Smart Street Lighting Market Trends, Market Share, Size, Growth Status And Forecast To 2033

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Smart Street Lighting Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $5.4 billion In 2028 At A CAGR Of 20.6%.

The smart street lighting market size has grown exponentially in recent years. It will grow from $2.12 billion in 2023 to $2.55 billion in 2024 at a compound annual growth rate (CAGR) of 20.1%. The growth in the historic period can be attributed to led technology adoption, government initiatives, public safety and security concerns, pilot projects and demonstrations..

The smart street lighting market size is expected to see exponential growth in the next few years. It will grow to $5.4 billion in 2028 at a compound annual growth rate (CAGR) of 20.6%. The growth in the forecast period can be attributed to urbanization growth, government initiatives and funding, demand for energy-efficient solutions, focus on safety and security, shift towards sustainability.. Major trends in the forecast period include energy efficiency, iot integration, sensors and data collection, adaptive lighting solutions, smart city initiatives..

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Smart Street Lighting Market Major Segments
The smart street lighting market covered in this report is segmented -

1) By Type: Light Emitting Diode, Compact fluorescent lamps, Incandescent, Other Types
2) By Communication Technology: NB-IOT, Powerline Communication, Radio Frequency, Other Communication Technologies
3) By Energy Source: Traditional And Other Renewable Energy, Solar
4) By Application: Environment Monitoring, Traffic Optimization, Smart Parking, Other Applications
5) By End User: Commercial, Residential, Industrial

Key Driver - Smart City Initiatives Propel Surge In Smart Street Lighting Market Growth

Emerging smart cities are significantly contributing to the growth of the smart street lighting market. 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. For instance, in October 2022, according to an article shared by National World PLC., a UK-based news publishing company, Saudi Arabia is building a smart city called ""Neom"" to host an international sporting event called ""The Asian Winter Games 2029."" A Saudi smart city called Neom is now being constructed in Tabuk Province in northwest Saudi Arabia. At an estimated cost of $500 billion (about £436 billion), it is intended to include smart city technologies and serve as a tourism destination. Due to delays, it may now take until 2026 to accomplish the project, and with an expansion concluded in 2025. Therefore, emerging smart cities are driving the growth of the smart street lighting market.

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Prominent Trend - Innovative Product Developments Driving Market Dominance In Smart Street Lighting

Product innovations are a key trend gaining popularity in the smart street lighting market. 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.

Smart Street Lighting Market Players
Major companies operating in the smart street lighting market report are Hubbell Lighting Inc., GE Lighting, Osram Licht AG, Koninklijke Philips N.V, Acuity Brands Lighting Inc., Eaton Corporation PLC, Schneider Electric SE, Honeywell International Inc., Lutron Electronics Company, CREE Inc., Signify Holding, Telensa Limited, Itron Inc., Suzhou Rongwen Kubai Lighting Systems Co. Ltd., DimOnOff, Echelon Corp., SYSKA LED Lights, Eveready Industries Ltd., Rongwen Group, Havells Ltd., Current powered by GE, Tvilight Smart City Lighting, Petra Systems Inc., Shanghai Sansi Technology Co. Ltd., Philips Lighting, Zumtobel Group, Flashnet, TVILIGHT Projects B.V., Bridgelux Inc., Liveable Cities, Quantela .

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Largest And Fastest Growing Region In The Market
North America was the largest region in the smart street lighting market in 2023. The regions covered in the smart street lighting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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

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