Market Size of Europe Street Lighting Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 10.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Street Lighting Market Analysis
The Europe Street Lighting market is expected to register a CAGR of 10.5% from 2022 to 2027. The primary factor driving the market's growth is the growing demand for energy-efficient lighting systems, increasing awareness regarding the low power consumption associated with LED lighting, and rising adoption of smart cities in the European region.
- The growing complexities of transportation infrastructure have increased the need for enhanced street lights to ensure smooth traffic flow and people's safety on the roads while maintaining cost-efficiency. The region is rapidly shifting from conventional lighting to smart lighting solutions owing to various benefits.
- In Europe, street lighting consumes a significant amount of electricity. Several European countries are opting to replace conventional lighting systems with LED systems. LED lighting provides product longevity, reduced maintenance, and minimal light pollution, which are some factors boosting LED adoption. Additionally, the availability of a broad range of lighting products at competitive prices and the increasing demand for energy-efficient lighting systems across various industries are driving the market growth.
- Furthermore, many European countries are undertaking various smart city initiatives and view smart street lighting as an ideal solution that provides energy-efficient solutions with operational savings. Moreover, it offers real-time visibility and control with smart city management software. This is further increasing the demand for street lighting in the region.
- However, the high cost associated with smart lighting and LED driver failure in street lights may result in the light not working, parts of LEDs failing, and the lamp blinking. These factors may lead to hampering the street light market growth.
- Additionally, the Europe street lighting market has been affected by the COVID-19 pandemic, resulting in supply chain disruption and unavailability of raw materials, and many companies have been forced to restructure their strategies to deal with the outbreak. Furthermore, due to COVID-19, many countries in the region were putting all their resources into fighting the outbreak, which affected public spending, as government bodies are the ones who give the nod for this kind of project.
