Pune, India -- (SBWire) -- 11/19/2018 --The Connected (Smart) Street Lights Market was worth USD 3.59 billion in 2017 and is projected to reach around USD 8.77 billion by 2024. The Connected (Smart) Street Lights Market is estimated to grow at a CAGR of 13.72% during the forecast period 2018-2024. The Europe region accounted for the largest market share of approximate 34% in 2017 and is expected to remain dominant through the forecast period. The Asia-Pacific region is expected to grow at highest CAGR of 16.66% during the forecast period.
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Rapidly Growing Trend of Development of Smart Cities Drives the Growth of Connected Street Lights Market
The growing trend of development of smart cities drives the growth of connected street lights market. The smart street light to be used in smart cities will not help in improving lighting efficiency but also help to help cities monitor and respond to any circumstance, from traffic and air quality to crowds and noise. In addition, the connected street lights offers various benefits over the conventional street lights such as better energy saving, improved operational efficiency, low maintenance cost and reduce carbon emission are some of the reasons that are likely to boost the demand of connected street light market. This smart lightning reduces energy costs up to 35% through intelligent ON/OFF switching and targeted progressive dimming. Also, initiatives taken by utility companies and government institutions to adopt to smart lightning technologies in order to save energy and reduce carbon emission is supporting to grow the market.
The smart lighting moderates the Maintenance activity as the detail analysis of defects and the necessary materials are received with the real time network mapping. However, high initial setup cost associated with installation of the smart street lighting is hampering the growth of connected or smart light market. Moreover, the rising projects of smart cities across all over the globe is expected to fuel the smart street lightning market over the forecast period. The ongoing technological advancements in the smart street lighting such as developments in the wireless and the internet of things (IoT) technologies is projected to create the several opportunities in the smart street lightning.
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"Infinium Global Research has produced a new premium report Connected (Smart) Street Lights Market. The report covers the analysis of global as well as regional markets of Connected (Smart) Street Lights. The objective of the study is to identify market sizes of different segments & countries in recent years and to forecast the values for the next six years. The report also deep dives into the sub-segments of Connected (Smart) Street Lights Market by connectivity (wired and wireless) and component (hardware, software and services) through main geographies in the Global Market such as North America, Europe, Asia-Pacific and RoW.
The report covers market changing aspects including drivers, restraints, opportunities, and trends expected to encouragement the expansion of the Connected (Smart) Street Lights Market during the said period. The report also provides market attractiveness analysis, by geography, and market share analysis, by key players respectively. Some of the prominent participants in the Global Connected (Smart) Street Lights Market are EnGo PLANET, Telensa Ltd., Toshiba Lighting, Philips Lighting N.V, OSRAM Licht Group, OSRAM Licht Group, Acuity Brands Lighting Inc., Schreder Group, Twilight Citelum S.A. and Dimonoff Inc."
Europe holds the largest market share in the smart street lighting followed by North America
Europe holds the largest market share in the smart street lighting followed by North America. The various companies and the government agencies in the U.K are focusing on the smart street lighting solutions due to the estimated advantages of smart street lightning which in turn reduces the energy consumption and it is also beneficial for the economy in this region. Asia Pacific is the fastest growing region in the smart lightning market owing to the demand of energy efficient solution and the growing construction industries in this region.
Key Developments
Smart streetlight to improve power energy efficiency in Edinburgh
In July 2018, like many UK cities, the City of Edinburgh is pursuing a number of solutions to improve energy efficiency, data collection, automation and connectivity across a variety of sectors. Introducing smart streetlight controls, which can be linked to motion sensors and ensure streets are only lit when they are in use by pedestrians, is one cutting edge strategy that could deliver significant benefits.
Street Light Upgrades Help Cities Get Smart Fast with IoT
In June 2018, as the Internet of Things (IoT) continues to grow, municipal leaders may wonder how to best incorporate technology into their infrastructure to support a truly smart city. Many cities have found the answer in the humble street light. Yes, street lights are blazing the way for smart city power, collecting data and providing citizen services in simple but powerful ways.
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Connected (Smart) Street Lights Market Worth 8.77 Billion USD by 2023
The Connected (Smart) Street Lights Market was worth USD 3.59 billion in 2017 and is projected to reach around USD 8.77 billion by 2024.