The global street and roadway lighting market valued USD 8.17 billion in 2019 and is expected to reach a value of USD 11.04 billion by 2025 at CAGR of 5.35% during the forecast period. The increasing complexities of transportation infrastructure have increased the need for enhanced illumination on the streets and roadways, to ensure smooth traffic flow and ensure safety on the street cost-effectively.
Roadway lighting is considered as an important safety feature for busy streets and highways, where visibility is essential. According to CED Engineering, proper lighting can be expected to reduce night crashes by approximately 30%, thereby improving safety for drivers, riders, and pedestrians.
According to the UN, 68% of the total world population will live in urban areas by 2050. It will put tremendous pressure on limited city resources and lightning streetlights costs for 30% to 50% of a typical city’s energy bill. For instance, the European Commission stated that they pay more than EUR 10 billion annually to power their streetlights. Therefore, with smart street lights, cities can conserve energy, decrease CO2 emissions, limit light pollution, and lower operations and maintenance costs.
Moreover, nowadays, to conserve energy, LED lights with the Photodiodes and IR sensors are used to sense vehicle moments with the bright and dim mode of operation and to switch off lights when no vehicles and pedestrian. All these factors have a positive impact on the street and roadway lighting market.
Due to the COVID-19 outbreak, the market is witnessing a halt in production and disruption in the supply chain, leading to weakened growth of industrial output and the decline in manufacturing lighting productions across significant manufacturing hubs.
