Street lights play a critical role in the safety & security of people on streets & public places. They are used mainly in highways & roadways to illuminate the driving route, thereby making it safe & convenient at night.
The South East Asia Street Lighting Market is likely to witness around more than 20% CAGR during the forecast period, i.e., 2021-26, states MarkNtel Advisors in their research report. Burgeoning investment by leading companies on street lights toward their production, design, and various applications is the prime factor likely to drive the market in the forecast years. With the overall electricity cost across South East Asia is high, there's a burgeoning demand for low power consumption alternatives, which shall fuel the demand for LEDs & lamp replacements across the region and drive the market in the forecast period.
In addition, with the improving economic dynamics of countries in the region and the growing awareness for energy conservation, the per capita demand for street lighting, particularly with energy efficiency, is expected to propel the market growth significantly in the forecast period. Furthermore, the massive investments toward developing the lighting infrastructure, coupled with favoring government policies, shall also augment the market to emerge in the years to come.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Coutries Covered||North America: The US, Canada, Mexico|
|Key Companies Profiled||SiriJaya, OLE, HeiSolar, Philips Lighting, NEW DVR (S) PTE LTD, Honeywell, LIGMAN, Lumileds, Lepower, AEG lighting, Wipro Lighting, Others|
|Unit Denominations||USD Million/Billion|
Covid-19 Severely Impacted the South East Asia Street Lighting Market
The outbreak of the Covid-19 pandemic severely affected the manufacturing sector across Southeast Asia. Hence, the Street Lighting Market in the region witnessed a massive hit & weakened growth output, mainly due to the imposition of lockdown & stringent restrictions that disrupted the supply chain & caused maximum imbalances.
The distribution channels across the region got catastrophically hit, owing to the shortage of electric products and the increasing demand-supply gap, resulting in significant financial losses. All such challenges resulted in a skyrocketing price hike of products and pressure on organizations in the lighting ecosystem.
However, it is projected that with the gradual upliftment of restrictions, the market would regain its usual pace & recover from losses in the coming years. Besides, it shall also create remunerative growth opportunities for market players through 2026.
Wholesale/Retail Stores to Observe Highest Demand in the South East Asia Street Lighting Market
Based on the Distribution Channel, the South East Asia Street Lighting Market bifurcates into Wholesale/Retail Stores and Direct Sales. Of both, the Wholesale/Retail Store distribution is expected to observe the highest demand in the forecast period. It owes principally to the constant innovations in LEDs & their price drops leading to their increased sales, coupled with retail stores being the primary sales channel, particularly in the urban areas.
Moreover, governments of countries like Thailand use retail stores as a medium for promoting their labeling programs. In recent years, the government conducted bulk distributions of CFLs, which stimulated public awareness and the sales of low-priced CFLs with participating suppliers, thereby pushing the segment to observe the highest demand.
LEDs to Observe Optimistic Future Trend in the South East Asia Street Lighting Market
Based on the Lighting Source, the South East Asia Street Lighting Market segments into LEDs, Fluorescent Lights, and HID Lamps. Of them all, LEDs show more signs of displaying significant growth in the forecast period. It owes to the various government initiatives that advocate the adoption of LEDs for their lower energy consumption rate than conventional lights. Moreover, establishing street lighting with energy-efficient & modern LED systems shall produce remunerative opportunities to create a secure & connected street lighting network across Southeast Asia.
Besides, the durability of LEDs lights reduces the labor cost for replacement in commercial areas. Hence, LEDs are also an ideal choice for lighting at places that require extended light hours. Furthermore, benefits like energy conservation, cost-savings, and the longer life of LEDs are propelling several Southeast Asian countries to adopt LEDs for street lighting. This shift of preference is expected to lead the segment to observe significant demand, states MarkNtel Advisors in their research report, “South East Asia Street Lighting Market Analysis, 2021.”
The factors that might restrain the South East Asia Street Lighting Market growth include the high installation cost of smart lightings, financial constraints & lack of technical expertise among the public.
Indonesia to Contribute Significantly to the Largest Share of the South East Asia Street Lighting Market, Followed by Singapore, Thailand & Philippines
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 likely to massively contribute to the market growth in the forecast period, primarily due to various government initiatives toward substituting conventional lighting with energy-efficient lighting systems owing to their economic & environmental advantages. Additionally, the transformation of energy-efficient lighting systems into high energy-efficient lighting systems using LED products within Indonesia is another crucial aspect likely to lead the country to contribute to the overall market growth in the coming years.
On the other front, Singapore introducing technology-neutral MEPS covering incandescent lamps between 25-200W and CFL lamps & LED bulbs up to 60W, particularly for the residential sector, shall also drive the market in the country during the forecast period.
On the other hand, Thailand has a wide range of street lighting policies, from mandatory MEPS for self-ballasted CFLs & double-capped fluorescent lamps, voluntary MEPS for single-capped CFLs & ballasts for fluorescent lamps, to voluntary labeling programs. Furthermore, the Electricity Generating Authority of Thailand (EGAT) is constantly promoting energy-efficient lighting projects through these schemes, which is another aspect that shall benefit the market across the country in the years to come.
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 Market Research Report:
Market Outlook, Segmentation, and Statistics
Frequently Asked Questions
A. The South East Asia Street Lighting Market is likely to grow at a CAGR of around More than 20% during the forecast period, i.e., 2021-26.
A. SiriJaya, OLE, HeiSolar, Philips Lighting, NEW DVR (S) PTE LTD, Honeywell, LIGMAN, Lumileds, Lepower, AEG lighting, Wipro Lighting, Others are a few leading players in the South East Asia Street Lighting Market.
A. Wholesale/Retail Stores are the most likely to attain the highest CAGR and maintain their significant market share during the forecast period.
A. With the improving economic dynamics of countries in Southeast Asia, the per capita demand for street lighting & awareness for energy conservation shall surge the need for energy-efficient street lighting and fuel the market growth significantly.
A. Due to the Covid-19 pandemic, distribution channels got severely affected, owing to the shortage of electric products and the increasing demand-supply gap, which resulted in significant financial losses. However, with the gradual upliftment of restrictions, the market is likely to regain its usual pace & recover from revenue losses in the coming years.