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May 25, 2023

LED Street Light Market Size, Top Companies, Global Industry Overview, Analysis, Latest Insights and Forecast 2023

IMARC Group, a leading market research company, has recently releases report

IMARC Group, a leading market research company, has recently releases report titled "LED Street Light Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", The global LED street light market size reached US$ 10.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 22.1 Billion by 2028, exhibiting a growth rate (CAGR) of 14.01% during 2023-2028.

The light-emitting diode (LED) street lights are one of the most energy-efficient lighting solutions for outdoor applications. These lights are compact and cost-effective and provide longer life and improved light. They are easy to install, produce less heat and require low maintenance as compared to their conventional counterparts. Moreover, they do not contain toxic chemicals, such as metal halide, sodium and mercury. Owing to these associated benefits, they are gaining traction across the globe for improving public safety and providing a safe and secure driving route.

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LED Street Light Market Trends

The development of smart cities represents the key factor driving the demand for LED streetlights. The installation of connected LED street lighting in smart cities projects serves as a contributor to the broader renovation of aging city infrastructure. The implementation of the connected street lighting program through a mobile network with a Centralized Management System (CMS) enables city managers to control and monitor lighting assets remotely. Moreover, a global shift from traditional lighting systems is also having a positive impact on market growth. Governments of various nations are taking initiatives to replace old streetlights with LED variants. For instance, cities in Canada and the United Kingdom have recently introduced projects for installing smart lighting systems. Besides this, starting from September 2019, the Government of Malaysia will replace all the streetlights in the country from incandescent or fluorescent bulbs to LED lights.

LED Street Light Market Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the LED street light market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

Key Market Segmentation:

The report has segmented the LED street light market on the basis of product, application and region.

Breakup by Application:

Breakup by Region:

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