Global Street and Roadway Lighting Industry Report 2024: Market to Reach $16.5 Billion by 2030 - Smart Lighting Systems Find High Demand from Street Lighting Networks
Thursday, February 29, 2024
DUBLIN, Feb. 21, 2024 /PRNewswire/ -- The "Street and Roadway Lighting - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
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Global Street and Roadway Lighting Market to Reach $16.5 Billion by 2030
The global market for Street and Roadway Lighting estimated at US$10.6 Billion in the year 2022, is projected to reach a revised size of US$16.5 Billion by 2030, growing at a CAGR of 5.7% over the analysis period 2022-2030. Below 50 W, one of the segments analyzed in the report, is projected to record a 5.3% CAGR and reach US$4.4 Billion by the end of the analysis period. Growth in the 50 - 150 W segment is estimated at 6.4% CAGR for the next 8-year period.
The report provides an introduction to street and roadway lighting, outlining its significance and role in urban infrastructure. It assesses the impact of the COVID-19 pandemic on the street and roadway lighting market, considering factors such as disruptions in supply chains and changes in consumer behavior.
In terms of competition, the report analyzes the competitive market presence of 136 players worldwide in 2023, categorizing their level of activity as strong, active, niche, or trivial.
The U.S. Market is Estimated at $2.5 Billion, While China is Forecast to Grow at 8.1% CAGR
The global market prospects and outlook section highlights the growing prominence of the street and roadway lighting market, with a focus on its rapid progress and the Asia-Pacific region's significant contribution to market growth. The segment on LED lights underscores their substantial growth potential within the market.
The Street and Roadway Lighting market in the U.S. is estimated at US$2.5 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$3.4 Billion by the year 2030 trailing a CAGR of 8.1% over the analysis period 2022 to 2030.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3% and 5.4% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 4.2% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$2.5 Billion by the year 2030.
MARKET TRENDS & DRIVERS
-- Superior Attributes of Smart Lighting over Traditional Lighting to Boost
Market Prospects
-- IoT and Artificial Intelligence Gain Significance in Lighting
Applications
-- LED Street Lights Rank Better than Conventional Street Lights
-- Smart Technology's Integration to Propel the Market for LED Streetlights
-- Cost-Effectivity and Sustainability Goals to Bolster the LED
Streetlights Market
-- Retrofit Solutions Segment to Lead the LED Streetlights
-- China Leads the Market for LED Streetlights with the Largest Share
-- Buzz around Energy-Saving Lighting Unleashes Lucrative Avenues for
Street & Roadway Lighting Market
-- Respite amid Soaring Energy Prices
-- Prominent Technologies with Potential to Transform Lighting Industry
-- Smart City Boom to Benefit Market Growth
-- Smart Lighting Illuminating the Road to Smart Cities
-- LED Street Lighting Makes Big Splash in Smart City Lighting Domain with
Innovations & Intriguing Merits
-- Smart Lighting Systems Find High Demand from Street Lighting Networks
-- Select Smart City Initiatives in the US
-- New Smart City Projects Spur Market Growth for Smart Street Lighting
Systems
-- Strong Impetus from North America & Asia-Pacific
-- Connected Street Lighting to Surge
-- Connected Lighting to Witness Emergence of Several New Trends
-- Future of Smart Street Lighting is Bright with Advanced Wireless
Technology
-- Smart Street Lighting to Benefit from Wireless Technology
-- NB-IoT Emerges as a Leading Wireless Connectivity Technology
-- Strangulated by Spiraling Energy Prices, Municipalities Find Solace in
Smart LED Street Lighting
-- Roadway Lighting Burns Bright with Pressing Need for Enhanced Driver
Visibility
-- Smart Roadway Lighting Systems
-- Improved Measures for Road Safety to Drive the LED Streetlights Market
-- Traffic Optimization and Smart Parking Applications
-- Demand for Energy Optimization
-- Solar Street Lights Register Growing Adoption
-- Intelligent Street Lighting- Beyond Just Lighting
-- Introduction of Interoperable Communication Networks Fuels Demand for
Wireless Lighting Devices
-- Advent of Novel Standards Fuel Demand for Bluetooth-Enabled
Communication Devices
-- 5G-enabled Smart Street Lights Deployments
-- MACRO INDICATORS
-- Surge in Infrastructure Projects Lay Robust Foundation for Street &
Roadway Lighting Market
-- Factors Catalyzing Investments in Infrastructure Projects
-- Demographic Trends Influence Market Prospects
-- Urbanization Drives Need for Street and Roadway Lighting
-- Smart Street Lighting Solutions for Urban Challenges
FOCUS ON SELECT PLAYERS (Total 148 Featured)
-- Acuity Brands, Inc.
-- Cree, Inc.
-- Eaton Corporation PLC
-- General Electric Company
-- Hubbell, Inc.
-- Kingsun Optoelectronic Co., Ltd.
-- Koninklijke Philips NV
-- LED Roadway Lighting Ltd.
-- Osram Licht AG
-- Syska Led Lights Pvt., Ltd.
-- Thorn Lighting
-- Virtual Extension Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/54ggnx
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