Global Street Lighting Market Size To Exceed USD 13.11 Billion by 2033 | CAGR of 3.7%
Category: Semiconductors & ElectronicsGlobal Street Lighting Market to Exceed $ 13.11 Billion by 2033
According to a research report published by Spherical Insights and Consulting, the Global Street Lighting Market Size Expected to Grow from USD 9.12 Billion in 2023 to USD 13.11 Billion by 2033, at a CAGR of 3.7% during the forecast period 2023-2033.
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Browse key industry insights spread across 230 pages with 119 Market data tables and figures & charts from the report on the "Global Street Lighting Market Size, Share, and COVID-19 Impact Analysis, By Type (Traditional Lighting and LED Lighting), By Application (Highways and Roadways), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033" Detailed Report Description Here: https://www.sphericalinsights.com/reports/street-lighting-market
The global street lighting market refers to the industry involved in the production, installation, and maintenance of street lighting systems. This includes traditional lighting sources like incandescent and fluorescent lamps, as well as modern energy-efficient technologies such as LED and solar-powered street lights. The market growth can be attributed to the rapid urbanization, increasing government focus on energy efficiency, and the growing demand for smart city solutions. As cities expand, the need for reliable, cost-effective, and sustainable lighting solutions becomes more critical. The shift towards LED lighting, which offers longer lifespan and reduced energy consumption, is a major driver. Additionally, the growing emphasis on environmental sustainability and the adoption of renewable energy sources like solar-powered lights provide significant opportunities for innovation. Governments and municipalities are investing in smart street lighting systems that can be remotely monitored and adjusted to improve energy savings, security, and overall infrastructure management. Additionally, the lack of awareness and technical expertise in some areas, can slow down the adoption of advanced lighting technologies.
The LED lighting segment accounted for the largest share in 2023 and is projected to grow at a substantial CAGR during the forecast period.
On the basis of type, the global street lighting market is divided into traditional lighting and LED lighting. Among these, the LED lighting segment accounted for the largest share in 2023 and is projected to grow at a substantial CAGR during the forecast period. The segment growth can be ascribed to the fact that reducing energy consumption provides tremendous cost savings on electricity bills to municipalities and other stakeholders responsible for public lighting.
The roadways segment accounted for the highest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.
On the basis of application, the global street lighting market is divided into highways and roadways. Among these, the roadways segment accounted for the highest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period. The reason behind the segment growth is that street lighting becomes a critical aspect in smart city projects, where, apart from offering illumination, it also supports various other smart technologies, which are traffic management systems, environmental sensors, and public safety networks.
Asia Pacific is anticipated to hold the largest share of the global street lighting market during the forecast period.
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Asia Pacific is anticipated to hold the largest share of the global street lighting market during the forecast period. The regional growth is driven by rapid urbanization and infrastructure development. The increase in cities' sizes and development of new urban areas requires an increase in the demand for street lighting solutions. Rapid urbanization leads to the development of new residential, commercial, and industrial zones, which all require proper street lighting to be safe and functional.
North America is expected to grow at the fastest CAGR in the global street lighting market during the forecast period. The shift toward energy-efficient lighting, particularly LEDs, is gaining momentum, as they offer significant cost savings and longer lifespans compared to traditional lighting. Additionally, the growing adoption of solar-powered street lights and the integration of smart technologies, such as motion sensors and IoT connectivity, are contributing to market growth. North America is also home to key industry players that are constantly innovating and introducing advanced lighting solutions, further driving the market.
Major vendors in the global street lighting market are Acuity Brands, ams-OSRAM AG, Signify Holding, Cree Lighting USA LLC, Zumtobel Group, Cooper Lighting LLC, Hubbell, Schréder, Thorn, Itron Inc., and Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Development
- In June 2023, Streetleaf launched a new product line of solar streetlights designed to provide reliable, cost-effective, and environmentally-friendly illumination. These streetlights use high-efficiency solar panels and batteries, and feature smart sensors for automatic brightness adjustment.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global street lighting market based on the below-mentioned segments:
Global Street Lighting Market, By Type
- Traditional Lighting
- LED Lighting
Global Street Lighting Market, By Application
- Highways
- Roadways
Global Street Lighting Market, Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East and Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East and Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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