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Prominent Factors to Drive South East Asia Street Lighting Market During 2021-26
According to MarkNtel Advisors' research report, the South East Asia Street Lighting Market is likely to grow at a CAGR of 20% in the forecast period of 2021-26.
Besides, the falling prices of LEDs and various quality enhancements making them the default option for lighting shall also increase their sales and augment the overall market growth. Additionally, smart city developments & advanced remote control systems for street lighting are other crucial aspects expected to drive the market in the forecast period.
Besides, the shortage of products like chips & drivers at OEMs and integrators created a demand-supply gap, which resulted in massive financial losses. Consequently, the prices of street lighting products hiked, putting immense pressure on organizations of the lighting ecosystem. However, with the gradual upliftment of restrictions, the market is likely to regain its usual pace, recover from the losses, and generate lucrative growth opportunities for the market players in the coming years.
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Streets & Roadways to Dominate the Market with the Largest Share in the Forecast Period
Based on End Users, the South East Asia Street Lighting Market segments into Highways, Streets & Roadways, and Others like Tunnels & Bridges. Here, Streets & Roadways show more signs of dominating the market with the largest share in the forecast period. The prime factor backing the dominance is the rapid urbanization & expansion of cities requiring improved visibility & safety of drivers, riders, and pedestrians to minimize road accidents.
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.
About MarkNtel Advisors (https://www.marknteladvisors.com/
MarkNtel Advisors is a leading research, consulting and data analytics firm that provides a wide range of strategic reports on diverse industry verticals to a substantial and varied client base that includes multinational corporations, financial institutions, governments, and individuals.