Global LED streetlight market to surpass US$2 billion by 2020
- 01 March 2013
LONDON: The LED streetlighting market is set to surpass US$2 billion by 2020 thanks to surging sales across the globe, according to a report by Pike Research.
LED (light emitting diode) lamps for street lights are set to generate over US$2 billion in yearly revenue by 2020, the Street Smart Lighting authors found.
LEDs are also expected to overtake sales of the high pressure sodium lamps that are traditionally used for street lights, as soon as 2015.
The surging LED lighting sales are due to improvements in efficiency as well as lower costs, which have fallen as much as 50% over the last two years, according to the report.
'Smart Street Lighting' assesses outdoor LED upgrade opportunities for highways, roads, parking lots, city parks and sports stadiums. It also profiles key industry leaders as well as global revenue and capacity forecasts, segmented by lamp type and region, through 2020.
Harry Verhaar, Senior Director Energy & Climate Change at Philips Lighting, commented on the research: "The best news is that the benefits of intelligent LED streetlighting go much beyond the energy budget and carbon footprint savings. Intelligent LED streetlighting provides comfort and safety to citizens, and allows cities to smartly manage lighting as a service. All in all this is important in helping create livable 21st century cities where current and future generations enjoy to work, live and leisure."
Jim Walker, Co-founder and International Programs and Strategy Director, The Climate Group, said:"As Pike and others are showing, the economics of LEDs are improving rapidly and are set to revolutionize the lighting sector over the coming decade. As we have shown through our own partnerships with ten leading world cities from New York to Sydney, the return on investment is already favorable for municipal governments switching to LED streetlighting, including 60-80% energy savings. As the costs come down, no city should be installing anything other than LEDs in their street lamps by 2015, and we should see a complete switchover by 2020."
In 2012 The Climate Group published a report called Lighting the Clean Revolution which demonstrates that LEDs are ready to be brought to scale in outdoor applications. The independent and verifiable results from the LightSavers trials and accompanying public surveys give compelling evidence that many commercially-available, outdoor LED products offer high quality light, durability, and significant electricity savings in the range of 50-70%. Read it now.