NEWARK, Del, Oct. 02, 2023 (GLOBE NEWSWIRE) -- According to a Future Market Insights (FMI) report, the street and roadway lighting market is forecasted to garner revenue of US$ 16.4 billion by 2033, up from US$ 9.7 billion in 2023. The market is expected to advance at a CAGR of 5.4% from 2023 to 2033.
With the accelerating global urbanization, cities are at the forefront of this transformation, investing in smart city initiatives that prioritize energy-efficient and intelligent street and roadway lighting.
These initiatives aim to enhance urban living by optimizing lighting patterns, reducing energy consumption, and improving public safety. The adoption of IoT in lighting systems allows for real-time monitoring and adaptive lighting control, making cities more responsive to varying conditions such as traffic flow, weather, and pedestrian activity.
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Governments worldwide are enacting regulations and offering incentives to promote the use of LED and other energy-efficient lighting technologies. This market's trajectory also considers broader urban planning and environmental sustainability goals, as the data collected from smart lighting systems can inform decision-making processes.
The insights gained from these systems can be instrumental in optimizing urban development, resource allocation, and infrastructure planning, fostering the creation of more livable, efficient, and environmentally responsible cities.
While the street and roadway lighting market is on an upward trajectory, it faces its share of challenges. The initial cost of implementing energy-efficient LED lighting technology and smart lighting solutions can be a barrier for some municipalities and organizations, despite the long-term cost savings. Navigating the complex landscape of regulatory compliance and standards for lighting can be challenging, influencing design and technology choices.
“Sustainability is a driving force in this market, with a growing emphasis on eco-friendly lighting solutions. LED technology, for instance, not only reduces energy consumption but also extends the lifespan of lighting fixtures, resulting in substantial cost savings for municipalities and organizations,” opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Key Takeaways from Street and Roadway Lighting Market Report:
- By 2033, the United States will hold a revenue share of US$ 2.8 billion in the street and roadway lighting industry.
- The market in Japan is expected to account for a significant revenue share of US$ 2.3 billion by 2033 on a global level.
- From 2023 to 2033, the below 50 W sub-segment is anticipated to secure a 5.2% CAGR based on wattage type.
- The market for street and roadway lighting secured a growth rate of 6.8% from 2018 to 2022.
- Based on end-use, the streets and roadways sub-segment is predicted to grow at a 4.9% CAGR over the forecast period.
- The market for street and roadway lighting in China is likely to advance at a 5.2% CAGR from 2023 to 2033.
How Intense is the Competition in the Street and Roadway Lighting Industry?
The competition in the street and roadway lighting industry is characterized by its intensity, with a multitude of regional and global players vying for market share. This fiercely competitive landscape is driven by the growing demand for energy-efficient and smart lighting solutions, with companies continually innovating to stay ahead.
Governments' focus on sustainability and urban development further amplifies this competition, as businesses strive to offer cutting-edge technologies and cost-effective solutions to meet the evolving needs of municipalities, businesses, and communities.
The competitive landscape is also influenced by factors like regulatory compliance, cost-effectiveness, and the integration of IoT technologies.
As the market continues to evolve, established and emerging players alike are actively investing in research and development, partnerships, and strategic acquisitions to maintain their competitive edge, making it a highly dynamic and fiercely contested industry.
Key Companies Profiled in Street and Roadway Lighting Market Report:
- Acuity Brands, Inc.
- Cree, Inc.
- Eaton Corporation PLC
- General Electric Company
- Hubbell, Inc.
- Kingsun Optoelectronic Co., Ltd
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Market Segments Covered in Report:
By Wattage Type:
- Below 50 W
- 50-150 W
- Above 150 W
By End Use:
- Streets & Roadways
- Highways
- Other End-uses
About FMI – Industrial Automation:
The Industrial Automation division of Future Market Insights (FMI) Research offers a novel approach and innovative perspective in analyzing the industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial, and special-purpose machinery across the manufacturing sector and distinctive analysis of installed base, consumables, replacement, and USP-feature-application matrix make us a pioneering voice in the industry.
We are preferred associates with established as well as budding industry stakeholders and channel partners when it comes to sustaining, growing, and identifying new revenue prospects.
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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