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LONDON, GREATER LONDON, UNITED KINGDOM, September 25, 2024 /EINPresswire.com/ -- The smart street lighting market has experienced robust growth in recent years, expanding from $2.12 billion in 2023 to $2.55 billion in 2024 at a compound annual growth rate (CAGR) of 20.1%. The growth in the historic period can be attributed to led technology adoption, government initiatives, public safety and security concerns, pilot projects and demonstrations.
What Is The Estimated Market Size Of The Global Smart Street Lighting Market And Its Annual Growth Rate?
The smart street lighting market is projected to continue its strong growth, reaching $5.4 billion in 2028 at a compound annual growth rate (CAGR) of 20.6%. The growth in the forecast period can be attributed to urbanization growth, government initiatives and funding, demand for energy-efficient solutions, focus on safety and security, shift towards sustainability.
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Growth Driver Of The Smart Street Lighting Market
The increasing adoption of Internet of Things (IoT) Devices is expected to propel the growth of the smart street lighting market going forward. IoT devices refer to physical objects or devices that are embedded with sensors, software, and connectivity capabilities to collect and exchange data over the internet. Smart street lightings use Internet of Things (IoT) devices, such as sensors and controllers, to gather data about traffic flow, and pedestrian movement.
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Which Market Players Are Steering the Smart Street Lighting Market Growth?
Key players in the market include Hubbell Lighting Inc., GE Lighting, Osram Licht AG, Koninklijke Philips N.V, Acuity Brands Lighting Inc., Eaton Corporation PLC, Schneider Electric SE, Honeywell International Inc., Lutron Electronics Company, CREE Inc., Signify Holding, Telensa Limited, Itron Inc., Suzhou Rongwen Kubai Lighting Systems Co. Ltd., DimOnOff, Echelon Corp., SYSKA LED Lights, Eveready Industries Ltd., Rongwen Group, Havells Ltd., Current powered by GE, Tvilight Smart City Lighting, Petra Systems Inc., Shanghai Sansi Technology Co. Ltd., Philips Lighting, Zumtobel Group, Flashnet, TVILIGHT Projects B.V., Bridgelux Inc., Liveable Cities, Quantela.
What Are the Dominant Trends in Smart Street Lighting Market Overview?
Major companies operating in the market are introducing connected streetlight platform to sustain their position in the market. A connected streetlight platform is an integrated system that enables remote monitoring, control, and data management of streetlights through interconnected technologies.
How Is The Global Smart Street Lighting Market Segmented?
1) By Type: Light Emitting Diode, Compact fluorescent lamps, Incandescent, Other Types
2) By Communication Technology: NB-IOT, Powerline Communication, Radio Frequency, Other Communication Technologies
3) By Energy Source: Traditional And Other Renewable Energy, Solar
4) By Application: Environment Monitoring, Traffic Optimization, Smart Parking, Other Applications
5) By End User: Commercial, Residential, Industrial
Geographical Insights: North America Leading The Smart Street Lighting Market
North America was the largest region in the market in 2023. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Smart Street Lighting Market Definition
Smart street lighting refers to a type of streetlight used for general illumination that includes technology like cameras, light-sensing photocells and other sensors. Smart street lighting is used in traffic, parking, pedestrian crossings, seismic activity and atmospheric changes can all be monitored with the use of smart street lighting.
Smart Street Lighting Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global smart street lighting market report covering trends, opportunities, strategies, and more
The Smart Street Lighting Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on smart street lighting market size, smart street lighting market drivers and trends, smart street lighting market major players and smart street lighting market growth across geographies. This market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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