Global Smart Street Lighting Market 2023 Industry Insights, Business Statistics, Latest Trends And Forecast To 2032 | Major Players Are Hubbell Lighting Inc., GE Lighting, Osram Licht AG, Koninklijke Philips N.V, Acuity Brands Lighting Inc

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company's Template Global Market Report 2023 identifies Emerging smart cities as the major driver for the Smart Street Lighting Market's growth in the forecast period. A smart city is a municipality that makes use of information and communication technology (ICT) to boost administrative effectiveness, disseminate information to the general publican enhance the standard of public services as well as the welfare of its residents. Installing intelligent lighting can assist increase citizen satisfaction with security and safety while giving towns significant savings in power consumption and lighting system maintenance, in addition to enabling cities to offer the right amount of street light for local conditions.

The global smart street lighting market size is expected to grow from $1.77 billion in 2022 to $2.12 billion in 2023 at a compound annual growth rate (CAGR) of 19.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global smart street lighting market size is expected to reach $4.35 billion in 2027 at a CAGR of 19.8%.

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Major competitors in the Smart Street Lighting Market are Hubbell Lighting Inc., GE Lighting, Osram Licht AG, Koninklijke Philips N.V, Acuity Brands Lighting Inc., Eaton Corporation PLC., Schneider Electric, Honeywell International Inc., Lutron Electronics Company, CREE Inc., Signify Holding, Telensa Limited, Itron Inc., Suzhou Rongwen Kubai Lighting Systems Co Ltd and DimOnOff.

A key trend in the Smart Street Lighting Market includes Product innovations. Major companies operating in the smart street lighting market are developing innovative products to strengthen their position in the market. For instance, in April 2021, LEDVANCE, a US-based company operating in solar lighting systems, introduced OSRAM NAV LED, a street lighting lamp as an alternative to LED to reduce running costs. The OSRAM NAV LED is capable of consuming around 52% less energy than conventional high-pressure sodium vapor lamps with a lifetime of up to 50,000 hours and provides fewer maintenance costs. Moreover, it is easy to replace due to compatibility with conventional control gear (CCG), compensation capacitor and ignitor without rewiring. It allows additional dimming at low traffic density using night-time switching and offers a very high efficiency of up to 185 lm/W.

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The Smart Street Lighting Market is segmented -
By Type: Light Emitting Diode, Compact fluorescent lamps, Incandescent, Other Types
By Communication Technology: NB-IOT, Powerline Communication, Radio Frequency, Other Communication Technologies
By Energy Source: Traditional And Other Renewable Energy, Solar
By Application: Environment Monitoring, Traffic Optimization, Smart Parking, Other Applications
By End User: Commercial, Residential, Industrial
By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Smart Street Lighting Market.

The Business Research Company's "Global Smart Street Lighting Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.

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The Table Of Content For The Smart Street Lighting Market Include:
1. Executive Summary
2. Smart Street Lighting Market Characteristics
3. Smart Street Lighting Market Trends And Strategies
4. Smart Street Lighting Market - Macro Economic Scenario
5. Smart Street Lighting Market Size And Growth
……
26. Africa Smart Street Lighting Market
27. Smart Street Lighting Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Smart Street Lighting Market
29. Smart Street Lighting Market Future Outlook and Potential Analysis
30. Appendix

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