Smart Street Lights Market Forecasts to 2028 – Global Analysis By Component (Hardware, Software, Services and Other Components), Networking Technology (Narrowband, Medium Band, Broadband and Other Networking Technologies), Connectivity (Wired and Wireless), Applications (Environmental Monitoring, Traffic Monitoring, Smart Parking and Other Applications), End User and By Geography
According to Stratistics MRC, the Global Smart Street Lights Market is accounted for $2.47 billion in 2022 and is expected to reach $11.51 billion by 2028 growing at a CAGR of 29.22% during the forecast period. The term ""smart street light"" describes a type of public illumination that adjusts to the movement of vehicles, pedestrians, and bikes. It is also known as adaptive street lighting since it automatically brightens when movement is detected and dims when there is no movement. 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 Trilliant, in the next ten years, 75% of the world’s population is likely to live in cities, and the number of associated streetlights may also grow from less than 3% connected to more than 40% connected.
Market Dynamics:
Driver:
Growing need for energy optimization
To lower maintenance and repair costs, smart street lighting enables intelligent maintenance plans to track and report broken lights. A connected street lighting system saves 25% of energy on average because the linked LED may be dimmed, turned on or off remotely, and its lower power need enables increased energy efficiency with good management. Local governments and utility companies have been seeking for new methods to save expenses and reduce energy consumption. To compensate for such energy demands, governments and public authorities are increasingly implementing smart street lighting, which is driving market growth.
Restraint:
Cyber security concerns
Concerns about security and privacy in lighting systems are expanding along with the popularity of connected lighting systems with Wi-Fi, Li-Fi, and sensor functions. Cyber attacks have the potential to do significant harm, including the interruption or loss of important services like electricity or water. Cyber attacks may potentially result in the seizure and improper use of sensitive personal data or video footage of people' activities. In a few instances, ransomware attacks have even prevented city employees from using municipal computers and networks, causing a halt in operations until sizable payments were made. Over the anticipated time, it is predicted that these factors will restrain the expansion of the smart street lighting market.
Opportunity:
Mounting acceptance of smart lighting and control systems
Demand for smart street lights is likely to increase substantially, owing to the growing acceptance of smart street lights across the world. Technological developments have led to the reduction in the size and cost of smart street lights due to the tininess of electronic instruments, which in turn is expected to offer new opportunities. These systems are widely deployed for street lighting applications, parking lots, walkways, and playing fields. The rise in adoption of associated solar-powered street lights has helped diminish the costs and can be maintained easily with mobile IoT networks. All these above factors are projected to propel the smart street light market during the forecast period.
Threat:
Risk of theft
Risk of theft of the smart street light system is comparatively higher because they are non-wired & are much expensive. The other sort of theft is regarding the cyber theft, which concerns the public privatization as well. Moreover, rechargeable batteries of the automatic street light system are mandatory to be replaced a few times. Snow, dust or moisture can accumulate which can hinder energy production.
Covid-19 Impact
The covid-19 has affected the global economy and industries in various countries due to lockdown, travel bans, and business shutdowns, as well as shutdown of various plants and factories has affected the supply chain all around the globe and negatively impacted the manufacturing delivery systems, and sales of the products in the market and many companies over the period has announced the delay in the product delivery.
The software segment is expected to be the largest during the forecast period
The software segment is estimated to have a lucrative growth, due to the use of combined software and hardware components, allowing local governments to direct large-scale public lighting networks. The communication is bidirectional, so that lamps can be guarded distantly, while sending data to be composed, stored, displayed and analyzed in the software application. Moreover, alerts for any system failures help municipalities act timely and more resourcefully, which helps to detect maintenance and lighting failure problems in real time and this enables faults to be corrected in a time bound manner and thereby ensure higher quality of services all these features help in the market.
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, as 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 judgments. 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 highest share:
Asia Pacific is projected to hold the largest market share during the forecast period, owing to the high level of mechanisation in the production of LED-based lighting systems, the presence of significant exporters of energy-efficient lighting, and other factors. A number of governments in the Asia-Pacific region have implemented executive energy-saving measures, some of which favor LED bulbs over conventional radiant lamps. The Smart City Mission is a project of the Indian government that aims to improve lifestyles and promote economic growth by fostering local progress with superior technical support.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period, owing to the high concentration of government initiatives that majorly adopt smart streetlights. Furthermore, smart lighting offers a practical and economical option because, according to estimates, North America's running costs for commercial building lighting are very high. As a result, one of the biggest potential markets in the lighting sector for smart lighting solutions is North America.
Key players in the market
Some of the key players profiled in the Smart Street Lights Market include Koninklijke Philips N.V., Hubbell Lighting, GE Lighting, LLC, Schneider Electric S.E , Honeywell Internationa, Royal Philips NV, OSRAM Licht AG , Lutron Electronics, Eaton Corporation, Acuity Brands Lighting, Inc, Havells India Ltd., Bajaj Electricals, Telensa , Signavio GmbH
Key Developments:
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 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.
Components Covered:
• Hardware
• Software
• Services
• Other Components
Technologies Covered:
• Extrusion
• Narrow Band
• Medium Band
• Broad Band
• Other Technologies
Connectivities Covered:
• Wired
• Wireless
Applications Covered:
• Environmental Monitoring
• Traffic Monitoring
• Smart Parking
• Street Light Management
• Video Surveillance
• Public Messaging
• Other Applications
End Users Covered:
• Residential
• Retail
• Transportation
• Automotive
• Industrial
• 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 2020, 2021, 2022, 2025, and 2028
- 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
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
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