Rise In Number of Smart Cities To Boost Global Smart Street Lighting Market Growth

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Smart street lighting, also called connected street lighting, is the intelligent street lightning system that fine-tunes automatically on the basis of the real-time traffic situations and alters as per realistic circumstances. The key factors expected to contribute to the growth of the global smart street lighting market comprise the rising trend of building smart cities, growing requirement for energy-efficient LED lights, continuous invention in mobile networks, and emergence of the Internet of things. Apart from these, smart street lighting solutions are also being implemented rapidly over the traditional street lighting solutions across a number of countries, owing to the several aspects of smart street lighting solutions, such as GPS integration for simple asset management, remote control & scheduling, revenue-grade energy metering, flexible dimming controls, health monitoring, asset management, alert notifications through SMS text messages & email, fault-tolerant, decrease in energy prices via adaptive dimming, and decrease in light pollution. All of these are anticipated to drive the global smart street lighting market to a great extent.

Smart Street Lighting Market

The global smart street lighting market can be bifurcated based on technology, components, end-users, applications, and geography. The market, by technology, is categorized into medium-band, narrowband, and broadband technology. The market, by applications, the market is classified into traffic monitoring, environmental monitoring, street light management, smart parking, public messaging, video surveillance, and others. The market, by component, is divided into software, hardware, and services. The market, based on end-users, is segregated into retail, industrial residential (rural & urban), automotive, transportation, and others.

Geographically, the global street lighting market is projected to be governed by North America during the forecast period due to the intensifying initiatives take by the government to espouse smart street lights. Further, the rising implementation of Li-Fi networked communication technology and mounting count of cities across Canada and the US that are beginning to employ smart street lighting projects together with technological developments and investments will drive the regional market expansion. Asia Pacific is also projected to display lucrative expansion in the market during coming period owing to the growing smart city programs in this region.

Few of the leading players of global smart street lighting market comprise Koninklijke Philips N.V, General Electric, Silver Spring, Telensa, Osram AG, Echelon, Trilliant Holdings Inc., Cisco System, Tech Mahindra, and AxiomTek, among others. To cite, in March 2020, Cooper Lighting Solutions was acquired by Signify Holding B.V. for USD 1.5 billion from Eaton. The firm, with this procurement, has intended to concentrate on the advancement of smart lightings and systems.

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