Street And Roadway Lighting Market Size

Street and Roadway Lighting Market Analysis

The Street and Roadway Lighting Market was valued at USD 9.44 billion in the previous year and is expected to register a CAGR of 5.66 percent, reaching USD 13.09 billion by the next five years. The increasing complexities of transportation infrastructure have increased the need for enhanced illumination on streets and roadways to ensure smooth traffic flow and people's safety on the streets while remaining cost-effective.

• Street and roadway lighting is essential for providing an energy-efficient lighting system that is suitable as per the standard design criteria for roadway lighting. It provides adequate and uniform lighting on the roads for both motorists' and pedestrians' safety. The market for street and roadway lighting is accelerating due to the growing demand for intelligent solutions in street lighting systems.
• Roadway lighting is regarded as an essential safety feature for busy streets and highways where clear visibility is critical. According to CED Engineering, adequate lighting can reduce nighttime collisions by about 30 percent, enhancing the safety of drivers, riders, and pedestrians.
• Street lighting is crucial because it increases pedestrian safety and visibility. Owing to their lower energy consumption compared to conventional street lamps, LED street lighting solutions can help cities become more environmentally friendly by reducing their carbon footprint. In order to reduce costs, conserve energy, and improve the adaptability, flexibility, and efficiency of public lighting infrastructure, such lighting systems can also be integrated with smart technologies. As a result, cities all over are switching out older, inefficient fixtures with LEDs.
• Additionally, in the upcoming years, the street and roadway lighting market may grow due to improvements in energy efficiency in developing nations and wireless technology for street lighting systems. However, the need for widely accepted open standards and the rapidly rising costs of product testing could pose additional obstacles to the market's expansion for street and roadway lighting in the near future. In addition to this, the unavailability of a single networking option that works best for all smart street lights and is suitable for a city to adopt is also a significant challenge.
• Furthermore, the COVID-19 pandemic scenario resulted in a global lockdown, which resulted in the closure of manufacturing facilities and severe restrictions on social movement. This impacted the general operations of LED manufacturing facilities. The disruption of the global supply chain, the lack of metals and poles, and the logistics-related services that led to the low production of street and roadway lighting were additional signs of the global impact on the LED lighting market. All of these elements could cause a slight decline in the market.