Technavio’s latest market research report on the global smart street
lighting market predicts the market to witness a CAGR of more than 28%
during the forecast period. This research report segments the market by
connectivity (wired, and wireless) and geography (Europe, North America,
APAC, MEA, and South America).
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Technavio has published a new market research report on the global connected (smart) street light market from 2019-2023. (Graphic: Business Wire)
Emergence of smart cities
The concept of a smart city is gaining immense popularity across the
world. Smart cities consist of various digital technologies that enhance
communication among devices and improve their performance, along with
reducing costs and helping the efficient use of resources. In this
context, smart street lighting which is equipped with digital network
and embedded sensors helps in monitoring city traffic and air quality.
These connected lights can also detect traffic congestion and track
parking space availability. Smart street lights connected with cameras
can improve road safety by reducing the risk of crime and accidents.
Therefore, the emergence of smart cities is expected to fuel the growth
of the global
smart street lighting market size during the forecast period.
Wired connectivity segment will garner the highest share
Wired connectivity segment has been dominating the connected street
lighting market for decades and is expected to dominate the market over
the forecast period. However, the emergence of wireless connectivity is
slowly reducing the demand and adoption of wired connectivity. This is
mainly because wireless systems offer better light performance
monitoring and addition of value-added applications to the existing
set-up. Although the wired segment is expected to hold a maximum share
of the market, the difference is very small, and the wireless
connectivity segment is anticipated to grow at a faster rate globally.
“The wired connected street lights use programmable logic controller
(PLC), which is the most secure communication module and is better than
a wireless communication module such as Bluetooth. However, the upfront
cost of PLC based wired connected street light is higher than that of
smart street light systems that work on a wireless communication module.
As a result, the adoption of wireless street lights is expected to
increase significantly during the next few years,” says a senior
research analyst at Technavio.
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Smart street light to witness fastest adoption in APAC.
The APAC region is expected to register the fastest growth rate during
the forecast period, mainly driven by the increasing technology
awareness and technology adoption by governments in the region. The
continuous use of street lights at nighttime has increased electricity
consumption and carbon emission. As a result, governments in the region
are adopting wireless smart street lighting systems that can help city
authorities to reduce energy cost and carbon dioxide emissions.
Therefore, the connected street light market is expected to grow
significantly in APAC during the next five years.
Technavio’s sample reports are free of charge and contain multiple
sections of the report such as the market size and forecast, drivers,
challenges, trends, and more.
Some of the key topics covered in the global
smart street light market analysis include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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