Connected (Smart) Street Lights Market: Influential Factors Determining the Trajectory of the Market
According to a recent report by Transparency Market Research (TMR) the global market is foreseen to project a strong growth during its forecast period from 2017 to 2025 with a steady CAGR of 16.0% with respect to revenue. In year 2016 the market was evaluated to be worth US$ 3,712.5 mn. This figure is expected to soar skies by the end of forecast period. In terms of volume, the global smart street lights market is evaluated to project a strong CAGR of 20.1% during 2017 to 2025. The entire market is fragmented based on component, connectivity, and region. Geographically, Europe dominates the other regions and accounts for major amount of overall market shares. Interest taken by government agencies plays a vital role in its leading position.
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The connected (smart) street lights market is basically fueled by the capacity of connected (smart) street lights to deal with the loopholes of customary street lights. Customary lighting frameworks which are currently according to the accepted rules for street lighting is related with setup challenges, interoperability issues, and phenomenal cost that connected (smart) street lights can deal with. With the direct pace of headway of advances that are utilized as a part of connected (smart) street lights and the unremitting interest for feasible lighting arrangements has prompted extensive emergence of connected (smart) street lights over a few urban communities in developed areas.
Moreover, the improvement of smart urban communities over a few nations around the globe is driving service organizations and government establishments to search for connected lighting innovations that help diminish costs, lessen carbon emanations, and help support general effectiveness. Smart (connected) lighting frameworks can considerably diminish vitality utilization as it is capable of being integrated with different sensors, for example, common light sensors inhabitance sensors, and movement sensors.
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Interest by Government Agencies to Support the Market Growth
At present, the greater part of the street lighting depends on customary lighting frameworks which is ordinarily connected with arrangement challenges, extreme expenses, and issues related with interoperability between gadgets from numerous sellers. The capacity of connected (street) lights to address the flaws of conventional street lights is pulling in the consideration of elements in the street lighting biological system. Additionally, the reception of connected street lighting is growing due to interest for efficient power vitality arrangements that are maintainable over the long haul.
The low power utilization and high effectiveness properties of LED are one of the key variables encouraging the development of connected smart street lighting market. Moreover, the improvement of smart urban areas crosswise over numerous countries worldwide is driving service organizations and government establishments in these nations to search for connected lighting arrangements that would help diminish vitality costs, decrease carbon discharges, and help support general proficiency. This works in favor of connected street lighting market. Besides, smart street lighting is favorable as it as mix of numerous sensors with canny lighting control advancements.
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The study presented here is based on a report by Transparency Market Research (TMR), titled, “Connected (Smart) Street Lights Market (Connectivity - Wired (Power Line Communication) and Wireless; Component - Hardware (Sensors and Controllers/Relays), Software, and Services) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025.”
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. We have an experienced team of Analysts, Researchers, and Consultants, who us e proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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