According to a new study by MarkNtel Advisors, the South East Asia Street Lighting Market is expected to grow at a CAGR of More than 20% during the forecast period, i.e., 2021-26. Modern energy-efficient technologies & designs cutting the street lighting costs dramatically & reducing greenhouse gas emissions by equivalent measures are the prime factors expected to boost the market growth in the forecast period.
Furthermore, municipalities working toward expanding the street lighting coverage, particularly across rural & poor areas, is another crucial aspect expected to fuel the overall market growth during the forecast period, further states the research report, "South East Asia Street Lighting Market Analysis, 2021."
LEDs to Witness Significant Growth Across Southeast Asia During the Forecast Period
Based on the Lighting Source, the South East Asia Street Lighting Market segments into LEDs, Fluorescent Lights, and HID Lamps. Of them all, LEDs are anticipated to display significant growth in the forecast period. It owes primarily to various government initiatives favoring the adoption of LEDs due to their lower energy consumption than conventional lights.
Besides, incorporating street lighting with energy-efficient & modern LED systems shall create several opportunities for devising a secure & connected city lighting network across countries. Additionally, with the higher operational life, LEDs reduce the labor costs for replacing bulbs in commercial situations, thereby providing a low-maintenance lighting system, an ideal choice for lighting, particularly in areas that need extended hours of light.
Furthermore, due to the advantages like energy conservation, cost-savings, and longer life of LEDs, several Southeast Asian countries are projected to adopt LEDs for street lighting, thereby leading the segment to witness significant growth in the years to come.
Indonesia to Contribute Significantly in the South East Asia Street Lighting Market Growth
On the geographical front, the South East Asia Street Lighting Market expands across Indonesia, Malaysia, Singapore, Thailand, Philippines, and Others. Of them all, Indonesia is expected to massively contribute to the market growth, primarily due to the government support toward tapping economic & environmental benefits of replacing conventional lightings with energy-efficient lighting products.
Additionally, the transformation of energy-efficient lightings into high energy-efficient lighting systems using LEDs is another crucial aspect likely to lead the country to contribute significantly to the market growth in the forecast years, reveals MarkNtel Advisors in their research report, "South East Asia Street Lighting Market Analysis, 2021."
Key Market Competitors
According to MarkNtel Advisors, the leading players in the South East Asia Street Lighting Market are SiriJaya, OLE, HeiSolar, Philips Lighting, NEW DVR (S) PTE LTD, Honeywell, LIGMAN, Lumileds, Lepower, AEG lighting, Wipro Lighting, Others.
Key Questions Answered in the Study