The street lighting market is projected to grow to USD 16.52 billion by 2032
From GlobeNewswire: 2025-03-04 09:00:00
The Street Lighting Market was valued at USD 10.93 billion in 2023 and is projected to reach USD 16.52 billion by 2032, with a CAGR of 4.70% from 2024 to 2032. Factors driving growth include increased demand for LED lighting, IoT integration, and expansion of smart city projects.
The LED lighting segment dominates the market with a 75% market share in 2023, due to energy efficiency and low maintenance costs. Traditional lighting is expected to register the fastest CAGR, driven by infrastructure projects in developing countries.
Roadways account for 69% of revenue share in the street lighting market, with increasing urban infrastructure development. Highways are projected to experience the fastest growth, with more investments in smart LED and solar-powered lights.
Asia-Pacific leads the market with 41% revenue share, driven by urbanization and government initiatives for energy-efficient lighting. North America is expected to grow rapidly due to technological advancements and support for smart city projects.
Recent developments in the market include Signify launching IoT-enabled smart streetlights, Acuity Brands deploying adaptive lighting solutions, and Hubbell introducing a solar-powered street lighting system. 1. The stock market saw a record-breaking surge today, with the S&P 500 hitting an all-time high of 4,500 points. This comes as investors remain optimistic about the economy’s recovery post-pandemic, with strong corporate earnings contributing to the market’s rally.
2. In international news, tensions have escalated between Russia and Ukraine as Russian troops continue to mass along the border. The U.S. and NATO have expressed concern over the situation, urging Russia to de-escalate and respect Ukraine’s sovereignty.
3. A new study has found that the COVID-19 vaccine booster shot provides increased protection against the Delta variant. Data shows that those who received a third dose of the vaccine had significantly higher antibody levels, offering better defense against the highly contagious strain.
4. Climate activists are calling for urgent action after a new report revealed that global temperatures are on track to surpass the 1.5°C threshold set by the Paris Agreement. The report warns of dire consequences if immediate steps are not taken to reduce carbon emissions and combat climate change.
5. In tech news, Apple has announced the launch of its new iPhone 13 lineup, featuring improved cameras, longer battery life, and faster processing speeds. The tech giant also unveiled the Apple Watch Series 7, with a larger display and new health tracking features, further solidifying its position in the market.
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