With the global emphasis on energy conservation, environmental protection and sustainable development, LED street lamps, as an important component of urban infrastructure, are gradually replacing traditional street lamps with their high efficiency, energy saving and intelligent features, becoming a new trend in urban lighting. This article will analyze the global market trend of LED street lamps and make predictions on their future market development.
Trends in technological development
The improvement of LED technology and the reduction of its price: With the advancement of LED technology and the decline in its price, governments around the world have introduced policies to support the replacement of traditional light sources with LEDs, and the penetration rate of LED lighting products has been continuously increasing.
The global LED lighting market penetration rate: In 2021, the LED lighting penetration rate in China reached 80%, while the global average was 66%. It is projected that the global LED lighting market penetration rate will reach 75.8% by 2025.
The demand for intelligent and personalized products is increasing: The LED lighting market will show a trend of increasing demand for intelligent and personalized products, driving the rapid development of smart lighting systems.
Market Forecast
Global Market Size Forecast: The global LED lighting market size reached 75.81 billion US dollars in 2020. It is projected that the global market size will exceed 160 billion US dollars by 2026, showing a clear upward trend in the long term.
The predicted scale of China's LED lighting market: It is estimated that the scale of China's LED lighting market will reach 738.6 billion yuan by 2026.
The global LED street lamp market size is projected to be approximately 8,836 million US dollars in 2023 and is expected to reach 13,550 million US dollars by 2030, with a compound annual growth rate (CAGR) of 5.9% during the period from 2024 to 2030.
Conclusion
As an important component of smart city construction, LED street lamps are now enjoying rapid development opportunities. The continuous growth of the global market size, technological progress, policy support, and the increasing awareness of consumers towards energy-saving and environmentally friendly products all provide strong support for the future development of LED street lamps. It is expected that in the coming years, LED street lamps will continue to maintain a growth trend. Technological innovation, product upgrading, green and sustainable development, cross-border integration, and international market expansion will be the important trends in the industry's development. With the global emphasis on energy conservation and environmental protection, the market prospects for LED street lamps are broad, and they are expected to achieve wider application and popularization on a global scale.
