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The LED Street Light Market is expected to reach US$ 19.4 Billion by 2027, exhibiting a CAGR of 13.86% during 2022-2027.
SHERIDAN, WY, USA, September 19, 2022 /EINPresswire.com/ -- According to IMARC Group’s latest report, titled “LED Street Light Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” The global LED street light market size reached a value of US$ 9 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 19.4 Billion by 2027, exhibiting a CAGR of 13.86% during 2022-2027.
Light-emitting diode (LED) street lights are integrated with a LED light fixture as their light source. Generally installed on top of a pole, they provide light on sidewalks, parking areas, roadways, and other exterior areas. In comparison to traditional lights, LED street lights have a longer lifespan and lower energy consumption, which is why they are witnessing a significant demand across urban settings worldwide. Additionally, key players are incorporating street lighting with modern LED, energy-efficient systems for building a secure and connected city lighting network.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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LED Street Light Market Trends:
The rising demand for eco-friendly products and rapid technological advancement represents some of the key factors primarily driving the global market growth. The surging use of LED streetlights in urban areas, commercial districts, small-town main streets, interstate highway interchanges, and rural intersections due to their various advantages is providing an impetus to the market growth. Moreover, governments of several nations, especially developing countries, are undertaking umpteen initiatives to promote and distribute LED bulbs under a domestic efficient lighting program, which is creating a positive outlook for the market. Besides this, the rapid development of smart cities and increasing investments in research and development (R&D) activities are accelerating the market growth.
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:
• Nichia Corporation • Osram • Samsung Electronics Co., Ltd. • Everlight Electronics Co., Ltd. • LG Innotek
The report has segmented the LED street light market on the basis of application and region.
• Retrofit • Retail & Hospitality • Outdoor • Offices • Architectural • Residential • Industrial
• North America (United States, Canada) • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others) • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others) • Latin America (Brazil, Mexico, Others) • Middle East and Africa (United Arab Emirates, Saudi Arabia, Turkey, South Africa, Others)
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Key Highlights of the Report:
• Market Performance (2016-2021) • Market Outlook (2022-2027) • Market Trends • Market Drivers and Success Factors • Impact of COVID-19 • Value Chain Analysis • Comprehensive mapping of the competitive landscape
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If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
Elena Anderson IMARC Services Private Limited +1 631-791-1145 email us here
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