The race is on to install LED lighting along roadways, streets and in parking facilities all over the world, driven by declining prices for LED luminaires, faster payback, advances in the underlying technology and, perhaps, the sense that this is a one-time opportunity. Indeed, Navigant Research in Chicago has put out some numbers in a new research report showing that the combination of falling prices and long-lived equipment will produce a decline in overall revenues from street lighting.

In their “Smart Street Lighting” report, Navigant researchers foresee rate of streetlight replacements declining over time. “These smart street lighting systems can provide substantial energy savings and a host of non-energy benefits. Yet, as LED prices continue to erode and the long lifespan of LED lamps results in fewer replacements, overall revenue from street lighting will begin to fall. Navigant Research forecasts that global street lighting revenue will decline from $2.5 billion in 2014 to $2.3 billion in 2023,” a Navigant press release on the report said.

Navigant found that while LED system technologies do make it possible to network street and roadway lighting, most of the new LED streetlighting projects are being done without any additional controls beyond simple photocells. However, pilot projects and a growing number of large-scale networked systems are starting to prove the benefits.

The Navigant Research report analyzes the global market for roadway and highway lighting. The study provides an analysis of the market issues, including drivers and trends, barriers, and ownership models, associated with lamps, luminaires, and lighting controls in these street lighting applications. Global market forecasts for unit sales and revenue, segmented by region, application, and equipment and construction type, extend through 2023. The report also examines the key codes, standards, and technologies related to street lighting, as well as the competitive landscape.