PUNE, India, February 3, 2017 /PRNewswire/ --
According to the new market research report "Street and Roadway Lighting Market by Lighting Type (Conventional, and Smart), Light Source (LEDs, Fluorescent Lights, and HID Lamps), Wattage Type (<50W, 50W - 150W, and >150w), End User, Offering, and Region - Global Forecast to 2022", published by MarketsandMarkets, the market is estimated to be valued at USD 10.94 Billion by 2022, growing at a CAGR of 6.03% between 2016 and 2022.
Browse 70 market data Tables and 66 Figures spread through 167 Pages and in-depth TOC on "Street and Roadway Lighting Market".
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This is primarily due to the increasing demand for LED lights and luminaires in street and roadway lighting applications because of declining prices, low maintenance costs, durability, and energy efficiency over conventional light sources such as fluorescent, high-pressure sodium, and mercury vapor lamps.
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"LED lights and luminaires expected to lead the street and roadway lighting market during the forecast period"
The market for LED lights and luminaires is expected to grow at the highest rate between 2016 and 2022. This is primarily due to the increasing adoption of LED lights and luminaires across various outdoor lighting applications such as highways, roadways, bridges, and tunnels. LEDs are replacing HID lamps owing to various advantages such as high efficiency, low maintenance cost, and high lumen output.
"Market for between 50W and 150W segment expected to grow at the highest rate between 2016 and 2022"
The street and roadway lighting market for the 50W-150W segment is expected to grow at the highest CAGR between 2016 and 2022. This is an ideal replacement for outdated sodium fixtures, costly metal halides, and halogen lights. The adoption of LED lighting is rising globally owing to its energy efficiency and low maintenance. This growth is attributed to the increasing use of LED lights and luminaires between 50W and 150W in street and roadway lighting applications. Moreover, conventional HID lamps of more than 150W are being replaced by 50W-150W LED lights and luminaires for improved efficiency and energy saving.
"Europe expected to hold the largest share of the street and roadway lighting market by 2022"
Europe is expected to hold the largest share of the street and roadway lighting market by 2022. This is due to stringent government regulations pertaining to lighting efficiency by European countries such as Germany, France, and Italy. For example, the EU project "Streetlight-Energy Performance Contracting (EPC)" is funded by the Intelligent Energy Europe Program and was launched in April 2014 with the objective of triggering the EPC through street lighting refurbishment projects. EPC is a contractual arrangement between a buyer (e.g., a municipality) and a supplier of an energy efficiency improvement measure, the so-called Energy Service Company (ESCO).
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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.
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