Market Size of North America Street Lighting Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 9.40 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Street Lighting Market Analysis
The North America Street Lighting market is expected to register a CAGR of 9.4% during the period 2022-2027. The primary factor driving North America's street lighting market growth is the growing adoption of LED lighting for energy-efficient lighting systems, increasing awareness regarding low power consumption, and rising adoption of smart cities in North America.
Over the past few years, the North America Street market has rapidly moved from conventional to smart lighting. The main drivers for this shift are various benefits of smart lighting over conventional lighting. Smart street lighting can help cities monitor the environment, increase public and traffic safety, upgrade connectivity as WiFi hotspots, and deliver location-based services like smart parking and smart navigation.
Furthermore, the demand for street lighting is governed by the rapid urbanization and development of infrastructure such as smart cities, the need for energy-efficient street lighting systems, increasing penetration of LED lights and luminaires in street lighting applications.
The government takes various initiatives to implement innovative street light solutions in smart cities, growing the demand for street lighting in the region. For instance, Barcelona, Los Angeles, and San Jose have recently stepped into evolving the connected smart city by implementing Philips SmartPole pilots. The SmartPole initiative provides the City of San Jose with more energy conservation, reduced expenditures on energy and maintenance, implementation of LED lighting on dark city streets, and an enhanced broadband experience for the residents in the city.
Moreover, major street lighting market players focus on issues such as low energy consumption, long predictable lifetime, and light pollution. Further, the major players are collaborating with the government to implement energy-efficient street lights across the region by replacing conventional lights with energy-efficient ones. Such initiative further boosts the growth of the North American street lighting market.
However, the high installation cost of implementing smart lighting is a significant restraint for the market. Smart street lighting comprises pre-installation and post-installation services such as installation, design, maintenance, support, and monitoring services.
The COVID-19 pandemic led to strict lockdowns across several nations in the North American region resulting in a temporary halt in numerous street lighting projects, supply chain disruptions, and challenges regarding raw material availability, thereby hampering the demand for street lighting in the region.
