The Growth of LED Public Lighting Is Attributable to The Increase in Global Infrastructure Activities
The growth of the Led Public lighting(CLASSIC) market can be attributed to the increasing global demand for energy-efficient lighting systems, the decline in LED prices and the increased penetration of LED lights as light sources for outdoor applications such as construction, roads and highways, and public spaces.
In 2016, the highway and road terminal applications led the LED public lighting market. However, the public sector portion of the forecast market is expected to grow at the highest compound annual growth rate during the forecast period from 2017 to 2023. The growth of the public sector portion of the LED public lighting market can be attributed to an increase in global infrastructure activities.
The retrofit installation type of the LED public lighting market is expected to grow at the highest compound annual growth rate during the forecast period. The increase in the market retrofit installation type is due to the fact that incandescent lamps in existing infrastructure are increasingly replacing energy-saving light sources such as LED lights. These incandescent lamps are gradually being phased out, and luminaires are being retrofitted with LED lights because they have a long life and consume less energy.
The hardware product division is expected to lead LED public lighting from 2017 to 2023. The growth in the hardware product segment can be attributed to the growing demand for LED luminaires for new devices worldwide.
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