Smart Street Lighting Market Forecasts to 2030 – Global Analysis By Type (Incandescent, Light Emitting Diode (LED), Compact Fluorescent Lamps (CFL) and Other Types), Component (Hardware, Services and Software), Technology, Application, End User and By Geo

Smart Street Lighting Market Forecasts to 2030 – Global Analysis By Type (Incandescent, Light Emitting Diode (LED), Compact Fluorescent Lamps (CFL) and Other Types), Component (Hardware, Services and Software), Technology, Application, End User and By GeographyAccording to Stratistics MRC, the Global Smart Street Lighting Market is accounted for $16.41 billion in 2023 and is expected to reach $67.95 billion by 2030 growing at a CAGR of 22.5% during the forecast period. Smart street lighting is a contemporary method of lighting the streets that makes use of cutting-edge technology to deliver better lighting services in a more effective, economical, and environmentally responsible manner. To monitor and regulate street lights, smart street lighting systems often make use of a sensor network, wireless connection, and data analytics. 26.7% of the world's street lighting market is made up of smart street lighting. Smart street lighting systems can detect maintenance problems and illumination failures in real time, enabling faults to be repaired in a timely manner and assuring greater service quality. This also eliminates the requirement for routine maintenance-related examinations.

According to the International Energy Agency reports, developing nations and emerging markets would account for about 70% of the expected increase in energy consumption, with smart street lighting demand rising to 3.4% by providing better lighting in areas that are poorly lit, helping pedestrians and drivers see better and reduce the risk of accidents.

Market Dynamics:

Driver:

Rising demand for energy management

To save maintenance and repair costs, smart street lighting enables intelligent maintenance plans to track and report broken lights. The linked LED's ability to be dimmed, switched on or off remotely, together with its reduced power need, enables enhanced energy efficiency with good management, saving an average of 25% of energy for connected street lighting systems. Since street lighting makes up close to 40% of many cities' overall energy expenditures, local governments and utility companies have been searching for innovative methods to cut costs and lower energy consumption. By providing considerable energy savings of 50% to 80%, switching from halogen to LED luminaries might assist in achieving that target. This element is promoting market expansion.

Restraint:

Poor infrastructure in developing economies

It is anticipated that the demand for smart street lighting in underdeveloped countries would be constrained by a lack of infrastructure, governance, funds, and expertise. Less bandwidth is available due to poor network infrastructure and limited internet adoption. The lack of necessary information and the deteriorating energy connection and efficiency are hindering the market expansion.

Opportunity:

Raising deployment of 5G network

Smart street lights fitted with a range of devices can offer energy-saving and efficient applications in transportation, municipalities, environmental protection, and security. A 5G network is well optimized in the foundation of many 5G novel applications. Additionally, linked street lighting makes a strong carrier for 5G base stations because of its widespread distribution, great placements, and new public infrastructure for the development of smart cities. Smart street light infrastructure is anticipated to play a significant part in allowing that as mobile carriers increase their radio access networks to fully optimize their 5G capabilities, in addition to providing additional smart city/IoT capabilities.

Threat:

Circadian rhythms

Circadian rhythms, a 24-hour cycle in biological processes that governs a variety of biological activities, are strongly synchronised by lighting. When people are exposed to blue light and their circadian cycles are thrown off, they run the risk of developing health issues. Blue light can keep people awake. This response is brought on by circadian rhythms, which affect a person's sleep/wake cycle among other functions. This obstacle is therefore impeding market expansion.

Covid-19 Impact

The global COVID-19 epidemic has had a severe influence on the Smart street light sector. An overall worldwide slowdown in new projects has resulted in a drop in demand for analogue semiconductors. As employees remained at home, international supply lines were disrupted as global manufacturers tried to adopt new techniques. Only the production and supply chain are halted, therefore COVID-19's effects on this market are only transitory. Production, supply networks, and demand for Smart street light market forecast have all gradually grown as the situation has improved.

The light emitting diode (LED) segment is expected to be the largest during the forecast period

The light emitting diode (LED) segment is estimated to have a lucrative growth. An outdoor lamp controller (OLC) is frequently included with LED street lighting. This controller's primary function is to communicate orders to and from the connected street light. Switching, dimming, scheduling, and maintenance messages are a few examples of such instructions. LED street lighting' outstanding colour rendering mimics natural light and portrays colours in a more lifelike manner. This enhances traffic safety and road conditions by making items easier for pedestrians and drivers to recognize at night.

The traffic optimization segment is expected to have the highest CAGR during the forecast period

The traffic optimization segment is anticipated to witness the fastest CAGR growth during the forecast period. The majority of light poles are situated along the side of the road and provide a convenient location to attach sensors to track traffic. Smart street lights use a wide range of cameras and sensors to gather valuable information, enhance city usability for citizens, and help authorities make defensible judgements. Smart street lights support the Internet of Things (IoT) by enabling wireless communication, tracking maintenance updates, monitoring traffic conditions, and warning authorities of potential security issues.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period. The energy efficiency of many regional businesses' lighting systems is being increased through the use of LED lighting. For instance, the second National Energy Master Plan of South Korea set a target for emissions to be 13% below the level of business as usual by 2035. Governments in nations like China and India are promoting the use of LED technology for road and highway applications in order to reduce energy use and maintenance expenses. From 2016 to 2021, China wants to promote 100 new smart cities to take the lead in the nation's urban development. China is home to around 500 of the world's over 1,000 smart city pilot projects, which include programmes in both large and small communities. The expansion of the market in this region is being driven by all these government efforts and advances.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period. The most cutting-edge networked street lighting system is found in Europe. Europe is making serious efforts to implement smart lighting controls in both the public and private sectors. The market for smart street lighting in the European area is being driven by an increased focus on reaching sustainable energy goals, an increase in investments in smart city infrastructure, a rise in per capita income, and ongoing large-scale industrialization and urbanization.

Key players in the market

Some of the key players profiled in the Smart Street Lighting Market include Hubbell Incorporated, Signify Holding, GE Lighting LLC, Telensa Limited, CITiLIGHT, Itron Inc., EQUANS, Rongwen, OSRAM Light AG, DimOnOff, Royal Philips NV, Current Powered by GE, Acuity Brands Lighting Inc, Lutron Electronics, Schneider Electric S.E, Signavio GmbH, Eaton Corporation, FLASHNET SA, Honeywell International and Ubicquia, Inc.

Key Developments:

In February 2022, Signavio GmbH, a process management space and business process intelligence provider, was acquired by SAP SE. The integration of the business process intelligence unit of SAP with Signavio will help transform and improve the organization's business process at scale.

In February 2022: Hubbell Incorporated’s Commercial & Industrial (C&I) lighting business was acquired by GE Current, building an overall lighting solutions business, branded as Current. The shared business now offers a wide-ranging portfolio of fixtures and controls, lamps, roadway, signage, transportation and horticulture markets.

In January 2022, CITiLIGHT, the smart-lighting solution provider in India, partnered with Kerlink, a provider of solutions dedicated to the Internet of Things (IoT), to deploy large LoRaWAN smart street-lighting projects in India and internationally. CITiLIGHT’s growth strategy is to develop intelligent streetlight and IoT solutions.

In December 2021, EQUANS announced its collaboration with Itron, Inc. to bring smart city capabilities to cities in Belgium. A distribution network operator in Brussels, Sibelga, deployed Itron’s intelligent street lighting solution as a service to improve citizen safety and meet their energy savings goals.

In 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.

Types Covered:
• Incandescent
• Light Emitting Diode (LED)
• Compact Fluorescent Lamps (CFL)
• Other Types

Components Covered:
• Hardware
• Services
• Software

Technologies Covered:
• Narrowband-Internet of Things (NB-IoT)
• Radio Frequency
• Powerline Communication
• Narrowband
• Medium Band
• Broadband
• Other Technologies

Applications Covered:
• Traffic Optimization
• Environmental Monitoring
• Smart Parking
• Video Surveillance
• Street Light Management
• Public Messaging
• Other Applications

End Users Covered:
• Retail
• Residential
• Industrial
• Transportation
• Automotive
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements