What Effect LEDs Have on Outdoor Lighting Market Growth?
A light emitting diode (LED) light lasts up to three times longer and consumes up to 80% less energy than a similarly rated incandescent bulb, according to the U.S. Department of Energy. Due to these advantages, the usage of LED lights is surging around the world, with even governments doing their bit to replace the conventional bulbs with them.
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or instance, since launching the Unnat Jyoti by Affordable LEDs for All (UJALA) scheme in 2015, Government of India has distributed 362,265,176 LED bulbs till now. This has led to savings of 47,046 million kWh of electricity and carbon dioxide reduction of 38,107,496 tonnes per year.
The government has also replaced 10,300,000 street lights with LEDs till January 2020 and targets to install a total of 13,400,000 bulbs till March 2020. Similarly, the City of Los Angeles has also successfully replaced 215,000 street lights with LED variants, in one of the biggest such projects around the world.
Thus, with governments pushing for a total transformation of how public areas are illuminated, the outdoor lighting market is projected to reach $14.2 billion by 2023, from $8.7 billion in 2017, at a CAGR of 8.0% during the forecast period (2018–2023).
The government efforts are also why among all the outdoors places where lights (any kind) are being installed — highways, streets, stadiums, parking lots, parks, gardens, tunnels, business parks, and farms — they have been installed on streets in the largest numbers till now, and the next few years would carry the same trend.
Apart from the growing network of roads and highways around the world, the development of smart cities is also playing a part here, as numerous such dwellings have been planned by governments of numerous countries.