Smart Street Lighting Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Smart Street Lighting Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Smart Street Lighting Market

The smart street lighting market size was valued at USD 2.04 billion in 2021, and the market is now projected to grow from USD 2.41 billion in 2022 to USD 8.23 billion by 2029, exhibiting a CAGR of 19.2% during the forecast period of 2022-2029.

The market sustained to record a healthy progress rate till 2019, however the market may observe a slight hick-up in its progress during 2020 due to some provisional interruptions in the issuance of tenders for new plans in the middle of the disaster. The pandemic may have paused some current smart city plans, but it has also prepared the cities plan out schemes with lasting benefits.

Smart street lighting deals intelligent upkeep agendas to report and monitor faulty lights to decrease upkeep and renovation costs. On average, an associated street lighting system saves 25% of energy as the connected LED could be turned dim, on or off distantly, along with its lesser power requirement, allowing augmented energy efficiency with effective management. Local governments and usefulness workers have been observing for new methods to decrease budgets and decline energy usage, as street lighting accounts for approximately 40% of many cities’ total energy costs. Moving from halogen to LED luminaires could benefit to complete that goal by bringing substantial energy savings of 50% to 80%. Therefore, to recompense for such energy loads, government and public authorities are progressively implementing smart street lighting, which is, thus motivating the smart street lighting market growth.

As mobile workers strengthen their radio access networks to completely enhance their 5G’s capabilities, smart street light infrastructure is projected to play an important role in allowing that, along with posing other smart city/IoT capabilities. An enhanced 5G network is the base of many 5G advanced applications, smart street lights fortified with a variability of plans can deliver energy-saving and effective applications in transport, municipalities, ecological shield, and safety. Furthermore, new public infrastructure for smart city construction, extensive distribution, and excellent locations make allied street lighting a good carrier for 5G base stations.

Comprehensive Analysis of Smart Street Lighting Market

The market can be segmented in various ways, depending on the focus of analysis such as by communication technology, by application and by end-user. Based on communication technology, the market is segmented into NB-IoT, powerline communication, radio frequency, and others (ultra-narrowband, LoRa). Based on application, the market is segmented into environmental monitoring, traffic optimization, smart parking, and others. Based on end-user, the market is segmented into commercial, residential, and industrial.

North America region is dominating the smart street lighting market share due to supporting the implementation and improvement of smart lighting solutions in the region. Furthermore, smart lighting delivers an efficient and cost-effective solution as the operating cost of lighting in commercial buildings is projected to be suggestively high.

The key players are enthusiastically contributing in planned events that are targeted at maintaining durable market position and growing market share by merger, partnerships and others. These players include Signify Holding (Netherlands), Telensa Limited (U.K.), Itron Inc. (U.S.), Rongwen (China), DimOnOff (Canada), Current Powered by GE (U.S.), gridComm (Singapore), Sensus (U.S.), FLASHNET SA (Romania), Ubicquia, Inc. (U.S.) these market players spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market.

In February 2022, Signavio GmbH, a process management space and business process intelligence supplier, was acquired by SAP SE. The incorporation of the business process intelligence unit of SAP with Signavio will benefit to change and progress the organization's business procedure at scale.

Segmentation Table

ATTRIBUTE

DETAILS

Study Period

2018-2029

Base Year

2021

Estimated Year

2022

Forecast Period

2022-2029

Historical Period

2018-2020

Unit

Value (USD billion)

Segmentation

By Communication Technology, Application, End-user, and Region

By Communication Technology

NB-IoT

Powerline Communication

Radio Frequency

Others (Ultra- Narrowband, LoRa)

By Application

Environmental Monitoring

Traffic Optimization

Smart Parking

Others

By End-user

Commercial

Residential

Industrial

By Region

North America (By Communication Technology, By Application, By End-user, and Country)

• U.S. (By End-user)
• Canada (By End-user)

Latin America (By Communication Technology, By Application, By End-user, and Country)

• Brazil (By End-user)
• Mexico (By End-user)
• Rest of Latin America

Europe (By Communication Technology, By Application, By End-user, and Country)

• U.K. (By End-user)
• Germany (By End-user)
• France (By End-user)
• Italy (By End-user)
• Russia (By End-user)
• Spain (By End-user)
• Nordics (By End-user)
• Benelux (By End-user)
• Rest of Europe

Middle East & Africa (By Communication Technology, By Application, By End-user, and Country)

• Turkey (By End-user)
• Israel (By End-user)
• GCC (By End-user)
• South Africa (By End-user)
• North Africa (By End-user)
• Rest of Middle East & Africa

Asia Pacific (By Communication Technology, By Application, By End-user, and Country)

• China (By End-user)
• India (By End-user)
• Japan (By End-user)
• South Korea (By End-user)
• ASEAN (By End-user)
• Oceania (By End-user)
• Rest of Asia Pacific

Please Note: It will take 5-6 business days to complete the report upon order confirmation.