connected (smart) street light market
Transparency Market Research delivers key insights on the connected (smart) street light market. In terms of revenue, the global connected (smart) street light market is estimated to expand at a CAGR of 17.8% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global connected (smart) street light market.
The global connected (smart) street light market is broadly affected by several factors, including a rise in the demand for energy-efficient solutions.
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Connected (Smart) Street Light Market: Dynamics
The connected (smart) street light system establishes the connection between components through a reliable and secured wired or wireless network, enabling two-way communication for monitoring and controlling functions. A connected (smart) street light system consists of electronic components, light fittings, energy storage equipment, and network devices for communication. These systems provide high energy-efficiency and better control by reducing the power consumption in lighting applications. Moreover, the control system enables operators to control the luminance intensities of lighting as per ambiance, the intensity of daylight, and others such as opacity and physical presence.
The global connected (smart) street light market is projected to expand significantly during the forecast period due to growing awareness about energy-efficient street light models. Consistent rise in electricity prices is prompting more and more government organizations to switch over to connected (smart) street lights in order to reduce operational costs while improving safety and efficiency. Energy efficiency has been the major cause associated with electricity usage, especially in mature markets such as Europe and North America. Numerous regulations have been imposed to phase out older technologies. The European Union has passed regulation to phase out less efficient halogen spotlights from 2018. This has fueled the adoption of LEDs, thus paving the way for more efficient connected (smart) street light systems.
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The consumption of power and CO2 emission of street lights are limited to a minimum, as the connected (smart) street lights are switched on automatically when they are “needed” and the brightness of the illumination can be adjusted based on time of day by means of integrated photo sensors. The impact of this driver in the short-term is high, and it is expected to stabilize over the long term. This is largely due to the high demand for energy-efficient systems and various existing government regulations mandating production as per industry standards.
Governments of different countries are also imposing stringent regulations to protect the environment and to stabilize the greenhouse gas levels in the atmosphere. For instance, 83 signatories and 192 member countries such as the U.S., Australia, Canada, Brazil, the European Union, and Japan have signed the Kyoto Protocol to attain harmful emission reduction targets and promote energy-efficient solutions. Thus, growing awareness toward energy-efficiency and low energy consumption are expected to fuel the connected (smart) street light market.
Connected (Smart) Street Light Market: Prominent Regions
The connected (smart) street light market in North America and Europe is expected to expand during the forecast period, due to the high penetration and adoption rate of these solutions. Moreover, various technological advancements in sensors and networking technologies as well as the wide range of product offerings by a large number of vendors are supplementing the dominance of these regions. Furthermore, countries, such as the U.S., Canada, Germany, the U.K., and France are offering ample and lucrative opportunities for manufacturers on a long-term basis owing to the growing penetration of IoT ecosystems places in the region.
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Europe held the largest share in 2020 owing to the presence of a large number of players manufacturing connected (smart) street lights in the region. The market in Asia Pacific is projected to expand at a notable CAGR due to increasing government initiatives, large-scale deployment of LEDs in street lighting, and increasing demand for energy-efficient solutions in the region. The presence of a well-established supply chain network catering to a wide range of end-users is expected to propel the demand for connected (smart) street light and consequently, drive the global connected (smart) street light market.
Connected (Smart) Street Light Market: Key Players
Key players operating in the global connected (smart) street light market are Acuity Brands Lighting Inc., gridComm Plc., InteliLIGHT, Quantela, Inc., Reliance Jio Infocomm Ltd., Sensus, Signify Holding, Telensa Inc., Thai Toshiba Lighting Co.,Ltd., and TVILIGHT Projects B.V.
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