Connected Street Lighting Market Share, Revenue, Trends, Demand, Growth Strategy, Challenges, Opportunities and Future Competition Till 2033


Connected Street Lighting Market Share, Revenue, Trends, Demand, Growth Strategy, Challenges, Opportunities and Future Competition Till 2033: SPER Market Research

 Published: Dec-2023
 Author: SPER Analyst

Smart Street Lighting Market is projected to be worth USD 16.76 BILLION by 2033 and is anticipated to surge at a CAGR of 19.46%.

Street lighting in public spaces that reacts to the movements of cars, cyclists, and pedestrians is referred to as "smart" street lighting. Adaptive street lighting is another term for it; it turns on when motion is detected and off when none is. Smart street lighting systems have the ability to identify maintenance issues and lighting failures in real time, ensuring improved service quality and prompt error correction. Additionally, this removes the need for regular maintenance-related inspections.

Smart Street Lighting Market Driving Factors and Challenges

Drivers: Market expansion is being driven by consumers' growing preference for energy-efficient LED lighting. The market for smart street lights is driven by consumers' growing preference for energy-efficient LED lighting. The target market is using light-emitting diodes (LEDs) more frequently, which also contributes to the development of a large-scale street lighting system. Soon, significant market growth drivers will be business setups supported by widespread usage of networked street light equipment as part of smart city initiatives. Furthermore, smart lighting technology is being used by energy companies and government agencies, which will help save costs and reduce greenhouse gas emissions over the anticipated period.

Furthermore, the deployment of smart street lighting systems is one of the main elements of the smart city initiative. Energy-efficient LED lights and smart lighting solutions that can be remotely controlled and monitored are to replace the current street lighting systems as part of this project. By doing this, the lighting infrastructure will use less energy overall and operate more efficiently.

Challenges: Connected street lights have gained popularity despite a number of drawbacks, such as difficult setup, challenging operations, and expensive initial costs. The development of the linked street light market is hampered in certain developing and underdeveloped countries by a lack of supporting infrastructure. Additionally, as linked lighting systems with Wi-Fi, Li-Fi, and sensor features proliferate, so do the security and privacy concerns associated with them. Cyberattacks may result in serious damage, such as the interruption or removal of vital services like water and electricity.

Impact of COVID-19 on Global Smart Street Lighting Market
The COVID-19 pandemic has had a significant effect on the market for (smart) street lights. The demand for analog semiconductors has decreased as a result of the global slowdown in new project development. Workers have stayed at home, disrupting global supply chains and making it challenging for factories to adopt new techniques globally. The fact that COVID-19 has stopped production and the supply chain means that its effects on this market are only temporary. As things improve, so will production, supply chains, and demand for networked (smart) street lights.  This COVID-19 lockdown would encourage businesses to think about more advanced connected (Smart) street lights in order to increase efficiency.

Global Smart Street Lighting Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Acuity Brands Inc., CIMCON Lighting, Delta Electronics Inc, Echelon Corporation, GridComm, Guangdong Rongwen Energy Technology Group, InteliLIGHT (Flashnet SA), Itron Inc., Sensus (a Xylem Brand), Signify Holding, Telensa Limited, TVILIGHT Projects BV, Others.

Global Smart Street Lighting Market Segmentation:

By Component: Based on the Component, Global Smart Street Lighting Market is segmented as; Hardware, Software, Services.

By Type: Based on the Type, Global Smart Street Lighting Market is segmented as; Narrowband, Broadband.

By Application: Based on the Application, Global Smart Street Lighting Market is segmented as; Smart Parking, Street Light Management.

By Region: This report also provides the data for key regional segments of North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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