The Asia-Pacific (APAC) outdoor lighting market growth is propelled by factors such as swindling prices of light-emitting diodes (LEDs), increasing number of smart cities, and rising government initiatives toward energy conservation. These drivers will drive the market at an 11.1% CAGR during 2019–2024 (forecast period). The market generated $5.6 billion in 2018 and it is set to reach $10.6 billion by 2024. Currently, the market is observing a trend of using solar power for powering street lights.
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The solar street lights are suitable for remote areas where electricity is scarce. Moreover, rising adoption of LED lights is also facilitating the market, as these consume low energy and are economical for governments and businesses, in long term. Additionally, LED emergency lights last longer, brighter, and lesser fragile than other types of lights. Besides, cost-effectiveness of such lamps adds to their popularity.
Because of such advantages, these lights are being installed in smart cities of India and China. Apart from smart cities, metropolitan cities of the Indian states like Delhi, Maharashtra, and West Bengal are also shifting toward LED lighting systems. Another key factor driving the APAC outdoor lighting market is the increasing government initiatives to promote energy conservation and energy efficiency.
The governments across the region are implementing several energy-efficient plans that focus on reducing thermal pollution and greenhouse gas (GHG) emissions. For example, the Australian government and the Institute of Public Works Engineering Australasia (IPWEA) together introduced a strategic roadmap for Street Lighting and Smart Controls Program to promote LED lamps to amplify energy efficiency.
With the growing chaos on roads and the increasing number of smart cities, the installation of outdoor lighting systems will amplify in the foreseeable future.
With the growing chaos on roads and the increasing number of smart cities, the installation of outdoor lighting systems will amplify in the foreseeable future.
