BOULDER, Colo.--(BUSINESS WIRE)--A recent report from Navigant Research analyzes the global market for roadway and highway lighting, including global forecasts for unit sales and revenue.
The street light market is undergoing a rapid transition from conventional technologies, such as high pressure sodium, to light-emitting diode (LED) lights. Although high pressure sodium lights remain the biggest sellers today, some companies are already planning to discontinue their non-LED product lines. Click to tweet: According to a recent report from Navigant Research, the installed base of LEDs in street lighting worldwide is expected to grow from 13.2 million in 2014 to more than 116 million in 2023.
“City residents appreciate the improved nighttime visibility provided by the whiter light of LED street lights, while city managers enjoy the cost savings that come from the reduction in both energy consumption and maintenance costs provided by LEDs,” says Jesse Foote, senior research analyst with Navigant Research. “LED prices have come down to the point where payback periods are becoming attractive for cities, with or without government subsidies.”
Despite the reduction in costs, significant obstacles to LED adoption remain, according to the report. For investor-owned utilities, the benefits of a lighting upgrade are less straightforward. As those utilities begin to change their thinking, another wave of LED street light adoption is expected in the coming years.
The report, “Smart Street Lighting”, analyzes the global market for roadway and highway lighting. It provides an analysis of the market issues, including drivers and trends, barriers, and ownership models, associated with lamps, luminaires, and lighting controls in these street lighting applications. Global market forecasts for unit sales and revenue, segmented by region, application, and equipment and construction type, extend through 2023. The report also examines the key codes, standards, and technologies related to street lighting, as well as the competitive landscape. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.
* The information contained in this press release concerning the report, “Smart Street Lighting,” is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.