As per MRFR analysis, the South Korea Smart Street Lights Market Size was estimated at 21 (USD Million) in 2023. The South Korea Smart Street Lights Market Industry is expected to grow from 24.5(USD Million) in 2024 to 86 (USD Million) by 2035. The South Korea Smart Street Lights Market CAGR (growth rate) is expected to be around 12.092% during the forecast period (2025 - 2035).
The South Korea Smart Street Lights Market is undergoing significant trends as a result of the nation's dedication to sustainable urban development and smart city initiatives. The government's encouragement of the incorporation of information and communication technology into public infrastructure is a significant market driver, with the objective of reducing operational costs and improving energy efficiency.
The South Korean government has implemented initiatives that encourage the integration of environmentally favorable technologies into urban planning. These initiatives include the implementation of intelligent street lighting systems that can adjust to a variety of conditions, resulting in enhanced public safety and energy savings.
A developing trend toward the use of Internet of Things (IoT) technologies in street lighting solutions has been indicated by recent developments. This has enabled the development of a more responsive urban environment, as smart street lights are now endowed with sensors that monitor traffic flow, air quality, and even weather conditions.
Municipalities are also being compelled to implement these sophisticated illumination systems due to the growing emphasis on public safety and the necessity of effective city management.
Collaborations between technology companies and local administrations are expected to capitalize on opportunities in the South Korean market. Partnerships can result in advancements in smart street lighting, such as remote monitoring systems and adaptive lighting, as cities such as Seoul continue to transform into smart cities.
Additionally, local governments are exploring solutions that not only improve the quality of life for residents but also conserve energy in response to the necessity for sustainable urban infrastructure. Stakeholders in South Korea's smart street light market can make a substantial contribution to the nation's smart city vision and meet the increasing demands of urbanization by leveraging these trends.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The South Korea government has exhibited robust support for smart city initiatives, particularly in making urban areas more sustainable and technologically advanced. The Ministry of Land, Infrastructure and Transport has unveiled plans to invest substantially in smart infrastructure, which includes smart street lights.
According to the Smart City Development Act established in 2019, the government aims to ensure that at least 50% of new streetlights are smart-enabled by 2025 to enhance energy efficiency and reduce light pollution.
This major push reflects the trend toward environmentally sustainable urbanization, which can result in the electrification of streetlight systems across cities like Seoul and Busan, creating a substantial impact on the South Korea Smart Street Lights Market Industry.
Consequently, this growth is supported by the government allocating around 20 trillion Korean Won (approximately 18 billion USD) for smart city projects by 2025, highlighting the clear pathway towards the expansion of smart street lighting in South Korea.
With ongoing advancements in LED technology and Internet of Things (IoT) integration, smart street lights have become more efficient and cost-effective. Major companies such as LG Electronics and Samsung are at the forefront of this technological evolution, investing heavily in Research and Development to improve smart lighting solutions.
Reports indicate that LED streetlights consume up to 75% less energy compared to traditional lighting solutions while having a lifespan of up to 50,000 hours. In South Korea's urban centers, this technology could lead to a reduction of approximately 600,000 tons of CO2 emissions annually, which aligns with the country's environmental goals and bolsters the South Korea Smart Street Lights Market Industry.
The predictive maintenance enabled through IoT can save municipalities an estimated 30% in maintenance costs, further driving the adoption of smart street lights.
As South Korea aims for carbon neutrality by 2050, the demand for energy-efficient solutions has surged, particularly in urban environments. The Korean government has set a target to reduce greenhouse gas emissions by 24% by 2025, and smart street lights play a pivotal role in this agenda. According to the Korea Energy Agency, transitioning to smart street lighting could help reduce energy consumption in municipal lighting by up to 50%.
This commitment towards sustainability drives municipalities to adopt smart technologies to not only save on operational costs but also to meet national and international environmental standards, thereby positively influencing the South Korea Smart Street Lights Market Industry.
The Component segment of the South Korea Smart Street Lights Market plays a pivotal role in enhancing urban infrastructure and optimizing energy utilization. This segment is primarily divided into three critical areas: Hardware, Software, and Services. Hardware includes essential physical components such as sensors, LED lights, and communication devices that form the backbone of smart street lighting systems.
The increasing emphasis on energy efficiency and sustainability has propelled the adoption of advanced hardware solutions within urban settings. Additionally, Software solutions encompass the analytical tools and control systems that facilitate efficient management and monitoring of street lighting infrastructure, allowing for real-time data collection and analysis, which aids in decision-making processes for urban planners.
The ever-growing importance of integrating IoT (Internet of Things) technologies into lighting systems further amplifies the demand for sophisticated software applications to improve operational efficiency and reduce maintenance costs.
Meanwhile, Services encompass the support, installation, and maintenance aspects, which are crucial for ensuring the longevity and effectiveness of smart lighting systems. The rapid urbanization in South Korea has created a surge in the need for innovative solutions to manage energy consumption and improve public safety, resulting in a significant focus on each of these components.
Furthermore, the government's commitment to fostering smart city initiatives underlines the importance of investing in these components to realize enhanced societal benefits. Overall, each facet within the Component segment plays a vital role in driving the growth and advancement of the South Korea Smart Street Lights Market, marking a transition toward more intelligent and responsive public infrastructure.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The Networking Technology segment of the South Korea Smart Street Lights Market focuses on advanced communication systems, emphasizing both Narrowband and Broadband technologies. This segment plays a pivotal role in facilitating the effective functioning of smart street lights, enabling real-time data transmission, and enhancing energy efficiency.
Narrowband technology, known for its low power consumption and reliable long-range connectivity, is particularly significant in urban areas with extensive streetlight networks, facilitating smart city initiatives. Conversely, Broadband technology offers high data transfer rates, supporting applications such as analytics, monitoring, and public safety features.
As South Korea continues to prioritize digital infrastructure in its urban development projects, the integration of these networking technologies within the smart street lighting systems underlines the importance of seamless connectivity and data-driven decision-making, contributing significantly to the growth and development of smart urban spaces.
Furthermore, the increasing demand for energy-efficient solutions and the adoption of Internet of Things (IoT) applications within cities highlight the relevance of these technologies in ensuring sustainable development.
The Applications segment of the South Korea Smart Street Lights Market is increasingly becoming a focal point for innovation and urban development. With the surge in smart city initiatives driven by the South Korean government, the market is witnessing a substantial focus on solutions like Smart Parking and Street Light Management.
Smart Parking applications are vital as they streamline the parking process, reduce congestion, and enhance overall vehicular mobility within urban areas, addressing critical challenges faced in densely populated cities like Seoul.
Conversely, Street Light Management systems are crucial for optimizing energy usage, improving public safety, and facilitating remote monitoring, thereby enhancing the overall efficiency of municipal services.
The integration of advanced technologies in these applications not only addresses infrastructure challenges but also aligns with the country's sustainability goals, thus playing a significant role in shaping the future of urban landscapes in South Korea. As these applications evolve, they hold the potential to contribute significantly to the country’s economic sustainability efforts and improve the quality of life for residents.
The South Korea Smart Street Lights Market is rapidly evolving, reflecting a growing trend towards urban modernization and energy efficiency. This segment focuses on the integration of advanced technologies into traditional street lighting systems, facilitating enhanced functionality and operational efficiency. As cities increasingly embrace smart infrastructure, competitive players are harnessing innovative solutions that not only improve public safety but also optimize energy consumption and reduce costs.
The competitive landscape is characterized by a mix of multinational corporations and local firms striving to gain a foothold in this sector, leveraging technological advancements, strategic partnerships, and government investments aimed at upgrading urban environments. The market dynamics are largely influenced by factors such as sustainability initiatives, urban expansion, and the increasing need for digital integration in city management.
Cisco Systems has established a notable presence within the South Korea Smart Street Lights Market. The company's strengths lie in its robust networking solutions and commitment to creating intelligent environments through the Internet of Things. Cisco specializes in providing reliable connectivity solutions that seamlessly integrate with street lighting systems, enabling real-time data analytics and remote management.
This capability allows municipal authorities to monitor energy usage, improve maintenance schedules, and enhance response times to street light malfunctions. Cisco’s focus on building smart cities makes it a key player in establishing efficient street lighting infrastructures that align with South Korea's vision of sustainable urban living and contribute to its competitive edge in this sector.
Itron is another prominent player within the South Korea Smart Street Lights Market, offering a unique combination of hardware and software solutions aimed at optimizing energy management. Itron's key products include advanced metering systems and energy-efficient lighting technologies designed to enhance the monitoring and control of street lighting operations.
The company's expertise in energy data management positions it favorably, particularly in a market that prioritizes efficiency and sustainability. Moreover, Itron's strategic partnerships and recent acquisitions in the region allow it to strengthen its market presence, enabling the deployment of integrated solutions tailored to the specific needs of South Korean municipalities.
By leveraging its innovative technologies and focusing on customer-centric services, Itron is well-equipped to meet the challenges and opportunities presented by the smart street lighting market in South Korea.
The South Korea Smart Street Lights Market has seen significant developments recently, particularly driven by advancements in technology and smart city initiatives. Companies such as SK Telecom and LG Electronics are actively integrating IoT (Internet of Things) solutions into their street lighting systems, enhancing energy efficiency and real-time data collection capabilities.
In September 2023, a partnership between Itron and Seoul Semiconductor was announced, aiming to create more advanced energy management solutions for urban areas.
Furthermore, Honeywell's and Signify's collaborations with local municipalities have strengthened their positions in the market, focusing on deploying adaptive street lighting to improve safety and reduce carbon footprints across cities.
Notably, in August 2023, KT Corporation secured a contract for a large-scale smart street lighting project, further indicating the growing prominence of smart lighting solutions in urban planning.
Over the last two to three years, companies like Samsung Electronics and Cree have expanded their footprint in smart lighting technologies, reflecting an estimated growth in market valuation fueled by governmental support for smart city projects aimed at enhancing urban infrastructure and sustainability.
| Report Attribute/Metric Source: | Details |
| MARKET SIZE 2023 | 21.0 (USD Million) |
| MARKET SIZE 2024 | 24.5 (USD Million) |
| MARKET SIZE 2035 | 86.0 (USD Million) |
| COMPOUND ANNUAL GROWTH RATE (CAGR) | 12.092% (2025 - 2035) |
| REPORT COVERAGE | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| BASE YEAR | 2024 |
| MARKET FORECAST PERIOD | 2025 - 2035 |
| HISTORICAL DATA | 2019 - 2024 |
| MARKET FORECAST UNITS | USD Million |
| KEY COMPANIES PROFILED | Cisco Systems, Itron, SK Telecom, Honeywell, LG Electronics, Signify, KT Corporation, Hyundai Mobis, Osram, Cree, Philips Lighting, Trilliant, Seoul Semiconductor, Eaton, Samsung Electronics |
| SEGMENTS COVERED | Component, Networking Technology, Applications |
| KEY MARKET OPPORTUNITIES | Smart city infrastructure integration, Renewable energy utilization, IoT technology advancements, Government sustainability initiatives, Public safety enhancements |
| KEY MARKET DYNAMICS | Government initiatives for smart cities, Rising demand for energy efficiency, Integration with IoT technology, Increased urbanization and population density, Focus on public safety and security |
| COUNTRIES COVERED | South Korea |
Frequently Asked Questions (FAQ) :
The South Korea Smart Street Lights Market is expected to be valued at 24.5 USD Million in 2024.
By 2035, the market size for South Korea Smart Street Lights is projected to reach 86.0 USD Million.
The expected CAGR for the South Korea Smart Street Lights Market from 2025 to 2035 is 12.092%.
The market is divided into hardware, software, and services, with hardware being a significant component.
The market value for hardware in 2024 is anticipated to be 10.0 USD Million.
The software segment is estimated to reach a value of 30.0 USD Million by 2035.
Major players include Cisco Systems, Itron, SK Telecom, Honeywell, and LG Electronics, among others.
In 2024, the services segment is valued at 6.5 USD Million.
Emerging trends include advancements in IoT technology and heightened demand for energy-efficient solutions.
Challenges include high initial investment costs and the need for robust infrastructure.
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Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
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