NEW YORK, Feb. 9, 2017 /PRNewswire/ -- "Street and roadway lighting market expected to grow at a CAGR of 6.03% between 2016 and 2022"
According to the new market research report, the street and roadway lighting market is expected to grow from USD 7.21 billion in 2015 to USD 10.94 billion by 2022, at a CAGR of 6.03% between 2016 and 2022. The growth of the street and roadway lighting market could be attributed to the need for improvement in visibility and safety of drivers, riders, and pedestrians, growing urbanization, and increasing awareness regarding energy-efficient lighting systems. Also, the government mandates on energy consumption in most of the countries are supporting the growth of the street and roadway lighting market. However, high installation costs of smart lighting and lack of awareness about the payback period are the restraining factors for this market.
"Luminaires expected to dominate the hardware segment of the street and roadway lighting market between 2016 and 2022"
The luminaires segment is expected to dominate the hardware segment of the street and roadway lighting market during the forecast period. This growth is attributed to the increasing adoption of smart street lighting over conventional lighting across the world. Moreover, luminaires are being adopted for smart city projects in many countries such as India, China, and Japan. This also boosts the demand for luminaires.
"Street and roadway lighting market in APAC expected to grow at the highest CAGR during the forecast period"
This report covers the following regions: Americas, Europe, APAC, and RoW. The market in APAC is expected to grow at the highest rate between 2016 and 2022.
This growth is attributed to the continuous drifting down of prices and government regulations phasing out older, less efficient lighting technologies.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key experts. The breakdown of the profiles of primary participants is given below:
- By Company Type: Tier 1—35%, Tier 2—40%, and Tier 3—25%
- By Designation: C-Level Executives—50%, Director Level—35%, and Others—15%
- By Region: Americas—35%, Europe—22%, APAC—30%, and RoW—13%
The major players in the street and roadway lighting market are Koninklijke Philips N.V. (Netherlands), General Electric Company (U.S.), Cree, Inc. (U.S.), Acuity Brands, Inc. (U.S.)., OSRAM Licht AG (Germany), Eaton Corp Plc. (Ireland), and Hubbell Incorporated (U.S.), among others.
This report covers the offering segment, which consists of hardware, software, and services. In terms of light source, the street and roadway lighting market is segmented into LEDs, fluorescent lights, and HID lamps. The street and roadway lighting market also consists of lighting type that includes conventional lighting and smart lighting. The street and roadway lighting market is segmented on the basis of wattage type into less than 50W, between 50W and 150W, and more than 150W. Moreover, the street and roadway lighting market is categorized on the basis of end user into highways, street and roadways, and others which include tunnels and bridges. The entire street and roadway lighting market is divided on the basis of region into Americas, Europe, APAC, and RoW.
Key Benefits of Buying the Report:
- This report includes the market statistics pertaining to lighting type, light source, wattage type, end user, offering, and region, along with their respective revenues.
- Porter's five forces framework has been provided along with the value chain analysis to provide an insight into the street and roadway lighting market.
- Major drivers, restraints, challenges, and opportunities for the street and roadway lighting market have been detailed in this report.
- Illustrative segmentation, analysis, and forecast for the street and roadway lighting market based on lighting type, light source, wattage type, end user, offering, and region have been conducted to give an overall view of the street and roadway lighting market.
- A detailed competitive landscape has been provided that includes in-depth analysis and revenues of key players.
- The available customizations for the report offer further country-wise segmentation of the street and roadway lighting market in terms of value; further breakdown of this industry could be provided along with profiling of additional companies in the report.
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