The global street lighting market was valued at more than USD 6 billion in 2016 and is anticipated to surpass USD 7 billion by 2021, says Technavio.
Technavio has announced its latest market research report on the global street lighting market, under its lighting portfolio. This market study discusses the main drivers and key evolving trends and offers an analysis of key vendors like GE Lighting, Philips, OSRAM, Panasonic, and Schneider Electric.
According to Sunil Kumar Singh, a lead analyst for lighting research at Technavio, “The increasing need for electrification will fuel the growth of the global street lighting market. The economic growth, driving the infrastructure and the social development in various emerging countries is boosting the demand for street lights in the global market. The increasing investments in grid extension for rural electrification in major countries across the world will have a positive impact on the growth on this market during the forecast period.”
The use of stand-alone energy systems for decentralized power will help in the development of the global street lighting market. Governments in different countries are focusing on the development of renewable sources such as solar and wind energy. These new energy systems are being integrated with electric devices to provide reliable power in remote areas. The increasing installation of solar street lighting will promote sustainable development and the use of green energy across the world market.
Advances in lighting technology
Vendors in the market are investing in the development of innovative lighting technologies to promote growth and revenues. The advent of LED lighting will emerge as a key revenue generator in the global street lighting market. Technological evolutions will result in product enhancements aimed at power-saving capabilities and better efficiency. The growing awareness of green technology will encourage manufacturers to invest in energy-efficient and environment-friendly lights. The key players are also adding value added features such as color tuning and remote control of lighting for the entire building through cloud computing, to attract more consumers.
Growing dominance of off-grid segment
The off-grid sector focuses on providing lighting facilities to households that are not within the limits of the national electricity grid which in turn, will boost the demand for street lighting in the global market. Various developing countries are moving to decentralized off-grid power systems to reduce the cost of electricity by cutting down on transmission and distribution (T&D) infrastructure costs. These new systems will offer faster access to power and higher reliability.
This research report offers an exhaustive analysis of market shares and volumes of the sub-sections and geography. An examination of the top organizations, including their market shares, business overview, key financials, etc. is presented in this industry study. This market study also delivers a thorough analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed breakdown is accessible in the Technavio report named, ‘Global Street Lighting Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Lighting Ballasts Market 2016-2020
- Global Smart Lighting Market 2016-2020
- Global Powerline Carrier Market 2016-2020
To read more press releases – click here
