Smart Street Lighting Market Growth, Trends and Forecast (2020-2025)
The global smart street lighting market is expected to reach approximately USD 12,404 million by 2024 growing at a 22% CAGR over the forecast period 2018-2024.
With its recently published study, “Smart Street Lighting Market: Trends & Forecasts: 2016-2022″, MRE predicts that Smart Street Lighting market will witness a huge two-fold growth in Europe and APEJ in the near future. As per the study, Smart Street Lighting market will see a significant growth in the coming years due to the growing number of global smart cities, increase in government investments and growing awareness regarding energy efficient lighting solutions. The RF technology and Wi-Fi network technologies will continue to be preferred technologies in the Smart Street Lighting market.
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Smart Street lighting is a rapidly growing lighting market. At present, lot of countries are replacing the traditional street lights with the smart LED street lighting. Globally, there are about 281.4 million streetlights in the world and it is expected that it will reach 338.9 million by 2024.The traditional High Intensity discharge lamps (HID) consumes lot of energy and generates lot of heat. Thus, with growing awareness and to reduce the carbon footprints globally countries have started replacing the street lights with smart LED based lights. The smart street lighting poles can be turned “ON” or “OFF” through the smart devices and can automatically change brightness according to the time of the day. With the technology advancements, most of the smart poles are enabled with motion sensors. So, whenever there is movement near the pole the lamp’s brightness increases.
“Smart Cities and Smart Homes will drive the Smart Street Lighting market and also ensure the penetration of cloud based Smart Street lighting in the near future. Due to huge ROI estimations, more and more smart street lighting projects are handled by PPP model”.
The scope of the report includes a detailed study of Smart Street Lighting Market with the reasons given for variations in the growth of the industry in certain regions.
The report covers detailed competitive outlook including the market share and company profiles of the key participants operating in the global market. Key players profiled in the report include GE Lighting, Philips Lighting, Acuity Brands, Osram and Honeywell Lighting, Acuity Brands Inc, Bridgelux, Inc., Cooper Industries, Cree, Inc., Digital Lumens, Inc. Company profile includes assign such as company summary, financial summary, business strategy and planning, SWOT analysis and current developments.
The major opportunities factor of Smart Street Lighting Market are as follows:
- Advancement of Wireless Communication Technology for Smart Lighting Systems
- Increasing Number of Smart City Projects
- Development of IoT Technology for Smart Lighting
The major challenges factor of Smart Street Lighting Market are as follows:
- Lack of Universal Open Standards for Aiding Communication Between All IoT Devices
The Smart Street Lighting Market has been segmented as below:
The Smart Street Lighting Market is segmented on the Basis of Communication Technology Type, Application Type, Product Type, Lighting Source Type and Regional Analysis. By Communication Technology Type this market is segmented on the basis of Wired technology and Wireless Technology. Wired technology is segmented into Powerline communication, Power over Ethernet, Digital addressable lighting interface and Hybrid. Wireless Technology is segmented into Bluetooth, Zigbee, Wi-Fi, EnOcean, LPWAN and Hybrid.
By Application Type this market is segmented on the basis of Indoor lighting and Outdoor lighting. Indoor lighting is segmented into Residential lighting, Commercial lighting and Industrial lighting. Outdoor lighting is segmented into Highway & roadway, Public places and Bridges & tunnels. By Product Type this market is segmented on the basis of Luminaries and By lighting control. Luminaries is segmented into Smart bulb and Fixtures. By lighting control is segmented into Sensors, Switches & Dimmers, Routers & Gateways, LED drivers & ballasts, Relays and Others.
By Lighting Source Type this market is segmented on the basis of LED lamp, Fluorescent lamp, Compact fluorescent lamp, High intensity discharge lamp and Others. By Regional Analysis this market is segmented on the basis of North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
The major driving factors of Smart Street Lighting Market are as follows:
- Modernization and Development of Infrastructure to Transform Cities Into Smart Cities
- Increased Demand for Intelligent Solutions for Street Lighting Systems
- Need for Energy-Efficient Lighting Systems
- Increasing Penetration and Decreasing Cost of LEDs
- Growing Awareness About Energy Savings Among Consumers and Governments Worldwide
The major restraining factors of Smart Street Lighting Market are as follows:
- Perception of Higher Costs of Installation and Limited Awareness About Payback Periods
- Security and Privacy Issues in Smart Lighting Systems
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