Smart Street Lights Market Global Trends, Size, Segments and Growth by Forecast to 2027 | Impact of COVID-19

 The smart/connected street lights market is growing rapidly across the globe. The revenue increase attributes to the increasing applications of led street lights and conventional street lights in commercial and industrial sectors.  Besides, the growing adoption of smart connected street lighting due to the rising smart city projects worldwide drives the growth of the market. Moreover, increasing usages of connected LED luminaires and interact city IoT lighting systems escalate the market demand.

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According to Market Research Future (MRFR), the Global Smart Street Lights Market is poised to reach approximately USD 12,404.1 MN by 2023, growing at 22% CAGR throughout the review period (2017-2023). State-wide smart street lighting initiatives taken up by governments to replace conventional lighting systems with energy-efficient LED technology to accelerate market sales. Financial, logistical, technical, and informational support from governments for cities that want to upgrade their street lighting systems boosts the market demand.

The coming 5G revolution and other technological advances such as mmWaves that promote the need to street lights placed 250 meters apart to ensure comprehensive coverage in cities, influence the market demand. 5G linked with IoT would also cut energy use because devices can power up and shut down automatically when not needed.

Additionally, rising improvements in sensor technology increase smart street lights' utilization in transportation networks, buildings, factories, and residential areas. Rising demand for monitoring and analyzing city/state energy needs and consumption in real-time and automatically optimized energy use accelerates market demand. Besides, increasing smart lighting systems in power plants to improve plant efficiency increases the market size.

Illuming roadways, street lighting systems are essential vertical assets in smart city deployments. City governing authorities can save money on their utility bills and maintenance costs by adopting connected LED lighting while leveraging their street lighting systems' value for additional benefits. Conversely, high prices of smart connected lighting systems are a significant factor in impeding the market growth. Nevertheless, the growing deployment of high reliability, high performance, compact size, and low power consumption would support market growth.

Smart/Connected Street Lights Market   - Segmentation

The report is segmented into five dynamics;

By Component                                              : Hardware (LED arrays, sensors, a communication module, others), Software, and Services (professional services and managed services).

By Networking Technology      : Narrowband (Sigfox, LoRa, RPMA, others), Medium-Band (PLC, RF mesh, others), and Broadband Technology (3G/4G cellular, Wi-Fi, others).

By Application                                               : Environmental Monitoring, Traffic Monitoring, Smart Parking, Street Light Management, Video Surveillance, Public Messaging and others.

By End-User                                                   : Residential (urban and rural), Retail, Transportation, Automotive, Industrial, and others.

By Regions                                                     : Europe, Americas, Asia Pacific, and the Rest-of-the-World.

Smart/Connected Street Lights Market   - Regional Analysis

Europe dominates the global smart/connected street lights market. The largest market share attributes to the rapidly increasing adoption of connected lighting systems for street lights and growing numbers of smart city projects. Besides, the vast advancements in sensing technology, improvements in healthcare standards, and improved technical infrastructure drive the regional market growth.  Also, the resurging economy foster regional market growth, increasing the market

Moreover, the extensive uptake of smart/connected street lights in residential and industrial sectors boosts the development of the market. Countries such as U.K, Germany, Norway, and France are the leading countries in the market.

North America stands second in the global smart/connected street lights market. The market is driven by the rising demand for smart/connected street lights from the automotive and transport sectors.  Additionally, increased investments to boost wireless technology for providing smart parking and related solutions in the urban sectors substantiate the region's market growth. Furthermore, growing application areas of smart/connected street lights in the manufacturing sector foster market growth.

The US market dominates the smart/connected street lights market in the region. Also, the augmenting demand for street safety and comfort features positively impacts the market growth in these regions.

The Asia Pacific smart/connected street lights market has emerged as a profitable market. The increasing uptake of smart led street lights and government initiatives to improve infrastructure boost the regional market growth. Moreover, the rapidly growing economy in the region increases the size of the market, increasing consumer purchasing power.

Considerable advancements in artificial intelligence (AI)and other similar technologies push the growth of the smart/connected street lights market. China, Japan, and India are key markets for smart/connected street lights in the region. Furthermore, increasing applications of smart connected street lighting systems in commercial and industrial sectors influence the regional market growth.

Smart/Connected Street Lights Market   - Competitive Analysis

Highly competitive, the smart/connected street lights market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players incorporate strategic initiatives such as mergers & acquisitions, collaborations, expansion, and product/ technology launch.

Major Players:

Players leading the global smart/connected street lights market include Koninklijke Philips N.V (The Netherlands), General Electric (US), Telensa (UK), Echelon (US), Silver Spring (US), Osram AG (Germany), Trilliant Holdings Inc.(US), Cisco system (US), Tech Mahindra (India), and AxiomTek (US), among others.

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