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The market for smart streetlights is going through a quick change pushed by a large number of market factors that add to its extension and acknowledgment. The market is encountering huge development due, to some extent, to the developing significance put on energy proficiency and supportability. Savvy road lighting gives an engaging answer for the dynamic quest for decrease in energy utilization and fossil fuel byproducts by states and districts around the world. The clever controls, movement sensors, and Drove lighting that are coordinated into these lights empower them to alter their force because of the presence of vehicles or walkers, consequently enhancing energy utilization.
Additionally, the raising peculiarity of urbanization is essentially adding to the development of the smart streetlights industry. There is a growing demand for innovative and efficient infrastructure solutions as the number of people moving into urban areas rises. As well as further developing street security and perceivability, insightful road lighting adds to the shrewd city biological system all in all through its mix with other canny advancements. Upgraded functional proficiency results from the limit of these lights to speak with each other and with focal administration frameworks, permitting districts to direct and control their lighting foundation from a distance.
Furthermore, cost reserve funds emerge as a main consideration in the multiplication of smart streetlamps. While smart streetlamps may require a more prominent introductory speculation contrasted with customary enlightenment arrangements, the drawn-out benefits essentially outperform the monetary weight. Driven innovation, which is often integrated into insightful road lighting, is prestigious for its lengthy functional life and energy productivity, which decreases functional and support costs. In addition, the incorporation of intelligent controls enables instantaneous monitoring and data analysis, assisting municipalities in the detection of potential issues and the proactive resolution of them, further reducing maintenance costs.
The interest in working on open wellbeing and anxieties in regard to security add to the market elements of smart street lighting. The joining of extra security highlights, like reconnaissance cameras and ecological sensors, into these lights effectively expands the general wellbeing of metropolitan conditions. Consolidating crisis enlightenment in case of unanticipated occasions, observing traffic, and identifying odd exercises all add to the improved safety efforts presented by smart streetlamps, delivering them an engaging decision for districts looking to lay out safer public regions.
Furthermore, government drives and guidelines essentially affect the market for smart street lighting. A significant number of legislatures across the globe are carrying out strategies that advance the execution of energy-effective innovations, for example, canny road lighting frameworks. Administrative systems, sponsorships, and motivators that energize the utilization of manageable arrangements persuade both general society and confidential areas to put resources into astute road lighting. This lays out a helpful environment for the market to create and expand.
Moreover, market influences like the IoT considerably affect the smart street lighting area. The capacity of these lights to lay out a web association and trade information presents novel possibilities for applications in smart urban areas. The joining of IoT stages into frameworks works with upgraded robotization and control, subsequently setting out open doors for the improvement of novel administrations including information driven independent direction, prescient brightening, and versatile support.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 0.5 Billion |
| Market Size Value In 2023 | USD 0.61 Billion |
| Growth Rate | 23.4% (2023-2032) |
Smart Street Lights Market Highlights:
Global Smart Street Lights Market Overview:
Smart Street Lights Market Size was valued at USD 0.6 Billion in 2023. The Smart Street Lights market industry is projected to grow from USD 0.7 Billion in 2024 to USD 3.3 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 20.8% during the projected timeframe (2024 - 2032). The rise is attributed to higher spending on wireless technology for automated parking and associated services in urban areas. Growing consumer preferences for energy-efficient LED lighting are the key market drivers contributing to market growth and expansion.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Smart Street Lights Market Trends
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Growing consumer preference for energy-effective LED lighting is driving market growth
The rising consumer preference for energy-effective LED lighting drives the market CAGR for smart street lights. The target demographic is growing their usage of light-emitting diodes (LEDs), which additionally gives rise to a massive street lighting system. Business setups underpinned by extensive use of linked street light equipment as part of smart city initiatives will shortly be important market growth drivers. In addition, energy businesses and governmental organizations are using smart lighting technological advances, which will assist in saving money and decrease greenhouse gas emissions over the projected period, which ends in 2024.
Furthermore, the intended market invests in studies and education programs connected to energy-saving measures and efficient lighting solutions. These are receiving the deserved spotlight and attention. These provide tremendous opportunities for the innovative street lighting industry to grow in size. Sustainable growth represents one of the primary aims of businesses for a wise tomorrow, which the big players take seriously. Furthermore, improving sensor & wireless Technology provides good chances for the market's worldwide expansion throughout the forecast period.
The coronavirus disease has infiltrated people and businesses. Still, it also created significant obstacles that could be improved by market companies and the capacity of players to produce by the buying ability of the targeted demographic. Because of the outbreak of COVID-19, new initiatives that had been in the works across several regions have reached a standstill, resulting in a significant drop in demand for analog chips. Furthermore, the pandemic is pressuring major market companies to develop new and novel solutions that will aid in improving product efficiency and meeting demand, as provided by leading market participants.
For instance, according to IEA, developing nations and emerging markets would account for about 70% of the expected increase in energy consumption, with demand rising to 3.4% above pre-COVID-19 levels. Meanwhile, developed economies' energy consumption is on track to be 3% lower than in 2019. Governments and public bodies progressively use intelligent street lighting to make up for these energy needs, boosting market development. Thus, it is anticipated that demand for Smart Street Lights will increase throughout the projected timeframe due to the rising consumer preference for energy-effective LED lighting. Thus, driving the Smart Street Lights market revenue.
Smart Street Lights Market Segment Insights:
Smart Street Lights Component Insights
The Smart Street Lights market segmentation, based on Components, includes Hardware, Software, & Services. The hardware category dominated the market, accounting for 63% of market revenue (USD 0.3 Billion) in 2022. LED lights, detectors and switches, sodium vapor lights, controllers, and ballasts are all part of the market's hardware section widely used in smart street lights.
Smart Street Lights Networking Technology Insights
The Smart Street Lights market segmentation, based on Networking Technology, includes Narrowband and Broadband. The broadband category generated the highest market revenue of about 53% (USD 0.3 billion) in 2022. Broadband networks through which information signals undergo modulation onto carriers of megahertz and greater frequencies are widely accepted, which boosts the overall market growth.
Figure 1: Smart Street Lights Market, by Networking Technology, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Smart Street Lights Applications Insights
The Smart Street Lights market segmentation, based on Applications, includes Smart Parking and Street Light Management. The smart parking segment dominated the market, accounting for 62% of market revenue (USD 0.31 Billion) in 2022. Connected Street lighting management combines movement sensors to improve energy economy and citizen safety. Furthermore, networked street lighting can aid in monitoring the flow of traffic, pedestrian crossings, parking, climatic changes, and earthquakes expected to grow during the forecasted timeframe. They can be outfitted with cameras to assist authorities with solving crimes, speakers to inform people of crucial circumstances, or garbage collection sensors, among other things.
Smart Street Lights Regional Insights
By region, the research provides market Insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Smart Street Lights market area will dominate this market during the projected timeframe. The primary reason for this is the project advantages provided by smart road coating, which will assist in reducing power consumption and boost the market growth in the North American region.
Further, the major countries studied in the market report are the US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Smart Street Lights Market Share by Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe region’s Smart Street Lights market accounts for the second-highest market share due to the region's significant increase in smart road painting alternatives. Further, the German Smart Street Lights market holds the largest market share, and the UK Smart Street Lights market is expected to grow and expand significantly in the European region during the projected timeframe.
The Asia-Pacific Smart Street Lights Market is expected to grow quickly during the projected timeframe. This is because the area is seeing a high demand for energy-efficient options, which will aid in expanding the APAC building and construction sector. Moreover, China’s Smart Street Lights market dominates the market share, and the Indian Smart Street Lights market is expected to expand and grow steadily in the Asia-Pacific region during the projected timeframe.
Smart Street Lights Key Market Players & Competitive Insights
Leading market players invested heavily in research and Development (R&D) to scale up their manufacturing units and develop technologically advanced solutions, which will help the Smart Street Lights market grow worldwide. Market participants are also undertaking various organic or inorganic strategic approaches to strengthen and expand their footprint, with significant market developments including new product portfolios, contractual deals, mergers and acquisitions, capital expenditure, higher investments, and strategic alliances with other organizations. Businesses are also coming up with marketing strategies such as digital marketing, social media influencing, and content marketing to increase their scope of profit earnings. The Smart Street Lights industry must offer cost-effective and sustainable options to survive in a highly fragmented and dynamic market climate.
Manufacturing locally to minimize operational expenses and offer aftermarket services to customers is one of the critical business strategies organizations use in the Smart Street Lights industry to benefit customers and capture untapped market share and revenue. The Smart Street Lights industry has recently offered significant advantages to the camera & lighting industry. Moreover, more industry participants are utilizing and adopting cutting-edge Technology has grown substantially. Major players in the Smart Street Lights market, including General Electric (US), Koninklijke Philips N.V (The Netherlands), Telensa (UK), Silver Spring (US), Echelon (US), Osram AG ( Germany), Cisco System (US), Trilliant holdings Inc.(US), AxiomTek (US), and Tech Mahindra (India), are attempting to expand market share and demand by investing in R&D operations to produce sustainable and affordable solutions.
Philips is a technology firm that operates in the medical care, illumination, and consumer well-being industries. Personalized Health, Diagnostics & Therapy, Related Care & Healthcare Informatics, and Others are its business segments. Anton F. Philips and Gerard Leonard F. Philips formed the firm in 1891, based in Amsterdam, the Netherlands. Philips Lighting will contribute to Ameland's environmentally friendly LED street lamps. Philips ClearSky is an illumination spectrum designed to decrease the danger and harshness experienced by migrating birds. Furthermore, providing new and powerful infrastructure will aid in attaining sustainable objectives that will aid in energy savings and pollution reduction.
Itron is a technology business in the United States that provides services and goods for managing energy and water resources. Its headquarters are at Liberty Lake, Washington, USA. The products of the firm measure and analyze electricity, gas, and water use. Itron Inc. partnered with VINCI Energies' Electrix, Transportation Canberra, and City Utilities. This will aid in developing an IoT system for the sectors and constructing intelligent towns and energy-related projects in Canberra. This concept was unveiled in April 2019.
Key Companies in the Smart Street Lights market include
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GE Lighting
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SYSKA LED Lights
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Eveready Industries India Ltd.
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Havells India Ltd.
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Acuity Brands
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Flashnet
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Telensa
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GridComm
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Bajaj Electricals
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Itron
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Osram Licht AG
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Signify
Smart Street Lights Industry Developments
July 2021: Signify bought Telensa of the United Kingdom in July 2021, adding narrowband equipment to its smart street lighting capabilities. By utilizing the unregulated radio spectrum to render smart city services cheap to cities, Signify was able to reach a wide range of end users. Symbolize adds Talq-compliant technologies to its safe and accessible platforms with Telensa.
April 2019: Itron Inc. partnered with VINCI Energies' Electrix, Transportation Canberra, and City Utilities. This will aid in developing an IoT system for the sectors and constructing intelligent towns and energy-related projects in Canberra. This concept was unveiled in April 2019.
Smart Street Lights Market Segmentation:
Smart Street Lights Component Outlook
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Hardware
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Software
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Services
Smart Street Lights Type Outlook
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Narrowband
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Broadband
Smart Street Lights Application Outlook
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Smart Parking
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Street Light Management
Smart Street Lights Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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