New York, Oct. 11, 2023 (GLOBE NEWSWIRE) -- The Market for Smart Street Lighting was valued at US$ 2,231.1 Million in 2022, and it is anticipated to have grown to US$ 12,647.0 Million by the end of 2033. The market for smart street lighting is estimated to evaluate to US$ 2,579.2 Million in 2023. The market for smart street lighting is estimate to grow at a CAGR of 17.2% from 2023 to 2033.
The increasing consumer preference for energy-efficient LED lighting is a key driver in the continuous growth of the smart street lighting market's CAGR. This trend is fuelled by a growing demographic that favours light-emitting diodes (LEDs), leading to the expansion of smart street lighting systems.
Businesses that incorporate connected street lighting as part of their smart city initiatives are expected to play a pivotal role in driving market growth. Energy companies and government organizations are adopting smart lighting technologies to save costs and reduce greenhouse gas emissions, with these benefits extending through the projected period until 2023.
As large-scale projects take place in the Middle East, South Asia, and Latin America, connected street lighting is becoming increasingly common in new street lighting endeavours, following the path paved by LED luminaires.
A wide range of vendors from various industries, including smart grid providers, telecommunications companies, smart city-focused firms, and lighting manufacturers, are actively participating in the smart street lighting sector. Additionally, energy service companies (ESCOs), urban management firms, and infrastructure investment funds are vital players in financing and executing connected street lighting projects.
The continued use of incandescent bulbs across residential, commercial, and industrial sectors has resulted in rising operational and maintenance costs for lighting controls. Maintenance costs vary based on the type of street lighting used, with LEDs offering the lowest maintenance expenses when compared to alternatives like HPS lamps.
For more insights into the Market, Request a Sample of this Report - https://www.persistencemarketresearch.com/samples/20449
Market Snapshot:
| Report Coverage | Details | |
| Market Revenue 2023 | US$ 2,579.2 million | |
| Estimated Revenue 2033 | US$ 12,647.0 million | |
| Growth Rate - CAGR | 17.2% | |
| Forecast Period | 2023-2033 | |
| No. of Pages | 168 Pages | |
| Market Segmentation | By Type, By Connectivity, By Energy Source, By Region | |
| Regions Covered | North America, Latin America, Europe, Asia Pacific, Middle East & Africa | |
| Companies Covered | Hubbell Lighting Inc., GE Lighting LLC, OSRAM Light AG, Royal Philips NV, Acuity Brands Lighting Inc., Eaton Corporation, Schneider Electric S.E, Honeywell International, Lutron Electronics, Cree Inc., Others. | |
Smart Street Lighting Market Drivers
- Energy Efficiency and Cost Savings: The primary driver for smart street lighting is energy efficiency. LED technology, which is commonly used in smart street lighting solutions, consumes significantly less energy than traditional lighting sources such as incandescent or high-pressure sodium (HPS) lamps. This leads to substantial cost savings for municipalities and local governments in terms of reduced electricity bills and maintenance costs.
- Environmental Sustainability: Increasing environmental consciousness and the need to reduce carbon emissions have made smart street lighting an attractive option. LED-based smart street lighting not only consumes less energy but also has a longer lifespan, reducing the need for frequent replacements and decreasing the environmental impact.
- Urbanization and Population Growth: The world's urban population is growing rapidly. As more people move to cities, the demand for effective and efficient urban infrastructure, including street lighting, is on the rise. Smart street lighting systems offer cities the ability to adapt to changing needs and provide better lighting services to their residents.
- Technological Advancements: Advances in sensor technology, wireless communication, and data analytics have significantly enhanced the capabilities of smart street lighting systems. These technologies enable adaptive lighting, remote monitoring and control, and the collection of valuable data for city planning and management.
- IoT Integration and Smart Cities: Smart street lighting is a fundamental component of the broader smart city concept. Integrating street lighting with the Internet of Things (IoT) allows for better management of urban infrastructure, improved safety, and innovative services. As more cities invest in becoming "smart," the demand for connected street lighting is expected to grow.
- Safety and Security: Smart street lighting systems can enhance safety by providing well-lit streets, reducing accidents, and deterring criminal activity. This aspect is particularly important in urban areas and contributes to the adoption of smart lighting solutions.
- Increasing Connectivity and 5G: The rollout of 5G networks and improved connectivity infrastructure supports the deployment of smart street lighting systems, enabling real-time monitoring, remote management, and integration with other smart city applications.
Get the insights you need, customized to your requirements – reach out to our experts: https://www.persistencemarketresearch.com/request-customization/20449
Market Restraints
- High Initial Costs: The upfront costs of implementing smart street lighting systems can be substantial. This includes the cost of LED fixtures, sensors, connectivity infrastructure, and control systems. For cash-strapped municipalities and local governments, these costs can act as a significant barrier to adoption.
- Privacy and Security Concerns: Smart street lighting systems often incorporate sensors and cameras for various purposes, such as traffic monitoring and environmental data collection. This raises concerns about privacy, as data collected by these systems can potentially be misused. Security is also a concern, as these systems could be vulnerable to cyberattacks.
- Interoperability Challenges: Smart street lighting systems rely on a variety of technologies and protocols, and ensuring interoperability between different components and vendors can be complex. This can lead to compatibility issues and make it challenging for municipalities to mix and match products from different manufacturers.
- Maintenance and Upkeep Costs: While smart street lighting systems are often touted for their reduced maintenance needs, they are not maintenance-free. When issues arise, municipalities need to have the resources and expertise to maintain and repair these systems.
Market Future Outlook
Smart street lighting market appears promising, with continued growth and innovation expected. As cities worldwide increasingly prioritize sustainability, energy efficiency, and the implementation of smart technologies, smart street lighting solutions are poised to play a pivotal role.
Advancements in LED technology, wireless connectivity, and IoT integration will drive increased adoption. These systems are likely to evolve beyond basic lighting control to offer advanced capabilities like traffic management, environmental monitoring, and public safety enhancements. However, addressing privacy and security concerns, standardizing interoperability, and establishing clear ROI metrics will be essential for sustained growth. With ongoing urbanization and the need for more efficient city infrastructure, the smart street lighting market is expected to expand in the coming years, creating opportunities for technology providers and urban planners alike.
Access our all-inclusive report featuring a dynamic dashboard highlighting industry leaders, market influence, competition overview, and regional trends. Grab it now with exclusive discounts! https://www.persistencemarketresearch.com/checkout/20449
About Persistence Market Research:
Business intelligence is the foundation of every business model employed by Persistence Market Research. Multi-dimensional sources are being put to work, which include big data, customer experience analytics, and real-time data collection. Thus, working on “micros” by Persistence Market Research helps companies overcome their “macro” business challenges.
Persistence Market Research is always way ahead of its time. In other words, it tables market solutions by stepping into the companies’/clients’ shoes much before they themselves have a sneak pick into the market. The pro-active approach followed by experts at Persistence Market Research helps companies/clients lay their hands on techno-commercial insights beforehand, so that the subsequent course of action could be simplified on their part.
Contact
Rajendra Singh
Persistence Market Research
U.S. Sales Office:
305 Broadway, 7th Floor
New York City, NY 10007
+1-646-568-7751
United States
USA - Canada Toll-Free: 800-961-0353
Email: sales@persistencemarketresearch.com
