LED street light market has significant growth scope and is expected to reach USD 6.1 billion by 2025. The reports forecast the LED street light market by power, end-use industry, and region. It highlights COVID-19 impact on the LED street light industry.

Description

LED Street Light Market: by Power (Less Than 50W, 50-150W, and More than 150W), End-Use Industry (Retrofit, Retail & Hospitality, Outdoor, Offices, Architectural, Residential, and Industrial), and by Region – Global Industry Sizing, Growth, Trend, Opportunity, and Forecast (2020–2025)

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The LED street light market report covers a thorough analysis of the market dynamics, business models, segmental/regional analysis, and respective market shares and strategies adopted by the key market players operating in the global market. It entails an in-depth analysis of the factors influencing the global market and market statistics indicating region wise and segment-wise market share/growth analysis. The report's study will outlook one of the most exhaustive analyses of the market, capturing all the aspects of the LED street light industry.

LED Street Light Market Overview

During the forecast period, 2020-2025, the LED street light market is projected to register a CAGR of 13% and is valued at USD 3.4 billion in 2019. The retrofitting industry is gaining traction over the other end-use industries across the globe. Further, the trend of combining street lights with energy-efficient, modern LED systems have created various possibilities for creating a secure and linked city lighting network. This aspect will augment the global LED street light market over the forecast period.

Factors affecting the LED Street Light Market over the forecast period

• The rising environmental issues and the growing demand for eco-friendly products drive the global LED Street light market. The primary reasons for driving the market are the growth and development of smart cities. 
• Moreover, rapid technological innovations are further boosting the LED street light market growth globally. Reductions also improve market growth in production costs and modifications inefficiency and high-performance features. 
• Governments around the world have taken numerous steps to encourage LED Street Lights.
• Additionally, a worldwide change from conventional lighting systems is also having a positive effect on market growth. Reducing prices of LEDs are driving the economy towards growth, along with decreased carbon emissions. Due to multiple features of LED street lighting solutions, such as remote-control scheduling, GPS connectivity, versatile dimming controls, and fault-tolerant, warning notifications LED Street lights are easily adopted.
• The high cost of components and the requirement of high capital cost for setting up industry is hampering the market growth. 
• Moreover, lack of consumer awareness and knowledge and difficult feature architecture and designing are posing major challenges to the global LED street light market.

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Impact of COVID-19 on LED Street Light Market

The COVID-19 pandemic has disrupted the global LED street light market, and companies have been forced to restructure their plans to cope with the pandemic. COVID-19 influences the world economy in three major ways: by impacting production and demand, by disturbing the supply chain and market, and by its financial effect on companies. Owing to manufacturing discrepancies and global economic issues, several companies have delayed their plans. To prevent the spread of coronavirus, workers have either returned to their hometowns or were quarantined.

LED Street Light Market: Scope of the Report

The report outlines the study of the global LED street light market on the basis of the power and end-use industry.

Based on the power, the LED street light market has been segmented into –

• Less Than 50W
• 50-150W
• More than 150W

Based on the end-use industry, the LED street light market has been segmented into –

• Retrofit
• Retail & Hospitality
• Outdoor
• Offices
• Architectural
• Residential
• Industrial

LED Street Light Market: Geographical Outlook

Several geographical regions, namely, North America, Asia Pacific, South America, Europe and the Middle East and Africa (MEA), have been segmented into the global LED street light market. North America held the largest revenue market share in the LED street light market in 2019, followed by the Asia Pacific and Europe. The launch of new and creative technologies to minimize energy consumption and enhance the supply for the longest hours are primarily boosting the LED street light market growth. Moreover, Asia Pacific is expected to account for the highest CAGR globally over the forecast period due to rapid investment from the governments.

Key Global LED Street Light Market Competitors

The global LED street light market is highly fragmented, with the presence of a large number of small players across the globe. The key players operating in the global LED Street Light market include- 

• Philips Electronics N.V.
• Honeywell international
• Osram GmbH
• Acuity Brands Incorporated
• Digital Lumens Incorporated
• Lutron Electronics Corporate
• Streetlight Vision
• Cooper Lighting division
• Matsushita Electric Industrial Corporate
• Bajaj Electricals
• Zumtobel AG (Thorn Lighting)
• Signify Holding

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