Global Connected (Smart) Street Lights Market: Snapshot
The connected (smart) street lights market is primarily driven by the ability of connected (smart) street lights to address the imperfections of traditional street lights. Traditional lighting systems which are at present the de facto standard for street lighting is associated with configuration challenges, extraordinary cost, and interoperability issues that connected (smart) street lights can address.
Apart from this, the development of smart cities across several countries around the world is leading utility companies and government institutions to look for smart lighting technologies that can help reduce costs, reduce carbon emissions, and help boost overall efficiency. Smart (connected) lighting systems can substantially reduce energy consumption as it can be incorporated with various sensors such as natural light sensors occupancy sensors, and motion sensors.
With the moderate pace of advancement of technologies that are used in connected (smart) street lights and the incessant demand for sustainable lighting solutions has led to considerable penetration of connected (smart) street lights across several cities in developed regions.
A report by Transparency Market Research forecasts the global connected (smart) street lights market to display an outstanding 16.0% CAGR in terms of revenue over the forecast period between 2017 and 2025. The market was evaluated at US$3,712.5 mn in 2016. Vis-à-vis volume, the global connected (smart) street lights market is likely to expand at a CAGR of 20.1% from 2017 to 2025.
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Wireless Connectivity Segment to Display Augmented Share in Future
The report studies the global connected (smart) street lights market on the basis of connectivity, component, and geography. On the basis of connectivity, the global connected (smart) street lights market is bifurcated into wired and wireless. The segment of wired connectivity includes various wireless technologies, whereas wireless connectivity includes power line communication. Of the two, wireless connected (smart) street light segment accounts for a significant share of the global market. Going forward, the share of wireless connected (smart) street light segment is expected to further grow in the overall market.