Global Intelligent/Smart Street Lighting Market is projected to reach the value of $28.89 billion by 2030

According to the report published by Virtue Market Research , In 2022, the Global Intelligent/Smart Street Lighting Market was valued at $6.5 billion, and is projected to reach a market size of $28.89 billion by 2030. Over the forecast period of 2023-2030, market is projected to grow at a CAGR of 20.5%.

Intelligent/Smart Street Lighting has emerged as a game-changing technology, revolutionizing urban landscapes with its innovative features and energy-efficient solutions.

A significant long-term market driver for Intelligent/Smart Street Lighting is the increasing emphasis on sustainability and energy efficiency. As cities strive to become greener and more environmentally conscious, upgrading to smart street lighting systems has become a priority. These systems utilize advanced sensors and controls to adjust lighting levels based on real-time conditions, reducing energy consumption and carbon emissions. The long-term market driver reflects the industry's commitment to addressing environmental challenges and creating more sustainable urban spaces.

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The COVID-19 pandemic had a notable impact on the Intelligent/Smart Street Lighting market. As cities implemented lockdown measures and movement restrictions, the demand for energy-efficient solutions increased. Municipalities sought to optimize their resources and reduce operational costs during challenging times. Smart street lighting, with its remote monitoring and management capabilities, allowed cities to efficiently manage lighting operations while conserving energy. The pandemic served as a catalyst for the adoption of Intelligent/Smart Street Lighting solutions, underscoring their importance in building resilient and sustainable cities.

A key short-term market driver for Intelligent/Smart Street Lighting is the rapid urbanization and population growth in cities. As urban areas expand, there is a growing need for intelligent infrastructure that can support the increasing demands of the population. Smart street lighting offers cities the opportunity to optimize energy consumption, improve public safety, and enhance the overall quality of life for residents. This short-term driver is driven by the urgency to create smart cities that can effectively manage resources and provide a better living environment for citizens.

An opportunity in the Intelligent/Smart Street Lighting market lies in the integration of Internet of Things (IoT) technology. The ability to connect street lights to a centralized IoT platform enables cities to gather and analyze real-time data, such as traffic patterns, weather conditions, and air quality. This data-driven approach empowers cities to make informed decisions for better urban planning, traffic management, and environmental monitoring. The integration of IoT technology presents immense potential for Intelligent/Smart Street Lighting systems to become an integral part of the smart city infrastructure.

An observed trend in the industry is the incorporation of adaptive lighting solutions. Adaptive lighting systems use data from sensors and IoT devices to adjust lighting levels based on the presence of pedestrians, vehicles, or weather conditions. These systems provide the right amount of illumination when needed, minimizing light pollution and reducing energy wastage. The trend towards adaptive lighting underscores the industry's commitment to enhancing energy efficiency and sustainability in urban areas.

Segmentation Analysis:
The global Intelligent/Smart Street Lighting Market segmentation includes:

By Application: Indoor lighting, Outdoor lighting, Decorative lighting
Among these applications, Indoor lighting stands as the largest segment. Intelligent indoor lighting systems are extensively used in various indoor spaces, such as offices, schools, and public buildings. These systems incorporate motion sensors and advanced controls to optimize lighting levels based on occupancy, contributing to significant energy savings. The demand for indoor intelligent/smart street lighting is driven by the need for efficient and sustainable lighting solutions in enclosed spaces.

Looking ahead, the Decorative lighting segment is projected to be the fastest growing during the forecast period. Decorative intelligent/smart street lighting systems add aesthetic appeal to outdoor spaces, enhancing the ambiance and creating visually stunning environments. The trend towards using decorative lighting for events, festivals, and public spaces is fueling the growth of this segment. As cities focus on creating vibrant and attractive outdoor spaces, the demand for decorative intelligent/smart street lighting solutions is expected to surge.

By End-user: Government, Commercial, Residential and Others
Among these end-users, the Commercial segment stands out as the largest. Businesses and commercial establishments leverage Intelligent/Smart Street Lighting to enhance visibility, improve security, and create inviting and safe environments for customers and employees. The Commercial segment's prominence is fueled by the need for well-lit and welcoming spaces in shopping malls, parking lots, industrial areas, and commercial districts. The adoption of energy-efficient and smart lighting solutions in commercial spaces drives the growth of this segment.

Looking ahead, the Residential segment is projected to be the fastest growing during the forecast period. With the growing trend of smart homes and the increasing awareness of energy conservation, residential areas are embracing Intelligent/Smart Street Lighting. Homeowners seek smart lighting systems that offer automation, remote control, and energy savings. As more cities integrate Intelligent/Smart Street Lighting in residential neighborhoods, the Residential segment is set to witness significant growth, reflecting the rising demand for smart and connected living spaces.

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Regional Analysis:

Among the regions, Europe dominates the market and holds the largest share. European countries are at the forefront of adopting sustainable practices and energy-efficient technologies. The implementation of stringent regulations and government initiatives supporting energy conservation and smart city development has driven the adoption of intelligent/smart street lighting in Europe.

Looking ahead, North America is anticipated to be the fastest growing region during the forecast period. The increasing awareness of energy conservation and the adoption of smart city initiatives are propelling the demand for intelligent/smart street lighting solutions in North America. Municipalities and urban planners are focusing on upgrading existing lighting infrastructure with intelligent systems, driving the growth of the market in this region.

Latest Industry Developments:

• Embracing IoT and Connectivity: Companies in the intelligent/smart street lighting market are increasingly focusing on embracing IoT (Internet of Things) and advanced connectivity solutions. The integration of IoT technologies allows street lighting systems to communicate, exchange data, and respond intelligently to real-time conditions. With IoT-enabled street lighting, companies can offer enhanced functionalities, such as adaptive lighting based on traffic patterns, weather conditions, and pedestrian movement. Recent developments have shown a trend of companies investing in IoT infrastructure and partnerships to create a connected and cohesive network of intelligent street lighting solutions, providing a competitive edge in the market.

• Sustainability and Energy Efficiency: Sustainability and energy efficiency have become critical drivers for enhancing market share in the intelligent/smart street lighting industry. Companies are proactively developing and promoting energy-efficient lighting solutions that align with global sustainability goals and regulations. Recent developments show a trend of companies incorporating renewable energy sources, such as solar panels, to power intelligent street lighting systems. These eco-friendly initiatives not only attract environmentally conscious customers but also contribute to cost savings for municipalities and end-users. By positioning themselves as advocates of sustainability and green solutions, companies can strengthen their market presence and appeal to a wider customer base.

• Customization and Scalability: Another trend observed in the intelligent/smart street lighting market is the focus on customization and scalability. Companies are offering tailored solutions that cater to the unique needs of different cities, urban spaces, and end-users. Customizable lighting solutions allow municipalities and commercial establishments to optimize lighting designs and functionalities based on their specific requirements. Moreover, companies are emphasizing the scalability of their systems, ensuring that intelligent street lighting installations can be easily expanded and integrated into existing infrastructure. This trend addresses the diverse and evolving needs of customers, contributing to increased market penetration and customer retention.

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Virtue Market Research is a strategic management firm helping companies to tackle most of their strategic issues and make informed decisions for their future growth. We offer syndicated reports and consulting services. Our reports are designed to provide insights on the constant flux in the global demand-supply gap of markets.

This release was published on openPR.