LONDON, May 30, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company's Street And Roadway Lighting Market Report 2023, the market is estimated to grow from $9.3 billion in 2022 to $9.9 billion in 2023, at a compound annual growth rate (CAGR) of more than 6%. Further, the street and roadway lighting market will reach $12.7 billion by 2027, with a CAGR of more than 6%. Geographically, Asia-Pacific held the largest share of the street and roadway lighting market in 2022
One of the driving factors for the industry is the rise in road transportation. As road transport, which involves the movement of goods and passengers via roads, continues to increase, there is a growing demand for street and roadway lighting. This demand stems from the need to enhance road safety for drivers, riders, and pedestrians by improving visibility.
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Major street and roadway lighting companies are Cree Inc., Acuity Brands Inc., OSRAM Licht AG, GE Current, Syska LED Lights Pvt Ltd., Forus Electric Private Limited, Koninklijke Philips N.V., WS Atkins Plc., Shenzhen GHC Co. Ltd., and Lighting Reality Ltd.
Product innovations is a key trend in the market, with companies focusing on technological advancements to strengthen their market presence. For example, in March 2021, TVILIGHT Projects B.V. introduced the OpenSky IoT devices, wireless smart street light controllers, and outdoor light controllers. These devices are designed to connect using a reliable international telecom standard, offering long-range coverage and secure LPWAN connectivity.
Furthermore, in March 2020, Signify Holding acquired Cooper Lighting Solutions, LLC, expanding its market position and capabilities in the North American lighting market. This acquisition enables advancements in connected lighting and systems, leveraging the combined resources of both companies.
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The global street and roadway lighting market is segmented as -
1) By Lighting Type: Conventional Lighting, Smart Lighting
2) By Light Source: LEDs, Fluorescent Lamps, High-Intensity Discharge Lamps
3) By Offerings: Hardware, Software, Services
4) By End User Industry: Highways, Street, Roadways
The street and roadway lighting market report provides an in-depth analysis of the global street and roadway lighting market, highlighting its growth potential, major drivers, and key trends. With its comprehensive analysis, the report equips stakeholders with actionable insights and empowers them to make informed decisions.
Street And Roadway Lighting Global Market Report 2023 by The Business Research Company provides insights on the street and roadway lighting market size, street and roadway lighting market segments, street and roadway lighting market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 4,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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