LONDON--(BUSINESS WIRE)--The new street lighting market research report from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the increasing number of highway expansion projects”, says a senior analyst for the Industrials industry at Technavio. As the markets recover, Technavio expects the street lighting market size to grow by USD 1.47 billion during the period 2020-2024.
Street Lighting Market Segment Highlights for 2020
- The street lighting market is expected to post a year-over-year growth rate of 3.10%.
- Based on technology, the market saw maximum growth in the LED segment in 2019. The growth of the segment is driven by the high life span of LED lights over conventional lighting systems.
- The market growth in the segment will be significant over the forecast period.
Regional Analysis
- 53% of the growth will originate from the APAC region.
- Market growth in APAC is driven by the introduction of various initiatives by governments to promote energy-efficient lights and the presence of a large number of LED chip and packaging factories in China, Japan, South Korea, and Taiwan.
- China and India are the key markets for street lighting in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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Notes:
- The street lighting market size is expected to accelerate at a CAGR of almost 4% during the forecast period.
- The street lighting market is segmented by Technology (LED and Traditional) and Geography (APAC, North America, Europe, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Acuity Brands Inc., Dialight Plc, Eaton Corporation Plc, Everlight Electronics Co. Ltd., General Electric Co., Koninklijke Philips NV, OSRAM Licht AG, Panasonic Corp., Schneider Electric SE, and Tendrils Holding BV
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