PUBLISHER: Grand View Research | PRODUCT CODE: 1575133
PUBLISHER: Grand View Research | PRODUCT CODE: 1575133
The global street lighting market size was valued at USD 9.10 billion in 2023 and is expected to grow at a CAGR of 3.6% from 2024 to 2030. The growing urbanization and infrastructure development projects drive the market's growth. As the global population increasingly moves toward urban areas, cities are expanding, and new urban zones are being developed. This rapid urbanization creates a heightened demand for infrastructure that supports safe and functional public spaces, with street lighting playing a vital role in this process.
Street lighting ensures visibility and safety in urban environments, particularly during nighttime. As cities grow, the need for extensive, reliable street lighting networks becomes more pressing. New residential areas, commercial zones, and public spaces require well-planned lighting systems to enhance security, facilitate transportation, and promote social and economic activities after dark.
Moreover, the growing emphasis on energy efficiency and sustainability is significantly boosting the adoption of LED street lighting. Traditional streetlights, such as high-pressure sodium lamps, are being replaced by energy-efficient LED lights, which consume less power and have a longer lifespan. This shift is driven by the need to reduce energy consumption, lower carbon emissions, and decrease municipal operational costs. Additionally, government incentives and regulations promoting green technologies accelerate the transition to LED street lighting.
Many cities and towns are undertaking retrofit and modernization projects to replace outdated street lighting infrastructure with new, energy-efficient, smart lighting systems. These projects are often driven by the need to reduce operational costs, improve lighting quality, and comply with new energy regulations. The growing trend of upgrading existing street lighting systems creates significant opportunities for market players, especially in developed regions with well-established infrastructure that need modernization.
The street lighting market is subject to various regulatory frameworks, which can vary widely across regions. A lack of standardized regulations and guidelines for deploying street lighting systems, especially smart lighting, can create confusion and slow adoption. Additionally, obtaining approvals and navigating through bureaucratic hurdles can be time-consuming, leading to delays in project implementation. These regulatory challenges can deter investments and hinder the market's overall growth.
Global Street Lighting Market Report Segmentation
The report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global street lighting market report based on type, application, and region: