Connected Street Lights Market - Growth, Trends, and Forecast (2020 - 2025)
The Connected Street Lights Market is Segmented by Component (Hardware, Service), Application (Traffic Monitoring, Environmental Monitoring, Video Surveillance), and Geography.
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Scope of the Report
Key Market Trends
TABLE OF CONTENTS
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The connected street lights market is expected to witness a CAGR of 29.68% over the forecast period (2020 - 2025). The technological advancements in the field of smart sensors and wireless technologies for smart lighting are fueling market growth.
The market for connected street lights is growing at a significant pace across the world, primarily due to the emergence of smart cities, increased adoption of Internet of Things devices, and adoption of Li-Fi networked communication technology.
Smart street lighting systems comprise many useful features that make them more environment-friendly, reliable, and efficient to use. These smart street lighting systems are energy-efficient, as they mostly use LED lights and possess different control units and sensors in all the lamps, which enable them to transmit data to the central controlling system.
The growth in smart city projects is boosting the market, as these projects make use of new smart devices, which could help to monitor energy consumption, traffic flow, and water level, etc. The effective use of these new technologies in smart cities is totally dependent on the infrastructure development and smart supply chain.
However, the lack of awareness among end-users is challenging the market, as the adoption of smart devices will rapidly increase if more and more end-users came to know about the major advantages of connected street lights systems.
Scope of the Report
The IoT-enabled connected street lights cut costs and support the deployment of smart city applications. Smart street lights enable the city officials to increase and decrease illumination levels at different times of the day or night and also in response to weather events. Cities can also use it to develop follow-me strategies, wherein the street lights are turned on only in response to specific pedestrian or vehicle activity.
Service ( Professional and Managed)
Middle East & Africa
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Key Market Trends
Increasing Investments in Smart Cities to Drive the Market
With the expanding population around the world, an increase in the number of people living in urban areas, including the overall growth of urban population (81% of the total population that is living in cities) is one of the major drivers for the adoption of smart and intelligent solutions.
The primary reason behind the growth of modern cities – smart cities, is the need for an effective solution for managing city resources. Governments across various countries are collaborating and partnering with each other to transform into a collaborative and integrated service delivery model from the traditional silo-based model.
As the connected street lights market is directly related to the number of smart city projects, a greater number of smart cities around the world would result in higher demand for connected street lights.
For instance, the Central Government of India approved a budget of USD 7.8 billion to be spent over a five-year period from 2015–2020 on smart cities initiatives, in 100 designated cities in India, to promote cities that provide core infrastructure and give a decent quality of life to its citizens.
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North America to Witness a Huge Demand for Connected Street Lights
The North American region currently holds the largest market share in the market and is expected to witness strong growth in demand for connected street lights during the forecast period.
The North American region also provides a suitable environment for startups and SMEs, with favorable government regulations and compliance. Due to this, enterprises are growing rapidly in the North American region and witnessing a heavy demand for connected street lights and thus, driving the market.
The major trends responsible for the increased growth of connected street lights in the North American region include the growing adoption of Li-Fi networked communication technology and the increasing number of cities across the United States and Canada that are starting to implement smart traffic projects.
Additionally, the growth is significant, due to the high concentration of government initiatives that majorly drive the connected street lights markets.
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The connected street lights market is highly competitive because of the presence of many players running the business at national as well as international level. The market is mildly concentrated and the key strategies adopted by the major players are product innovation, and mergers and acquisitions to increase their reach and stay ahead of the competition.
Apr 2018: Telensa entered into a partnership with the government of Hong Kong to replace 600 streetlights in Yuen Long. This is a part of a pilot scheme that is expected to introduce more sophisticated and intelligent street lighting systems to the entire region’s urban infrastructure.