LED Street Light Global Market Report 2024

The led street light market size has grown exponentially in recent years. It will grow from $11.86 billion in 2023 to $14.53 billion in 2024 at a compound annual growth rate (CAGR) of 22.4%. The expansion observed in the historical period can be ascribed to efforts in energy efficiency, governmental regulations and policies, financial savings, patterns of urbanization, and a commitment to environmental sustainability.

The led street light market size is expected to see exponential growth in the next few years. It will grow to $31.43 billion in 2028 at a compound annual growth rate (CAGR) of 21.3%. Anticipated growth in the forecast period can be attributed to smart city initiatives, the incorporation of renewable energy, progress in public safety and security, continuous development in urban infrastructure, and the deployment of cost-effective upgrades. Key trends during this projected period include the formation of connected street lighting networks, a focus on adopting environmentally friendly materials, the use of resilient and easily maintained components, governmental endeavors to promote LED street lighting, and the delivery of tailored lighting solutions for smart cities.

The advancement of smart cities worldwide is propelling the LED street light market. Smart cities denote administrative regions leveraging information and communication technology (ICT) to enhance operational efficiency and provide improved infrastructure to residents. The adoption of elegantly designed LED streetlights not only reduces city energy consumption but also enhances public safety. This emphasis on energy efficiency aligns with the technologies underpinning smart cities, including the Internet of Things (IoT). For instance, in November 2021, the U.S. Federal government unveiled the Investment and Jobs Act, allocating $500 million to accelerate its smart city initiative, contributing to the expansion of smart cities across the country. Moreover, the Indian government increased its allocation for smart city development to $868 million in FY 21–22, up from $457 million in FY 2020–2021. Thus, the global development of smart cities is a key driver for the growing demand in the LED street light market.

The increasing environmental apprehensions are anticipated to drive the expansion of the LED street light market in the foreseeable future. Environmental concerns encompass challenges and issues associated with the condition of the natural environment and the potential repercussions of human activities on ecosystems, biodiversity, and the overall well-being of the planet. The adoption of LED streetlights contributes to a more sustainable and eco-friendly approach to outdoor lighting, characterized by energy efficiency, a lower carbon footprint, extended lifespan, diminished light pollution, immediate start, and seamless integration with renewable energy sources. As an example, in October 2023, as reported by the Office for National Statistics, a UK-based government department, the greenhouse gas (GHG) emissions per resident in the United Kingdom increased by 2% in 2022 compared to 2021. Consequently, the escalating environmental concerns are propelling the growth of the LED street light market.

Technological advancements have become a prominent trend in the LED street light market, with major companies focusing on developing cutting-edge solutions to fortify their market presence. In August 2023, Goldmedal Electricals Pvt. Ltd., an India-based company specializing in electrical accessories, introduced the torus LED streetlight. This innovative product aims to transform outdoor lighting by incorporating the latest LED technology, delivering powerful illumination in an aesthetically pleasing design. The launch of Goldmedal Electricals' torus LED streetlight underscores their commitment to providing innovative and cost-effective lighting solutions for outdoor and urban environments. With an impressive IP66 rating, the torus LED streetlight is designed to withstand severe weather conditions. The inclusion of high-quality lenses ensures bright and clear illumination.

Prominent companies in the LED street light market are innovating by introducing new products such as solar-powered streetlights to maintain a competitive edge. A solar-powered streetlight is a lighting system that incorporates solar panels, batteries, LED lamps, and other components to offer illumination for outdoor areas and pathways. For example, in May 2023, AGC Inc., a Japanese glass manufacturing company, unveiled the ST57 solar LED streetlight. This lighting solution is sustainable and eco-friendly as it relies on solar energy. The ST57 boasts an extended discharge time, facilitated by its integrated smart control features, including a timer, PIR sensor, and microwave sensor. With an IP66 rating, the ST57 ensures protection against severe weather conditions. It is a comprehensive solar streetlight available in six different sizes (10W, 20W, 30W, 40W, 50W, and 60W), each offering various features and advantages.

In January 2023, Saylite, a provider of lighting products and solutions with a base in the United States, successfully acquired Vantage Lighting for an undisclosed sum. The objective of this acquisition is to expand Saylite's product and service portfolio, ensuring a more comprehensive range for its current customer base. Vantage Lighting, also based in the U.S., is a manufacturer specializing in LED lighting products designed for specifications.

Major companies operating in the led street light market report are Samsung Electronics Co. Ltd., Revolution Lighting Technologies Inc., Panasonic Corporation, Eaton Corporation PLC, Wipro Limited, Signify N.V., NIPSCO Inc., Hubbell Inc., Leotek Electronics LLC, Acuity Brands Inc., OSRAM GmbH, Havells India Limited, Zumtobel Group, Syska LED Street Light, Cree Inc., TATA Power Solar Systems Ltd., Crompton Greaves Consumer Electricals Limited, Cooper Lighting Solutions, Bajaj Electricals Limited, LSI Industries Inc., Pemco Lighting Products LLC, XtraLight LED Lighting Solutions, Daintree Company, Niland Company, Nichia Corporation, Pkk Lighting Inc., SAVANT TECHNOLOGIES LLC, Ultravision LED Solutions, Jacksen International Ltd., Optolumens Light Solution, Brandon Industries Inc.

Asia-Pacific was the largest region in the LED street light market in 2023. The regions covered in the led street light market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the led street light market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

LED street lights primarily utilize two types of connectivity: wired and wireless. Wired lighting systems are connected to a central location where regulations, circuit design, and cables converge. The sales channels for these lights include both direct and indirect methods, catering to applications such as retrofit, retail and hospitality, outdoor, offices, architectural, residential, industrial, and various others.

The LED Street light market research report is one of a series of new reports that provides LED street light market statistics, including LED street light industry global market size, regional shares, competitors with LED street light market share, detailed LED street light market segments, market trends and opportunities and any further data you may need to thrive in the LED street light industry. This LED Street light market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The LED Street light market consists of sales of COB LED street lights and flat-panel integrated LED street lights. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.