The global connected (smart) street lights market is foreseen to expand at a CAGR of 16.0% during forecast period 2017–2025, states a new study published by TMR. With regard to volume, the market for global connected (smart) street lights is projected to develop at 20.1% CAGR during the period of 2017 to 2025. The total valuation of market was US$3,712.5 Mn in 2016.
The latest market analysis of smart street lights by TMR gives 360-degree analysis of the market for the forecast period of 2017 to 2025. Thus, it gives dependable data and analysis on the drivers, growth opportunities, challenges, threats, and trends in the market for connected (smart) street lights.
The concept of connected (smart) street lights has gained immense impetus in the recent few years, thanks to the ability of this product to offer superior quality than the traditional street lights. Connected (smart) street lights have come out as a prominent solution for various issues faced by users pertaining to the conventional options including extraordinary cost, interoperability issues, and configuration challenges. As a result, there is notable growth in the adoption of connected (smart) street lights from major parts of the world. This scenario is resulting into increased sales of the connected (smart) street lights market.
Increased Infrastructure Development Activities Boosts Market Sales
The government authorities of many developed and developing countries across the globe are seen focused on their infrastructure development activities. As a result, they are increasing investments in the development of smart cities. In these new projects, the organizations involved and government bodies are growing the use of smart lighting technologies such as automatic street lights owing to their varied advantages over traditional options. The connected (smart) street lights are cost-effective, help in decreasing carbon emissions, and assist in improving the overall efficiency. On the back of all these product advantages, the connected (smart) street lights market is expected to experience high product adoption, and thereby noteworthy growth in the sales in the upcoming few years.
As today’s connected (smart) street lights are incorporated with various advanced technologies such as IoT, these products are offering superlative benefits over their counterparts. The IoT-enabled connected (smart) street lights allows for managing or adjusting the lights illumination level as per the requirement of different times of the day. Moreover, one can adjust these levels according to the weather conditions as well. On the back of all these advantages, the adoption rate of this product is projected to accelerate in the forthcoming years, which, in turn, will help in the rapid expansion of the connected (smart) street lights market.
Asia Pacific: Key Market Showing Promising Avenues for Expansion
The Middle East and Africa, North America, Europe, Asia Pacific, and South America are some of the key regions of the global connected (smart) street lights market. Of them, Asia Pacific is one of the key regions that may offer lucrative opportunities for the market growth. The companies are expected to witness stupendous sales opportunities from this region in the forthcoming period. This growth is attributed to many factors such as significant growth in demand for LEDs in order to decrease overall energy consumption and thereby decrease operational costs.
EnGo PLANET, Acuity Brands Lighting Inc., Telensa Ltd., Schreder Group, Flashnet SRL, OSRAM Licht Group, Twilight Citelum S.A., Dimonoff Inc., Toshiba Lighting, Echelon Corporation, General Electric Co., Philips Lighting N.V., Silver Springs Network Inc., and Led Roadway Lighting Ltd are some of the prominent players working in the global connected (smart) street lights market.
Connected (Smart) Street Lights Market Segmentation
The segmentation of all data gathered and analyzed from global connected (smart) street lights market is performed based on many crucial parameters such as connectivity, component, and geography. In terms of connectivity, the market for connected (smart) street lights is bifurcated into wired (power line communication) and wireless. Based on component, the market is divided into software, hardware, and services.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Connected (Smart) Street Lights Market (Connectivity - Wired (Power Line Communication) and Wireless; Component - Hardware (Sensors and Controllers/Relays), Software, and Services) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025.”
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