LED Lights and Luminaires are the Major Drivers for the Street and Roadway Lighting Market

To estimate the size of the street lighting market, we have considered the top players and their share in the market. This research study involves the study of annual and financial reports of top players, presentations, press releases, journals, paid databases, and interviews with industry experts. 

The street and roadway lighting market ecosystem includes component suppliers such as ClaroLux Landscape Lighting (U.S.), Forus Electric Private Limited (India), Shenzhen GHC Co., Ltd. (China), and Shenzhen HXD Lighting Co., Ltd. (China); lighting manufacturers such as Cree, Inc. (U.S.), Acuity Brands Lighting, Inc. (U.S.), Koninklijke Philips N.V. (Netherlands), and OSRAM Licht GmbH (Germany); and system integrators such as WS Atkins plc (U.K.), MMA Lighting Consultancy Ltd. (U.K.), Lighting Reality Ltd (U.K.), and General Electric Company (U.S.).

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Of all the major hardware components, luminaires are expected to dominate the street and roadway lighting market during the forecast period. The services segment is expected to witness the highest growth from 2016 to 2022. The growth of the services segment is mainly propelled by the use of smart street lighting for energy conservation and high efficiency. Smart street lighting comprises pre-installation and post-installation services such as installation, design, maintenance, support, and monitoring services.

Among all the end users, street and roadways held the largest share of the street and roadway lighting market in 2015. The key reason for the growth of the street and roadways segment is rapid urbanization and expansion of cities around the globe. The market for the street and roadways segment in APAC is expected to grow at the highest CAGR between 2016 and 2022. The major reason driving the growth of this segment in the APAC region is need for improvement in visibility and safety of drivers, riders, and pedestrians, thereby minimizing road accidents. Moreover, modernization and development of infrastructure across various countries such as India, China, Japan, and South Korea is driving the demand for lighting in street and roadways applications in the APAC region.

The street and roadway lighting market based on lighting type comprises conventional lighting and smart lighting. The market for smart lighting is expected to grow at the highest rate between 2016 and 2022 as the adoption of smart lighting is growing rapidly with the growth of industries and cities. Until recently, illuminating the dark was the main task of street lighting. However, smart street lighting is expected to perform many more functions in the future. It would notify or register a change in traffic volume and feed that data into an intelligent transport system (ITS). Smart street lighting would be a part of a networked urban infrastructure. This acts as a driver for the growth of smart street lighting during the forecast period. The market for conventional lighting is expected to grow at a CAGR of 3.06% between 2016 and 2022 as in the APAC region, South Asian countries such as India, Maldives, Sri Lanka, Nepal, Bhutan, and Bangladesh would have larger share of conventional lighting than smart lighting.