The increasing complexities of transportation infrastructure have increased the need for enhanced illumination on the streets and roadways, in order to ensure smooth traffic flow and ensuring people’s safety on the streets, while maintaining cost-efficiency.
New York, Aug. 27, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Street and Roadway Lighting Market - Growth, Trends, Forecasts (2020 - 2025)" - https://www.reportlinker.com/p05954275/?utm_source=GNW
- Roadway lighting is considered as an important safety feature for busy streets and highways, where visibility is essential. According to CED Engineering, proper lighting can be expected to reduce night crashes by approximately 30%, thereby improving safety for drivers, riders, and pedestrians.
- According to the UN, 68% of the total world population will live in urban areas by 2050. It will put tremendous pressure on limited city resources and lightning streetlights costs for 30% to 50% of a typical city’s energy bill. For instance, the European Commission stated that they pay more than EUR 10 billion annually to power their streetlights. Therefore, with smart street lights, cities can conserve energy, decrease CO2 emissions, limit light pollution, and lower operations and maintenance costs.
- Moreover, nowadays, to conserve energy, LED lights with the Photodiodes and IR sensors are used to sense vehicle moments. It is implemented to control lights based on vehicles and pedestrian moments with the bright and dim mode of operation and to switch off lights during no vehicles and pedestrian. All these factors have a positive impact on the street and roadway lighting market.
- Further, in Feb 2019, the European Union adopted new guidance on roadway lighting installations. In August 2019, the European Commission sanctioned EUR 82 million for 20 smart city projects to design technology solutions for urban security, digital transition, urban land use, and urban poverty.
- Owing to the COVID-19 outbreak, the market is witnessing a halt in production and disruption in the supply chain, leading to weakened growth of industrial output and the decline in light-manufacturing production across significant manufacturing hubs.?
Key Market Trends
LED Lights Segment to Exhibit Significant Growth
- LED lights produce light approximately 80% more efficiently than any other light bulbs, such as fluorescent and incandescent lights. 95% of the energy in LEDs is converted into light, and only 5% is wasted as heat, which is pushing users to opt for a more economical form of lighting.
- LED lights provide a consistent light by improving the overall visibility and provides added security for street and highway locations. They can also be paired with motion sensors, photocells, and timers to offer a lighting control system for efficient usage.
- The International Energy Agency (IEA) estimated that road lighting accounts for 4% of total global light and a switch to LED lights can save an average of 50% in energy costs, which results in global savings of USD 160 billion energy costs, and 555 million tons of CO2.
- Moreover, government initiatives are also fueling the market growth, as many governments across the world are structuring regulations for encouraging LED adoption. For instance, in India, the government’s initiative such as SLNP (Street Light National Program), which is an initiative to replace 21 million streetlights with LED, further contributes to the market growth.
- Additionally, LED lighting applications provides colors across the full spectrum, and thus help in improving the aesthetics of outdoor spaces, bridges, roads, and buildings. For example, the Empire State Building in New York, USA, and the Baron Palace in Cairo, Egypt.
Asia-Pacific to Witness the Fastest Growth Rate
- Asia-Pacific is expected to witness the fastest growth because of the increasing smart city initiatives in this region. Smart street lights are the backbone of the smart city project due to the benefits associated with LED lighting.
- Additionally, in countries, like China and India, the governments are encouraging the adoption of LED technology for roadway and highway applications, in order to save energy and maintenance costs.
- Further, in order to promote investments in the market, the Indian government has only imposed a free tariff (basic tariff) on LED component imports, facilitating the LED products to enter the market as semi-finished products.
- China aims to encourage 100 new smart cities from 2016 to 2020 to lead the country’s urban planning and development. Over 1,000 smart city pilot projects across the globe are ready for and are under construction, and China is home to about 500 of them, covering small and big cities. Thailand’s Government is planning to achieve the mandate of 100 smart cities within 20 years. This is expected to drive the growth of the market in the region.
The street and roadway lighting market is fragmented and highly competitive owing to the presence of a large number of regional and international players across the globe. Some of the major players are Signify, OSRAM, Cree, among others. Road lighting is an essential service provided by governments to ensure safety and security at night for its citizens and significant infrastructure developments, such as the construction of highways for connecting cities, are few factors because of which companies are entering into this market. Some of the recent developments are:
- May 2020 - GE Current opened a new distribution center in the greater Atlanta area. With the addition of the location, GE Current will be able to provide same-day and next-day service to its lighting and controls customers regionally.
- Mar 2020 - Signify announced the completion of the acquisition of Cooper Lighting Solutions from Eaton for USD 1.5 billion. With this acquisition, the company plans to focus on the innovation of connected lightings and systems. This is estimated to drive the revenue growth of the company in the North American market with an aimed increase in professional revenues from 42% to 53%.
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