The connected (smart) street lights market is primarily driven by the ability of connected (smart) street lights to address the imperfections of traditional street lights. Traditional lighting systems which are at present the de facto standard for street lighting is associated with configuration challenges, extraordinary cost, and interoperability issues that connected (smart) street lights can address.
Apart from this, the development of smart cities across several countries around the world is leading utility companies and government institutions to look for smart lighting technologies that can help reduce costs, reduce carbon emissions, and help boost overall efficiency. Smart (connected) lighting systems can substantially reduce energy consumption as it can be incorporated with various sensors such as natural light sensors occupancy sensors, and motion sensors.
With the moderate pace of advancement of technologies that are used in connected (smart) street lights and the incessant demand for sustainable lighting solutions has led to considerable penetration of connected (smart) street lights across several cities in developed regions.
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A report by Transparency Market Research forecasts the global connected (smart) street lights market to display an outstanding 16.0% CAGR in terms of revenue over the forecast period between 2017 and 2025. The market was evaluated at US$3,712.5 mn in 2016. Vis-à-vis volume, the global connected (smart) street lights market is likely to expand at a CAGR of 20.1% from 2017 to 2025.
Wireless Connectivity Segment to Display Augmented Share in Future
The report studies the global connected (smart) street lights market on the basis of connectivity, component, and geography. On the basis of connectivity, the global connected (smart) street lights market is bifurcated into wired and wireless. The segment of wired connectivity includes various wireless technologies, whereas wireless connectivity includes power line communication. Of the two, wireless connected (smart) street light segment accounts for a significant share of the global market. Going forward, the share of wireless connected (smart) street light segment is expected to further grow in the overall market.
The segments of the global connected (smart) street lights market depending upon component are hardware, software, and services. The segment of hardware is further sub-segmented into sensors, controllers/relays, and others.
Powered by China and India, Asia Pacific to Display Leading CAGR between 2017 and 2025
The global connected (smart) street lights market by geography is studied across North America, Asia Pacific, Europe, South America, and the Middle East and Africa. Amongst all, Europe presently holds the leading share in the global connected (smart) street lights market followed by North America. Utility companies and government agencies in these regions have gauged the advantages of connected (smart) street lighting solutions for reducing energy consumption that has economic benefits. Moreover, regulations and energy policies strictly in place in to limit energy consumption are boosting the adoption of connected (smart) street lights in these regions. The adoption of connected (smart) street lights also addresses the cost factor of traditional lighting to some extent which is high in Europe and North America.
Asia Pacific is expected to display the leading CAGR of 18.6% on the basis of revenue between 2017 and 2025. The growth in this region is driven by the increasing demand for LEDs in a bid to reduce energy consumption and to reduce overall operational costs. China and India are expected to emerge as key domestic markets that will contribute substantially to the overall growth in Asia Pacific.
Prominent participants in the global connected (smart) street lights market are Acuity Brands Lighting Inc., EnGo PLANET, Schreder Group, Telensa Ltd., Twilight Citelum S.A., Flashnet SRL, OSRAM Licht Group, Toshiba Lighting, Dimonoff Inc., General Electric Co., Philips Lighting N.V., Echelon Corporation, Led Roadway Lighting Ltd, and Silver Springs Network Inc.
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Associated Advantages to Play Crucial Role in Increasing Growth Rate of Connected (Smart) Street Lights Market
The connected (smart) street lights market is expected to expand at a promising CAGR during the assessment period of 2017-2025. The increasing popularity of connected (smart) street lights due to the constant problems of traditional street lights may serve as a prominent growth factor.
- Government bodies of various countries are focusing on developing smart cities due to swift urbanization. This aspect will assure great growth prospects for the connected (smart) street lights market. In addition, these systems are energy-efficient. The heightening demand for energy-friendly lighting will add extra stars of growth to the connected (smart) street lights market.
- Integration of modern technologies such as GPS, street light health monitoring, frequent email alerts, energy metering, reduction in energy costs, and others may serve as growth pillars for the connected (smart) street lights market. In addition, numerous countries have understood the importance of less energy consumption. Thus, various rules and regulations are being framed regarding low-energy consumption. Hence, these aspects will further strengthen the growth of the connected (smart) street lights market.
- As connected (smart) street lights are IoT-enabled, they offer a plethora of benefits. One of the major benefits is controlling the illumination level of the lights. Different times of the day require different levels of illumination. These levels can be adjusted on the basis of the weather conditions too. Therefore, these factors lay a red carpet of growth across the connected (smart) street lights market.
- The novel coronavirus outbreak has led to tremendous losses across the globe. The players in the connected (smart) street lights market had to restructure their strategies completely due to the sudden changes occurring across the globe. This aspect ruined the growth prospects of the connected (smart) street lights market to a certain extent. The lockdown restrictions announced to stop the spread of the transmission damaged the growth landscape of the connected (smart) street lights market.
- The growth of the connected (smart) street lights market will remain uncertain for a brief period as the advent of the new strain of the coronavirus has led to countries like the U.K announcing strict lockdown norms again.
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