ID: MRFR/SEM/4510-HCR | 100 Pages | Published By Shubham Munde on March 2023
The smart street lights control was valued at a whopping USD 250 million during the previous that ended in 2020. The technical advancements and growing presence of innovative solutions are further presenting enormous expansion opportunities to the market and hence, during the ongoing forecast period of 2020-2030, 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.
The Smart/Connected Street Lights Market trends are being recognized as an intelligent technology that have a major role to play in the lighting system industry. These help to adjust automatically based on the real-time road conditions and also change as per realistic conditions. Also, there are many lighting devices that have been deployed and are largely focusing on the development of the traditional lighting technologies. Also, the energy conservation methods are undergoing a major spread of information and awareness alongside the efficient lighting techniques. Also, the Smart/Connected Street Lights Market trends are enjoying global limelight which is likely to attract players from various mushrooming regions across the globe. Also, smart lighting includes various inmates like camera and wireless systems that are gaining a major momentum and growth prospects for the smart street lights market during the ongoing forecast period that ends in 2023.
The Smart/Connected Street Lights Market, 2017-2023 (USD Million)
Source: MRFR Analysis
COVID 19 Analysis
The coronavirus disease has entered the life of people and businesses in such a way that it has not only introduced new styles of functioning and keeping up with market trends but also presented major challenges which are hurting the ability of the market companies and players to produce as per the demand capacity of the target audience. Due to the COVID 19 outbreak, new projects that were on the way across various global regions have been at halt since the arrival of the pandemic and hence, this has led to a major decline in the demand for analog semiconductors. Most of the global factories, production, and manufacturing units have been struggling all this will to integrate new methods that cope up with the trends and also, maintain a proper supply chain mechanism.
However, the trends suggest that the impact of the pandemic is temporary and the production is likely to meet the supply quantum and hence, attain market equilibrium. The forecast for the market is expected to rise in the forecast period of 2017-2023. Also, the pandemic is pushing the key market players to come up with advanced and innovative solutions that will help in enhancing the efficiency of the products and fulfill the demands, as presented by the key market players.
Smart Street Lights Market Dynamics
The target audience is increasing their adoption of the light-emitting diodes (LEDs)and also, this is giving rise to the street of street lighting system on a tremendous scale. The commercial setups backed with a high penetration of the connected street light technology as a part of the smart city projects are going to act as major drivers for market growth shortly. Also, utility companies and government institutions are adopting the use of smart lighting technology that will help to save and reduce carbon emissions during the forecast period that ends in 2023. Also, during the forecast period, the prominent market players are catering to the rising demand for greener strategies and help the worldwide goal of introducing and meeting sustainable development during the forecast period of 2017-2023.
However, the smart street lights market leaders predict various challenges for the market during the forecast period of 2017-2023. The developing countries and economies have a poor infrastructure which is a result of an underdeveloped network structure alongside the low internet penetration. This is also leading to a low bandwidth availability which is further bringing new challenges for the market on the way of its growth during the forecast period ending in 2023.
The prominent players of the smart street lights smart street lights market are opting for collaborations with the government and public sector for the development and mass availability of sensors and wireless technology. Also, the target audience is investing in research programs and awareness programs related to energy conservation steps and efficient techniques related to lighting. These are enjoying the deserving limelight and attention. These are presenting excellent prospects for the smart street lights market to expand its scale of operations. Sustainable development is one of the major goals of the companies for a judicious tomorrow which the prominent players are taking seriously. Also, the advancement of sensors and wireless technologies is presenting advantageous prospects for the global growth of the market during the forecast period. Also, the companies are pushing for wide adoption of lighting technologies and also encouraging the target audience to make use of these amongst various manufacturing units and industry vertices.
Smart Street Lights Market Segment Overview
The smart street lights market size is expanding because of the functions undertaken by the market segments that are functional in various global regions across the globe. The market has been segmented based on the following:
The smart street lights market deals in hardware, and software amongst others. The hardware segment of the market is inclusive of LED lamps, sensors and switches, sodium vapor lamps, and drivers and ballasts, amongst others.
The connectivity segments deals in wired that is power line communication and wireless communication.
The smart street lights market deals in using network technology like broadband, narrowband, alongside the medium band.
Based on the vibrant demand of the target audience includes its availability amongst applications like video surveillance, traffic monitoring, and environmental monitoring.
The smart street lights market helps in providing its services to various kinds of industry verticles like commercial and pharmaceutical, amongst others.
Smart Street Lights Market Regional Analysis
In recent years, smart street lights are expected to enjoy excellent momentum across the North American smart street lights market. The main reason behind this is the project benefits being rendered by intelligent road painting. This will help in decreasing the power usage. Also, this is useful to the industry and its verticles along with most of the businesses and the public departments in the UK region.
The region is experiencing a huge rise in intelligent road painting alternates. Also, the APAC region is witnessing a deep requirement for energy-efficient alternatives and will help in increasing the building and construction sector functioning in the APAC region.
Smart Street Lights Market Competitive Landscape
The prominent players of the market that will help the market expand as per the predicted figures are mentioned as follows:
The global market research report helps in depicting the rate at which the market will rise and reach the predicted market valuation during the forecast period. The report helps to discuss the market dynamics and segments that are functional in various global regions. The report helps to understand the competitive degree prevailing amongst the market players by noticing the recent developments undertaken by the market during the period that will likely impact the positive attributes available to the global market operations. The report considers and highlights the viewpoints as stated by the industry leaders and market experts to have an idea about the market prospects.
|Market Size||14751.1 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Component, by Networking Technology, By Applications|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||General Electric (U.S.), Koninklijke Philips N.V (The Netherlands), Telensa (U.K.), Silver Spring (U.S.), Echelon (U.S.), Osram AG ( Germany), Cisco system (U.S.) , Trilliant holdings Inc.(U.S.), AxiomTek (U.S.),and Tech Mahindra (India).|
|Key Market Opportunities||The growth is due to increased investment to boost wireless technology for providing smart parking and related solutions in the urban sectors.|
|Key Market Drivers||Increasing demand for energy-efficient LED lights, emergence of the Internet of things, and constant innovation in mobile networks are some of the major factors driving the growth of smart/connected streetlights market over the forecast period.|
The market for connected and smart streetlights is expected to expand globally at a CAGR of about 23.4% during the evaluation period (2020-2030).
The valuation of the global smart/connected street lights market is estimated to increase to 14751.1 million by the end of 2030.
Koninklijke Philips N.V, General Electric, Telensa, Echelon, Silver Spring, Osram AG, Trilliant Holdings Inc., Cisco system, AxiomTek, and Tech Mahindra, are some of the top players operating in the global smart/connected street lights market.
Increasing preference for energy conservation and the rising demand for high-quality LED illuminators are tailwinds pushing the growth of the global smart/connected street lights market.
Europe is expected to hold the highest market share in the global smart/connected street lights market.