New York, USA, May 01, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Smart Street Lights Market Research Report – By Component, by Networking Technology, By Applications, By End-users - Forecast till 2030, the market is anticipated to acquire a valuation of approximately USD 14,751.1 million by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 23.4% during the assessment timeframe.
Smart Street Lights Market Key Players
Eminent industry players profiled in the global Smart Street Lights Market report include-
- General Electric (U.S.)
- Koninklijke Philips N.V (The Netherlands)
- Telensa (U.K.)
- Silver Spring (U.S.)
- Echelon (U.S.)
- Osram AG (Germany)
- Cisco system (U.S.)
- Trilliant holdings Inc.(U.S.)
- AxiomTek (U.S.)
- Tech Mahindra (India).
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Smart Street Lights Market Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 14,751.1 million |
| Growth Rate | CAGR of 23.4% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | The growth is due to increased investment to boost wireless technology for providing smart parking and related solutions in the urban sectors |
| Key Market Drivers | Increasing demand for energy-efficient LED lights, emergence of the Internet of things, and constant innovation in mobile networks |
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Smart Street Lights Market Drivers
Increase in Smart Cities to Boost Market Growth
Globally, smart city efforts are becoming incredibly popular. Using various digital technologies, smart cities aim to enhance device performance and communication. It makes it possible to save expenses and use resources wisely. With embedded sensors & a digital network, smart street lighting enables this context's monitoring of city traffic and air quality. The connected lights may also monitor parking availability and identify traffic bottlenecks. Additionally, it is anticipated that camera-connected smart street lighting will increase road safety by lowering the likelihood of accidents and criminality. Thus, the expansion of the global market for smart street lighting during the projected period would be driven by the advent of smart cities.
Smart Street Lights Market Opportunities
Growing Demand for Energy-Saving Lighting to offer Robust Opportunities
The growing demand for energy-saving lighting solutions will offer robust opportunities for this market over the forecast period. Smart street lighting systems are being adopted by governments and municipalities all over the world in an effort to cut expenses and consumption of energy. These systems combine sensor technology, wireless connection, and cloud computing to monitor and manage lighting infrastructure in real-time.
Restraints and Challenges
High Investment to act as Market Restraint
The high investments in smart street lights, poor infrastructure in the developing economies, data privacy issues, and lack of standardization may act as market restraints over the forecast period.
Smart Street Lights Market Segmentation
The global smart street lights market is bifurcated based on connectivity, networking technology, applications, and industries.
By connectivity, wireless communication will lead the market over the forecast period.
By networking technology, the market is bifurcated into medium band, narrowband, and broadband.
By application, the market is bifurcated into environmental monitoring, traffic monitoring, and video surveillance.
By industries, commercial will domineer the market over the forecast period.
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COVID-19 Analysis
The COVID-19 outbreak has had a substantial influence on the global market for smart street lights. An overall global slowdown in new projects has resulted in a drop in demand for analogue semiconductors. When workers remained at home, international supply lines were disrupted as global manufacturers tried to adopt new techniques. Only the production & supply chain are stalled, therefore COVID-19's effects on this market are only transitory. Production, supply networks, and need for street light market forecast are all expected to progressively rise as conditions improve. In order to increase efficiency, this COVID-19 shutdown will encourage businesses to choose more modern linked smart street lighting.
Regional Analysis
North America to Command Smart Street Lights Market
The CAGR for North America is expected to be outstanding. Energy laws & regulations are being implemented in North America to regulate energy use, encouraging the use and advancement of smart lighting technologies in the region. Due to government initiatives for the deployment of linked street lighting and the expanding use of Li-Fi communication technology throughout the area, North America is thought to hold the highest share in the market. Also, the requirement for lamps has increased as more cities in the US & Canada has grown. The growth is attributed to the increased funding for wireless technologies to advance smart parking & related urban solutions. One of the major trends in the market that affects growth is the emergence of smart cities. The need for the smart connected devices has increased as smart cities become more prevalent worldwide. The network of intelligent street lights developed on the scalable platform improves traffic safety and lowers the likelihood of accidents. To create smart cities, some of the market's major firms are working with local governments. Due to the significant concentration of government programs that primarily deploy smart lighting, North America is predicted to have the greatest CAGR during the forecast period. Furthermore, because estimations indicate that North America's operating expenses for lighting in commercial building are relatively high, smart lighting presents a viable and cost-effective alternative. As a result, North America is one of the lighting industry's largest potential markets for smart lighting solutions.
APAC to Have Favorable Growth in Smart Street Lights Market
The main drivers of the market expansion in APAC are the expanding government initiatives to build smart cities and the escalating pace of technological advancement. Due to increasing spending in the smart city projects & growing use of LED lighting solutions in nations like China, India, and Japan, this area will develop at the fastest pace. Due to the high degree of mechanization in the creation of LED-based lighting systems, the presence of sizable exporters of the energy-efficient lighting, & other factors, Asia Pacific is predicted to hold the biggest market share over the forecast period. In the Asia-Pacific area, a number of countries have put into place executive energy-saving actions, some of which favor LED bulbs over traditional radiant lamps. The Indian government's Smart City Mission fosters local improvement with top-notch technological assistance with the goal of enhancing lifestyles and supporting economic growth.
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Industry Updates
March 2023- Itron, Inc., which is revolutionizing how cities and utilities manage water and energy, recently stated that it has entered into an agreement with Duquesne Light Company (DLC) to use Itron's smart street lighting solution to enhance operational effectiveness, update its infrastructure, and enable smart city applications.
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