The new "2018 lighting level packaging and LED lighting market outlook" shows that the scale of LED lighting market from 2016 to 2019 is gradually increased, and the size of LED lighting market reaches usd 327.17 billion in 2018 and usd 333 billion in 2019. The replacement lighting has entered the saturation period. Industrial, landscape outdoor, special commercial lighting development continuing.
According to related survey of global installed lighting product stock, LED lighting products' replacement for traditional lighting has been growing rapidly, with the penetration rate of 22% in 2017, and it is estimated that 63% will be achieved in 2022, and 26% CAGR in 2017-2022.
The US street lighting market is rapidly evolving. When first surveyed the US streetlight market back in 2012, LED streetlights were still primarily being piloted, utilities had not developed LED streetlight tariffs, the business case for smart/connected street lighting was undeveloped, and cities remained wary of vendor and third-party financing. All of these factors have changed dramatically in the past six years. LED luminaires are becoming the default as existing streetlights expire and smart streetlights are forming the basis of more expansive smart city projects. Cities now realize that LED and smart streetlights provide a unique opportunity to save costs while simultaneously improving public safety and offering new services to their residents. States are also now getting involved to promote these projects in smaller cities. These trends will lead to continued growth in the market, with $6.6 billion invested in LED street lighting and a further $1.4 billion invested in smart street lighting over the next decade.
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