The installed base of LEDs in street lighting worldwide is expected to grow from 13.2 million in 2014 to more than 116 million in 2023, reports Navigant Research.
The street light market is undergoing a rapid shift from conventional technologies, such as high pressure sodium, to LED lights.
High pressure sodium lights have high demand in market, but some companies are planning to stop the production of non-LED product series.
City residents appreciate the improved night time visibility provided by the whiter light of LED street lights, while city managers enjoy the cost savings that come from the reduction in both energy consumption and maintenance costs provided by LEDs, says, Jesse Foote, senior research analyst with Navigant Research.
LED prices have come down to the point where payback periods are becoming attractive for cities, with or without government subsidies, added Foote.
There are hurdles in LED adoption despite the reduction in costs. For investor-owned utilities, the benefits of upgrading the lighting are less straightforward.
However, these utilities will be switching over to LED street light adoption in the coming years.