Street and Roadway Lighting Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
Global Street and Roadway Lighting Market: Overview
Street and roadway lighting is among the most essential aspects of an urban area, and a considerable chunk of budget is allotted to the maintenance of these public service lights. With depleting natural resources, the need to improve the efficiency of every energy consuming public service equipment is paramount. Together, these two factors have given birth to the concept of smart street and roadway lighting wherein several benefits are offered both to the consumers as well as the vendor. With mushrooming smart cities across the world, smart lighting is quickly replacing conventional lighting methods and consequently, the demand in the global street and roadway lighting market is expected to expand at a robust CAGR during the forecast period of 2017 to 2025.
Global Street and Roadway Lighting Market: Key Trends
LED lights and luminaries have gained exponential popularity in the recent past for the quality of light they offer, their longevity, energy efficiency, and low maintenance cost. This popularity has lured several manufacturers to indulge into the market and in turn, the costs of LED lights have decreased substantially. This factor has encouraged a shift from conventional lighting to the adoption of LED lights and luminaries for street and roadway lighting, and proved a boon for the market for the same. Smart lighting also helps in monitoring performance activities such as weather conditions and traffic control. Global efforts to reduce carbon emissions is another factor positively reflecting over this market.
Moreover, several key players in this market such as Honeywell, Philips, and Osram are offering customized products, with greater emphasis on efficiency via latest technology and quality of light, besides improved after-sales services. Introduction of new technology such as sensor based street light and wireless handling and monitoring is also driving the global market for street and roadway lighting. However, high installation cost is one factor that is challenging the market from attaining its full potential during the forecast period.
Global Street and Roadway Lighting Market: Market Potential
Rapid urbanization across the world and the development of several smart cities augur very well for the players involved in this market, and although reasonable finance and resources are required to make a presence in the market, long-term benefits assured. Heavy investments being made by the developers of smart cities and government incentives are being offered for outdoor lighting applications such as freeways, bridges, roadways, tunnels, and in-city street lights.
Global Street and Roadway Lighting Market: Regional Outlook
Europe currently is the most lucrative region for the global street and roadway lighting market and is expected to maintain the demand during the forecast period. This is a reflection of stringent government regulations such as energy performance contracting (EPC) in the countries such as Germany, Italy, and France. North America is another profitable regional market for street and roadway lighting. Development of smart cities in several emerging economies is also expected to increment the demand from the region of Asia Pacific, which resides vast populations.
Global Street and Roadway Lighting Market: Competitive Analysis
OSRAM Licht AG, Eaton Corp Plc., Koninklijke Philips N.V., General Electric Company, ClaroLux Landscape Lighting, Cree, Inc., Acuity Brands, Inc., and Hubbell Inc., Lighting Reality Ltd., Forus Electric Private Limited, MMA Lighting Consultancy Ltd., and Shenzhen HXD Lighting Co., Ltd. are some of the leading companies currently operating in the global street and roadway lighting market. Research and development of advancement products and improved after-sales service are some of the common strategies adopted by these players to maintain their stronghold over the market.
The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.
TMR Research is a leader in developing well-researched reports. The expertise of the researchers at TMR Research makes the report stand out from others. TMR Research reports help the stakeholders and CXOs make impactful decisions through a unique blend of innovation and analytical thinking. The use of innovation and analytical thinking while structuring a report assures complete and ideal information of the current status of the market to the stakeholders.
TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.
5-Point Growth Formula
The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.
The 5-point growth formula includes the following points:
Current and Future Threats
Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.
Accurate Trend Analysis
Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.
Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.
The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.
The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.
The reports offer answers to the top 7 questions that revolve around the growth of the market
Flat 10% discount on Single User License if you prebook this report
Flat 10% discount on Multiple User License if you prebook this report
Flat 10% discount on Corporate License if you prebook this report