Farmington, March 17, 2023 (GLOBE NEWSWIRE) -- The Smart Street Lights Market is expected to grow at a 23.4% CAGR and help the market reach a final valuation of 14,751.1 Million by the end of the forecast period in 2030. Municipalities and utilities carry the most expensive and essential infrastructure asset: street lamps. Increasing infrastructure development, especially in developing nations like India and Japan, is a significant factor propelling the growth of the smart/connected street light market. These government initiatives for smart country development are driving the smart/connected street lighting market's expansion. Additionally, LEDs were implemented to decrease energy costs. Due to these factors, numerous cities have adopted energy-efficient lighting solutions. Another factor contributing to the expansion of the smart/connected street light market.
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Smart Connected Street Lights Market Recent Developments:
- Philips Lighting will help the Dutch island of Ameland secure energy-efficient LED street lights. Philips ClearSky is a light spectrum specifically designed to reduce the damage and harshness faced by migratory birds. Additionally, the availability of fresh and robust infrastructure will help achieve sustainable targets that will help save energy and reduce pollution levels over the forecast period 2017-2023.
- Itron Inc. announces collaboration with VINCI Energies' Electrix and Transport Canberra and City Services. This will help create Internet of Things networks for industry and will help support this technology and the idea of developing smart cities and energy solutions in Australia's capital, Canberra. It is said to be Australia's largest stand-alone lighting project. This idea was presented in April 2019.
- In the same year, a collaboration between Samsung SDS and Telensa was announced to develop a smart city initiative. The two companies are working as a team to develop intelligent streetlights.
Smart Connected Street Lights Market Dynamics:
Drivers:
Customers are increasing their use of light-emitting diodes (LEDs), which is dramatically increasing the distances of street lighting systems. Soon, commercial settings that support the high penetration of connected street light technology as part of smart city initiatives will serve as a significant market growth driver. In addition, utility companies and government agencies are embracing the use of intelligent lighting technologies to save money and reduce carbon emissions through 2023. In addition, prominent market participants are catering to the rising demand over the forecast period. Adopting green strategies and supporting the global objective of adopting and attaining sustainable development throughout the period 2017-2023 is anticipated.
Restraints:
However, market leaders for smart street lights foresee a number of obstacles for the market over the 2017-2023 forecast period. As a consequence of underdeveloped network structures and low internet penetration rates, developing countries and economies have an inadequate infrastructure. This also results in a lack of available bandwidth, introducing additional new challenges to the expanding market through 2023.
Regional Outlook:
The United States is the largest market for smart connected street lamps in North America. The region is expanding due to the increased demand for energy-efficient illumination, the government's efforts to reduce carbon pollution, and the use of smart city technologies
Europe is a significant market for internet-connected smart street lamps. The United Kingdom, Germany, and France are the region's largest markets. Government initiatives to reduce energy consumption, increase energy efficiency, and reduce carbon emissions are driving growth in the area. Utilization of smart city technologies and the presence of major players in the region also contribute to the growth.
Asia-Pacific is a significant market for internet-connected smart street lamps. China, Japan, and India are the region's largest markets. Rapid urbanization, government initiatives to increase energy efficiency, and the use of "smart city" technologies all contribute to the region's development. Along with a growing population and an increase in urbanization, the demand for energy-efficient lighting is anticipated to stimulate economic expansion in the region.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | 23.4% from 2023 to 2030 |
| Revenue Forecast by 2030 | USD 14,751.1 Million |
| By Type |
|
| By Applications |
|
| By Companies | Cisco Systems, Inc., Citelum, DimOnoff Inc., Echelon, EnGo Planet, General Electric Company, Philips Lighting (Signify Holding), LED Roadway Lighting Ltd., LonMark International, and Others |
| Base Year | 2022 |
| Historical Year | 2017 to 2021 |
| Forecast Year | 2023 to 2030 |
Smart Connected Street Lights Market Key Segments Covered:
Top Market Players:
Cisco Systems, Inc., Citelum, DimOnoff Inc., Echelon, EnGo Planet, General Electric Company, Philips Lighting (Signify Holding), LED Roadway Lighting Ltd., LonMark International, and Others.
By Type:
- Hardware
- Software
- Services
- Other
By Application:
- Infrastructure
- Shopping Plaza
- Industrial Area
- Public Road
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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