Global LED and Smart LED Street Lighting: Market Forecast (2017 - 2027)

Global LED and Smart LED Street Lighting: Market Forecast (2017 - 2027) 

From Research and Markets

There are currently 317 million streetlights in the world. This number will grow to 363 million total streetlights by 2027. The public outdoor lighting market is currently undergoing a period of change where legacy streetlights are being replaced with new and more efficient LED, or solid-state lighting, technology. Taking this new technology a step further, these LED streetlights are also being networked together with communications to become  “smart” streetlights. This study analyzes and forecasts the global market for both LED and smart street lighting through 2027.   

LED streetlights will transform cities and municipalities across the globe over the next decade. LEDs offer longer lifetimes, lower energy consumption, and reduced maintenance expenses when compared with legacy streetlight technologies. LEDs are quickly becoming the dominant source of lighting in cities around the world and from 2017 to 2027, global investment in LED street lighting is expected to be $53.6 billion.  

But LEDs are not the sole element in modernized public outdoor lighting. Networked “smart” streetlights help cities further reduce costs with their dimming capabilities and reduced maintenance costs. As the costs for networked streetlights also decline, these smart streetlights will find a growing role in cities and municipalities across the globe. Smart street lighting is already taking off in major markets such as the US, UK, and China. In many developed countries, smart streetlights are serving as part of larger “smart city” concepts, where  communications networks can be used to link  items such as electricity and water meters, traffic lights, parking meters, waste bins, and other infrastructure. Smart streetlights also greatly improve safety conditions in a city by reducing the “down time” of streetlights. In many emerging market metropolises–and US cities–that are managing rising street crime,  this will be a particularly strong benefit.  

While there are still challenges to overcome, the rapid growth of LED and smart street lighting is providing clear examples and benefit cases for cities in diverse contexts to follow. Given these clear advantages, LED and smart streetlights are projected to reach 89% and 29% of the total streetlight market, respectively, by 2027. This will total a $64.2 billion market opportunity over the next decade.