Smart Street Lighting Market Size Forecasted To Achieve $6.4 Billion By 2029 With Steady Growth

The Smart Street Lighting Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Expected Smart Street Lighting Market Size During the Forecast Period?
There has been a swift expansion in the size of the smart street lighting market in the past several years. Its growth is forecasted to surge from $2.51 billion in 2024 to $3 billion in 2025, reflecting a compound annual growth rate (CAGR) of 19.3%. The growth seen in the historic period can be associated with the embracement of LED technology, actions taken by the government, issues around public safety and security, as well as pilot projects and demonstrations.

The market size for smart street lighting is anticipated to witness massive expansion in the coming years. By 2029, the market is predicted to reach $6.4 billion, growing at a compound annual growth rate (CAGR) of 20.9%. Factors promoting growth during the forecast period include increasing urbanization, government policies and fiscal support, need for energy-saving solutions, emphasis on security measures, and shift towards sustainable practices. Major trends expected during the projection period include energy conservation, incorporation of IoT, use of sensors and data gathering, adaptive lighting systems, and smart city schemes.

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What Are the Major Segments in the Smart Street Lighting Market?
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

Subsegments:
1) By Light Emitting Diode (LED): Standard LED, Smart LED
2) By Compact Fluorescent Lamps (CFL): Standard CFL, Smart CFL
3) By Incandescent: Standard Incandescent, Smart Incandescent
4) By Other Types: Solar-Powered Lights, High-Intensity Discharge (HID) Lights, Induction Lamps

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What Are The Driving Smart Street Lighting Market Evolution?
The rise of smart cities is playing a significant role in propelling the smart street lighting market forward. A smart city utilizes information and communication technology (ICT) to enhance administrative efficiency, disseminate information to the populace, improve the quality of public services and elevate the living conditions of its residents. Intelligent lighting installation can boost the satisfaction of citizens regarding safety and security, offering substantial power consumption and lighting system maintenance savings to cities. It also allows cities to provide adequate street lighting based on local conditions. For instance, as reported by National World PLC., a UK news publisher, in October 2022, Saudi Arabia is in the process of building a smart city known as 'Neom' for hosting 'The Asian Winter Games 2029.' This smart city, located in Tabuk Province in northwest Saudi Arabia, is estimated to cost around $500 billion (£436 billion). The plan includes incorporating smart city technologies and creating a tourist attraction. However, due to setbacks, the completion date has shifted to 2026, with an expansion completed by 2025. Hence, the advent of smart cities is fuelling the expansion of the smart street lighting market.

Which Firms Dominate The Smart Street Lighting Market Segments?
Major companies operating in the smart street lighting market include Hubbell Lighting Inc., GE Lighting, Osram Licht AG, Koninklijke Philips N.V, Acuity Brands Lighting Inc., Eaton Corporation PLC, Schneider Electric SE, CREE Inc., Signify Holding, Telensa Limited, Itron Inc., Suzhou Rongwen Kubai Lighting Systems Co. Ltd., DimOnOff, Echelon Corp., SYSKA LED Lights, Rongwen Group, Havells Ltd., Tvilight Smart City Lighting, Petra Systems Inc., Shanghai Sansi Technology Co. Ltd., Zumtobel Group, Flashnet, TVILIGHT Projects B.V., Bridgelux Inc., Liveable Cities, Quantela

What Trends Are Expected to Dominate the Smart Street Lighting Market in the Next 5 Years?
Leading corporations within the smart street lighting market are centering their operations on creating technical solutions such as advanced lighting systems, to boost energy efficiency and amplify urban safety. Advanced Lighting Solutions represent cutting-edge lighting arrangements that bolster energy effectiveness and user interaction through intelligent technologies and state-of-the-art light sources like LEDs. These systems provide automatic controls, enhanced appearance, and support for sustainability initiatives. For example, in March 2023, OptoTech Optical Machinery, Inc., an enterprise from Taiwan's machinery industry, unveiled modular smart LED street fixtures to augment city lighting frameworks featuring a unique cooling system and high-efficiency LEDs. This results in improved energy conservation and functionality. The device's IoT abilities enable remote oversight and adaptive lighting, which are perfect for contemporary urban landscapes.

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Which Is The Largest Region In The Smart Street Lighting Market?
North America was the largest region in the smart street lighting market in 2024. The regions covered in the smart street lighting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Smart Street Lighting Market?
2. What is the CAGR expected in the Smart Street Lighting Market?
3. What Are the Key Innovations Transforming the Smart Street Lighting Industry?
4. Which Region Is Leading the Smart Street Lighting Market?

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