Connected (Smart) Street Lighting Market to Exceed USD 11.5 Billion by 2031 - Transparency Market Research Inc.

The global connected (smart) street lighting market has witnessed significant growth in recent years, driven by the rising focus on energy conservation and the adoption of smart energy approaches in cities across the globe. Smart lighting networks, enabled by IoT (Internet of Things) technology, offer efficient solutions for public lighting, contributing to reduced energy consumption and carbon emissions. This article provides an overview of the market scenario, key drivers, regional outlook, and notable players in the connected (smart) street lighting industry.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐚 𝐬𝐚𝐦𝐩𝐥𝐞 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐫𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐫𝐞𝐩𝐨𝐫𝐭 𝐚𝐭 (𝐔𝐬𝐞 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐞 𝐌𝐚𝐢𝐥 𝐈𝐝 𝐟𝐨𝐫 𝐐𝐮𝐢𝐜𝐤 𝐑𝐞𝐬𝐩𝐨𝐧𝐬𝐞) - https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=29213&utm_source=OpenPR_Mayur&utm_medium=OpenPR

Market Growth and Projection

In 2021, the global connected (smart) street lighting market size was valued at US$ 1.3 billion. It is projected to witness substantial growth, advancing at a CAGR of 24.1% from 2022 to 2031, reaching an estimated value of US$ 11.5 billion by the end of 2031.

Key Drivers of Market Growth

Energy Conservation Focus: The rising global awareness about energy conservation has become a significant driver for the adoption of IoT-connected public lighting. As public lighting accounts for a considerable portion of a municipality's or governing body's electricity budget (approximately 60%), smart street light solutions offer an effective option to conserve energy and reduce operational costs.

Smart City Initiatives: Cities worldwide are increasingly embracing smart energy approaches to meet sustainability goals, leading to a surge in investment in solar street lighting and smart city infrastructure. This trend further fuels the demand for connected (smart) street lighting solutions.

Regulations and Energy Efficiency: Developed regions like Europe and North America have implemented various regulations to promote energy-efficient solutions and smart street lighting infrastructure for smart cities. For instance, the European Union banned energy-intensive and inefficient halogen light bulbs, fostering the adoption of more energy-efficient alternatives like LED lighting.

Lower Operational Costs: Traditional incandescent bulbs used in street lighting systems incur high operational and maintenance costs. In contrast, smart street lights with LED technology offer lower maintenance expenses and efficient remote monitoring and control capabilities, reducing routine maintenance inspections.

Integration of Energy-Efficient Systems: Integration of connected street lights with wireless technologies, such as Li-Fi, and other smart city infrastructure elements like traffic signals, parking-lot lights, and pollution sensors, provide substantial opportunities for market growth, especially in emerging economies.

𝐁𝐮𝐲 𝐭𝐡𝐢𝐬 𝐏𝐫𝐞𝐦𝐢𝐮𝐦 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 | 𝐈𝐦𝐦𝐞𝐝𝐢𝐚𝐭𝐞 𝐃𝐞𝐥𝐢𝐯𝐞𝐫𝐲 𝐀𝐯𝐚𝐢𝐥𝐚𝐛𝐥𝐞 𝐚𝐭 - https://www.transparencymarketresearch.com/checkout.php?rep_id=29213<ype=S&utm_source=OpenPR_Mayur&utm_medium=OpenPR

Challenges and Regional Outlook

Poor Infrastructure in Developing Economies: While smart street lighting is gaining momentum globally, poor network infrastructure and low internet penetration in developing economies may hamper the demand for connected (smart) street lights in the short term. However, as government investments in city infrastructure increase, this challenge is expected to diminish over time.

Regional Growth: Europe is expected to dominate the global connected smart street lighting market during the forecast period, driven by its focus on sustainable energy targets. The Asia Pacific region is also experiencing significant growth, propelled by increasing investments in smart city infrastructure and urbanization. North America and the Middle East & Africa offer lucrative opportunities due to their integration of smart infrastructure in cities.

Key Players in the Market

The global connected smart street lighting market is highly fragmented and involves several street light manufacturers, suppliers, exporters, and software developers. Key players include Advanced Micro Devices, Inc., Delta Electronics, Inc., Dimonoff Inc., Echelon, Flashnet S.A. (InteliLIGHT), GE Current (Current Lighting Solutions, LLC), Hubbell, Itron Inc., Signify Holding, Telensa Inc., Toshiba Lighting & Technology Corporation, and others.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐅𝐨𝐫 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐫𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐫𝐞𝐩𝐨𝐫𝐭 𝐚𝐭 - https://www.transparencymarketresearch.com/sample/sample.php?flag=D&rep_id=29213&utm_source=OpenPR_Mayur&utm_medium=OpenPR

Notable Developments

Various players in the market are continuously investing in research and development to expand their connected (smart) street lighting market share. For example, Telensa Holdings Ltd. launched a 'hybrid' network architecture in 2022, integrating UNB radio technology with cellular connectivity to provide versatile solutions supported by a single management system. Similarly, Signify acquired Telensa Holdings Ltd. in 2021 to add narrow-band and TALQ-compliant solutions to its smart lighting systems.

Conclusion

The global connected (smart) street lighting market is on a trajectory of substantial growth, driven by a heightened focus on energy conservation and smart city initiatives. With the integration of IoT technology and energy-efficient solutions, smart street lighting is becoming a key component of sustainable urban development worldwide. As the market expands, players continue to invest in innovative products and solutions, making the connected (smart) street lighting industry an exciting and dynamic sector to watch in the coming years.

𝐌𝐨𝐫𝐞 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐛𝐲 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 -

𝐅𝐫𝐞𝐞 𝐒𝐩𝐚𝐜𝐞 𝐎𝐩𝐭𝐢𝐜𝐬 (𝐅𝐒𝐎) 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.globenewswire.com/news-release/2022/07/05/2474183/0/en/Free-Space-Optics-FSO-Communication-Market-Size-worth-US-14-3-Billion-by-2031-Finds-TMR-Study.html

𝐋𝐨𝐰 𝐕𝐨𝐥𝐭𝐚𝐠𝐞 (𝐋𝐕) 𝐚𝐧𝐝 𝐌𝐞𝐝𝐢𝐮𝐦 𝐕𝐨𝐥𝐭𝐚𝐠𝐞 (𝐌𝐕) 𝐒𝐰𝐢𝐭𝐜𝐡𝐠𝐞𝐚𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.globenewswire.com/news-release/2022/07/06/2475349/0/en/Low-Voltage-LV-and-Medium-Voltage-MV-Switchgear-Market-is-Predicted-to-Rise-at-a-CAGR-of-5-3-during-the-Forecast-Period-Observes-TMR-Study.html

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐔𝐬

Nikhil Sawlani
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453

This release was published on openPR.