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Smart Street Light Market to Cross US$ 8.2 Bn by 2031

 

Key role of governments to upgrade infrastructure to support connected street light solutions for valuable long-term cost advantages fuels the growth of the connected street light market

April 12, 2022 18:00 ET | Source: Transparency Market Research

 

North America and Europe account for a substantial share of the connected street light market. Governments in these regions have imposed numerous regulations to phase out older lighting technologies. For instance, the European Union passed regulation to phase out less energy efficient halogen spotlights from 2018. Factors such as technological advancements in sensors and networking technologies, along with growing penetration of IoT ecosystems, fuel the growth of the connected street light market in these regions.

Connected (Smart) Street Light Market – Key Findings of Report

  • Emphasis of large utility companies and governments on increasing adoption of LED lighting to reduce power consumption for the development of a sustainable environment paves way for the growth of the connected street light market. Wireless technologies such as Bluetooth, Sigfox, Wi-Fi, Nb-IoT, and LTE are used to upgrade LED lighting on highways and freeways into smart street light solutions
  • Initiatives for the design of cost-effective lighting solutions is underway in the connected street light market. Adoption of next-gen technologies such as IoT and AI is leading to expanded range of distributed intelligence (DI) products ecosystem to storm the connected street light market landscape. Grid operators are using AI applications for connected street light solutions that delivers predictive insights to utilities to balance demand and supply of electricity.
  • Consistent advancement and miniaturization of electronic components have led to decline in cost and size of street light, which is favorable for the adoption of connected street light systems
  • Advancement in smart lighting that adjusts light intensity depending on weather conditions and volume of traffic is opening new frontiers in the connected street light market
  • Advent of solar-powered connected street light has helped to reduce operational and maintenance costs significantly. China, India, and some countries in Africa are rapidly switching to solar-powered connected street light solutions for extensive cost savings, and advantage of upgrade from conventional lighting to smart lighting in hard-to-reach industrial locations.
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