LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global street lighting market provides an analysis on the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The research study by Technavio on the global street lighting market for 2017-2021 provides detailed industry analysis based on technology (traditional technology and light emitting diode (LED) technology) and geography (APAC, EMEA, and the Americas).
|Street lighting systems are used for the major applications in the residential, commercial, and industrial sectors. Technavio analysts forecast the global street lighting market to grow to USD 7.94 billion by 2021, at a CAGR of more than 4% over the forecast period.|
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The top three emerging trends driving the global street lighting market according to Technavio hardware and semiconductor research analysts are:
- Government support for infrastructure development
- Advances in the lighting technology
- Growing dominance of off-grid segment
Government support for infrastructure development
Governments are approving a large number of smart city projects which integrates multiple communication and information technology solutions to improve the economic growth and the quality of life. To this end, large investments are made into open data platforms, climate action plans, water management, smart street lighting, smart grids, urban mobility, and smart parking.
“Smart cities are connected through technologies that support data integration, which calls for LED lighting systems. The high demand for these systems are expected to create a significant revenue for the street lighting market,” says Sunil Kumar Singh, a lead analyst at Technavio for lighting research.
Advances in the lighting technology
The lighting industry is witnessing the introduction of several innovative technologies which are pushing the market toward product enhancements aimed at power-saving capabilities and better efficiency. These technological transitions are in line with the consumer demand, making the vendors more aligned with the technological needs of the consumers. Also, the rising awareness of green technology is leading to the launch of environmentally friendly lights. New features such as color tuning and control over the cloud are other factors pushing consumers to adopt these products.
Growing dominance of off-grid segment
“The off-grid segment is focused on providing lighting facilities to the households that are not within the limits of the national electricity grid, and dominates the street lighting market. The majority of the consumers of the off-grid segment are from the developing global economies in Asia and Africa,” says Sunil.
The cost challenges associated with ensuring centralized grid power access is encouraging governments to move to decentralized off-grid power systems. These off-grid systems provide faster access to power and higher reliability, leading to increased demand for these systems.
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