Pune, India, Nov. 02, 2022 (GLOBE NEWSWIRE) -- The global smart street lighting market size was valued at USD 2.04 billion in 2021. The market is projected to grow from USD 2.41 billion in 2022 to USD 8.23 billion by 2029, exhibiting a CAGR of 19.2% during the forecast period. This information is published by Fortune Business Insights, in its report titled, “Smart Street Lighting Market Forecast, 2022-2029.”
Key Industry Developments:
February 2022: Signavio GmbH, a process management space and business process intelligence company, was purchased by SAP SE. The incorporation of business process intelligence unit of SAP with Signavio will assist in transforming and enhancing the organization's business methods at scale.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 19.2% |
| 2029 Value Projection | USD 8.23 Billion |
| Base Year | 2021 |
| Smart Street Lighting Market Size in 2021 | USD 2.41 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 140 |
| Segments covered | Communication Technology, Application, and Geography |
| Smart Street Lighting Market Growth Drivers | Rising Requirement for Energy Optimization to Spur Market Growth |
Global Smart City Projects Slowing Down Due to COVID-19 Pandemic has Slowed Market Expansion
The market kept growing at a solid rate through 2019, while there may be a slight slowdown in growth in 2020 as a result of some brief delays in the release of contracts for new projects during the crisis. While the pandemic may have put a stop to some already-running smart city initiatives, it has also forced towns to plan long-term projects.
Drivers and Restraints:
Rising Requirement for Energy Optimization to Spur Market Growth
To lower maintenance and repair costs, smart street lighting enables intelligent maintenance plans to track and report broken lights. As a result of the linked LED's ability to be dimmed, turned on or off remotely, as well as its lower power need and connected street lighting systems typically save 25% of energy. This increases energy efficiency with efficient administration.
Cyberattacks have the potential to do significant harm, including the interruption or loss of important services such as electricity or water.
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Segments:
Increased Demand for NB-IoT with Advanced Technologies will Drive Market Growth
Based on communication technology, the market is segmented into NB-IoT, powerline communication, radio frequency, and others (ultra-narrowband, LoRa).
During the forecast period, the radio frequency segment accounted for the greatest smart street lighting market share. Hardwired control systems transfer control signals via communication cables, whereas RF-based solutions communicate with control devices using radio waves.
Traffic Optimization through Smart Street Lighting Creates Huge Demand
Based on application, the market is segmented into environmental monitoring, traffic optimization, smart parking, and others. Traffic optimization accounted for the maximum market share.
Adoption of Smart Street Lighting for Commercial Purposes to Fuel Market Growth
Based on end-user, the market is segmented into commercial, residential, and industrial.
The commercial segment captured maximum market share and is expected to maintain its dominance over the forecast period. Supermarkets, shopping malls, retail stores, and associated parking lots majorly deploy smart street lighting solutions.
Geographically, the market is segmented across five major regions, North America, Latin America, Europe, the Middle East & Africa, and Asia Pacific.
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Report Coverage:
The report presents a systematic study of the market’s segments and thorough analysis of the market overview. A thoughtful evaluation of the current market trends as well as the future opportunities is offered in the report. Moreover, it presents an exhaustive analysis of the regional insights and how they help to form the smart street lighting market growth.
Regional Insights:
Europe to Lead Backed by Elevating Deployment of Smart Lighting
In terms of connected street lighting system technology, Europe dominates the world market. Several lighting groups are currently working diligently in Europe to implement smart lighting controls in both the public and private sectors.
Over the course of the forecast period, North America is anticipated to rise at an impressive CAGR. In North America, energy rules and regulations are being established to control energy usage, promoting the adoption and development of smart lighting solutions in the region.
Growing government attempts to construct smart cities and rising technical breakthroughs are the primary factors driving the market expansion in the Asia Pacific region.
Competitive Landscape:
Acquisitions Initiated by Key Companies to Promote Market Growth
The market's top players consistently choose effective tactics to increase the value of their brand and foster the expansion of the product on a worldwide scale while facing the fewest barriers possible. Buying competitor businesses and securing a profit for both organizations is one such effective technique.
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List of Key Players Mentioned in the Report:
- Signify Holding (Netherlands)
- Telensa Limited (U.K.)
- Itron Inc. (U.S.)
- Rongwen (China)
- DimOnOff (Canada)
- Current Powered by GE (U.S.)
- gridComm (Singapore)
- Sensus (U.S.)
- FLASHNET SA (Romania)
- Ubicquia, Inc. (U.S.)
Major Table of Contents:
- Global Smart Street Lighting Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Communication Technology (USD)
- NB-IoT
- Powerline Communication
- Radio Frequency
- Others (Ultra- Narrowband, LoRa, Etc.)
- By Application (USD)
- Environmental Monitoring
- Traffic Optimization
- Smart Parking
- Others
- By End-User (USD)
- Commercial
- Residential
- Industrial
- By Region (USD)
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Smart Street Lighting Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Communication Technology (USD)
- NB-IoT
- Powerline Communication
- Radio Frequency
- Others (Ultra- Narrowband, LoRa, Etc.)
- By Application (USD)
- Environmental Monitoring
- Traffic Optimization
- Smart Parking
- Others
- By End-User (USD)
- Commercial
- Residential
- Industrial
- By Country (USD)
- United States
- By End-User
- Canada
- By End-User
- United States
- Latin America Smart Street Lighting Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Communication Technology (USD)
- NB-IoT
- Powerline Communication
- Radio Frequency
- Others (Ultra- Narrowband, LoRa, Etc.)
- By Application (USD)
- Environmental Monitoring
- Traffic Optimization
- Smart Parking
- Others
- By End-User (USD)
- Commercial
- Residential
- Industrial
- By Country (USD)
- Brazil
- Mexico
- Rest of Latin America
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