What are the Historical Developments and Current Growth Metrics of the Street And Roadway Lighting Market?
The street and roadway lighting market has seen considerable growth due to a variety of factors.
• The market size of street and roadway lighting has witnessed robust growth in the past few years. Its expansion will continue from $10.5 billion in 2024 escalating to $11.16 billion in 2025, marking a compound annual growth rate (CAGR) of 6.3%. Factors such as community wants and responses, initiatives for energy saving, pertinent improvements in lighting design, shift towards LED technology, and government rules and regulations contributed to the growth during the historic period.
What is the Forecasted Market Size and CAGR for the Street And Roadway Lighting Market?
The Street And Roadway Lighting market is expected to maintain its strong growth trajectory in upcoming years.
• In the imminent years, the street and roadway lighting market is set to experience significant expansion, with projections putting it at $14.54 billion by 2029, boasting a compound annual growth rate (CAGR) of 6.8%.
This predicted growth during the forecast interval is attributed to the implementation of smart city projects, concerns about the environment and light pollution, combined with IoT and sensor integration, growth of urban infrastructure, and the need for energy-saving solutions. Key trends likely to be seen during this growth phase include improvements in LED technology, smart lighting controls, sustainability initiatives, safety and security improvements, and adaptive lighting solutions.
What Key Factors and Trends Are Driving The Growth Street And Roadway Lighting Market?
The surge in road transportation is anticipated to boost the street and roadway lighting market in the future. Road transport, which involves the transfer of goods and individuals from one place to another via roads, is set to increase, leading to a greater demand for street and roadway illumination to enhance road safety by improving visibility for drivers, riders, and pedestrians. For example, a report from the U.S. Department of transportation, a branch of the U.S. federal government, indicated in March 2021 that road use on all highways and streets increased by +2.9% (+7.9 billion vehicle miles) in March 2022 compared to the previous year. It is estimated that 277.4 billion vehicle miles were covered during that month. In March 2022, 274.8 billion miles were recorded, representing a 2.80% increase (equivalent to 7.5 billion miles) compared to March 2021. Consequently, the rising road transportation trend is fuelling the growth in the street and roadway lighting market.
What Are The Market Segments In The Street And Roadway Lighting Market?
The street and roadway lighting market covered in this report is segmented –
1) By Offerings: Hardware, Software, Services
2) By Lighting Type: Conventional Lighting, Smart Lighting
3) By Light Source: LEDs, Fluorescent Lamps, High-Intensity Discharge Lamps
4) By End User Industry: Highways, Street, Roadways
Subsegments:
1) By Hardware: LED Fixtures, Luminaires, Poles And Mounting Structures, Smart Sensors And Controls
2) By Software: Lighting Management Systems, Monitoring And Control Software, Energy Management Software
3) By Services: Installation Services, Maintenance And Repair Services, Consulting And Design Services
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What Trends Are Shaping The Street And Roadway Lighting Market?
The introduction of inventive products is a significant trend that is picking up traction in the market for street and roadway lighting. Prominent corporations in this market are focusing on the development of innovative technological solutions to bolster their market standing. For example, Evluma, a US based developer of cost-effective, sustainable and long-lasting LED lighting systems, launched RoadMax in March 2022. This is a roadway lighting product designed to provide superior glare control and excellent light distribution. It comes with various options (Type II, III, and V) with zero-uplight (U0) to ensure they adhere to roadway standards while also addressing modern issues related to light trespass and disability glare. Notable features comprise a field-adjustable wattage selector, shields to prevent light trespass and compatibility with Evluma's ConnectLED app for wireless control and dimming. It also boasts Photocontrol Failsafe technology and is backed by a robust 10-year warranty as well as surge protection.
Who Are the Key Players In The Street And Roadway Lighting Market?
Major companies operating in the street and roadway lighting market include:
• Cree Inc.
• Acuity Brands Inc.
• OSRAM Licht AG
• Current Lighting Solutions
• Syska LED Lights Pvt Ltd.
• Hubbell Inc.
• Zumbotel Group
• LED roadway lighting Ltd.
• ClaroLux Landscape Lighting
• Forus Electric Private Limited
• Koninklijke Philips N V
• WS Atkins Plc
• Shenzhen GHC Co. Ltd.
• Lighting Reality Ltd.
• Schneider Electric
• Petra Systems
• Eaton Corporation plc
• Streetlight.Vision
• Philips Lighting
• TVILIGHT Projects B.V.
• General Electric Company
• Echelon Corporation
• Cyan Technology Ltd.
• Honeywell International Inc.
• Bridgelux Inc.
What Are The Regional Insights Into The Street And Roadway Lighting Market?
Asia-Pacific was the largest region in the street and roadway lighting market in 2024. Asia-Pacific is expected to be the fastest-growing region in the street and roadway lighting market report during the forecast period. The regions covered in the street and roadway lighting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
