[Exclusive] Forecast: Over 90% of Global Street Lights Will Be LED by 2023

According to a Navigant research report on smart street lighting, approximately 93.8% of global street lights are projected to be LED by 2023, while currently this figure has just exceeded 53%.

This is attributable to the global push for energy savings, falling prices, and technological upgrades of LED street lights. However, as LED prices continue to erode, the long lifespan of LED products will result in fewer replacements, and overall street lighting revenue will begin to decline. According to Navigant's forecast, global street lighting revenue will drop from $2.5 billion in 2014 to $2.3 billion in 2023.