lighting Market Share, Size, Analysis, Growth, Industry Stats, and Forecast for 2025 – Clark County Blog
Global Street and Street Lighting Market: Overview
Street and pavement lighting is one of the most important aspects of an urban area, and a significant portion of the budget is devoted to maintaining these public lighting fixtures. Given the depletion of natural resources, the need to improve the efficiency of all energy-consuming public service equipment is paramount. Together, these two factors have spawned the concept of smart street and street lighting, which offers several benefits to both consumers and sellers. With the number of smart cities growing around the world, smart lighting is rapidly replacing traditional lighting methods and, as a result, demand in the global street and street lighting market is expected to grow with a robust CAGR over the forecast period 2017-2025.
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Global Street and Street Lighting Market: Key Trends
LED lights and luminaires have gained exponential popularity in the recent past due to the quality of light they offer, their longevity, energy efficiency and low maintenance costs. This popularity has led several manufacturers to devote themselves to the market, and in turn, the cost of LED lights has dropped significantly. This factor has encouraged a shift from conventional lighting to the adoption of LED lights and luminaires for street and street lighting and has proven to be a boon to the market. Smart lighting also helps in monitoring performance activities such as weather conditions and traffic control. Global efforts to reduce CO2 emissions are another factor that has a positive impact on this market.
In addition, several important players in this market such as Honeywell, Philips and Osram offer tailor-made products, with a focus on efficiency through the latest technology and light quality as well as improved after-sales service. The introduction of new technologies such as sensor-based street lighting and wireless handling and monitoring is also driving the global street and lane lighting market. However, high installation costs are a factor that challenges the market to reach its full potential over the forecast period.
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Global Street and Street Lighting Market: Market Potential
The rapid urbanization around the world and the development of multiple smart cities are very good for the players involved in this market, and although adequate funding and resources are required to be present in the market, long-term benefits are assured. Smart city developers and government incentives are offering large investments in outdoor lighting applications such as highways, bridges, roads, tunnels and street lights in the city.
Global Street and Street Lighting Market: Regional Outlook
Europe is currently the most lucrative region for the global street and street lighting market and is expected to maintain demand over the forecast period. This reflects strict government regulations like Energy Performance Contracting (EPC) in countries like Germany, Italy and France. North America is another profitable regional market for street and pavement lighting. The development of smart cities in several emerging economies is also expected to increase demand from the Asia-Pacific region, which is home to large populations.
Global Street and Street Lighting Market: Competitive Analysis
OSRAM Licht AG, Eaton Corp. Plc., Koninklijke Philips NV, 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 street lighting market. Research and development of further development products and improved customer service are some of the common strategies of these players in order to maintain their market stronghold.
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