Smart Street Lights Market
Smart Street Lights Market Forecasts to 2028 - Global Analysis By Component (Hardware, Software, Services and Other Components), Networking Technology (Narrowband, Medium Band, Broadband and Other Networking Technologies), Connectivity (Wired and Wireless), Applications (Environmental Monitoring, Traffic Monitoring, Smart Parking and Other Applications), End User and By Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2022) |
US $2.47 BN |
|
Projected Year Value (2028) |
US $11.51 BN |
|
CAGR (2022 - 2028) |
29.22% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
North America |
According to Stratistics MRC, the Global Smart Street Lights Market is accounted for $2.47 billion in 2022 and is expected to reach $11.51 billion by 2028 growing at a CAGR of 29.22% during the forecast period. The term "smart street light" describes a type of public illumination that adjusts to the movement of vehicles, pedestrians, and bikes. It is also known as adaptive street lighting since it automatically brightens when movement is detected and dims when there is no movement. Smart street lighting systems can detect maintenance problems and illumination failures in real time, enabling faults to be repaired in a timely manner and assuring greater service quality. This also eliminates the requirement for routine maintenance-related examinations.
According to Trilliant, in the next ten years, 75% of the world’s population is likely to live in cities, and the number of associated streetlights may also grow from less than 3% connected to more than 40% connected.
Market Dynamics:
Driver:
Growing need for energy optimization
To lower maintenance and repair costs, smart street lighting enables intelligent maintenance plans to track and report broken lights. A connected street lighting system saves 25% of energy on average because the linked LED may be dimmed, turned on or off remotely, and its lower power need enables increased energy efficiency with good management. Local governments and utility companies have been seeking for new methods to save expenses and reduce energy consumption. To compensate for such energy demands, governments and public authorities are increasingly implementing smart street lighting, which is driving market growth.
Restraint:
Cyber security concerns
Concerns about security and privacy in lighting systems are expanding along with the popularity of connected lighting systems with Wi-Fi, Li-Fi, and sensor functions. Cyber attacks have the potential to do significant harm, including the interruption or loss of important services like electricity or water. Cyber attacks may potentially result in the seizure and improper use of sensitive personal data or video footage of people' activities. In a few instances, ransomware attacks have even prevented city employees from using municipal computers and networks, causing a halt in operations until sizable payments were made. Over the anticipated time, it is predicted that these factors will restrain the expansion of the smart street lighting market.
Opportunity:
Mounting acceptance of smart lighting and control systems
Demand for smart street lights is likely to increase substantially, owing to the growing acceptance of smart street lights across the world. Technological developments have led to the reduction in the size and cost of smart street lights due to the tininess of electronic instruments, which in turn is expected to offer new opportunities. These systems are widely deployed for street lighting applications, parking lots, walkways, and playing fields. The rise in adoption of associated solar-powered street lights has helped diminish the costs and can be maintained easily with mobile IoT networks. All these above factors are projected to propel the smart street light market during the forecast period.
Threat:
Risk of theft
Risk of theft of the smart street light system is comparatively higher because they are non-wired & are much expensive. The other sort of theft is regarding the cyber theft, which concerns the public privatization as well. Moreover, rechargeable batteries of the automatic street light system are mandatory to be replaced a few times. Snow, dust or moisture can accumulate which can hinder energy production.
Covid-19 Impact
The covid-19 has affected the global economy and industries in various countries due to lockdown, travel bans, and business shutdowns, as well as shutdown of various plants and factories has affected the supply chain all around the globe and negatively impacted the manufacturing delivery systems, and sales of the products in the market and many companies over the period has announced the delay in the product delivery.
The software segment is expected to be the largest during the forecast period
The software segment is estimated to have a lucrative growth, due to the use of combined software and hardware components, allowing local governments to direct large-scale public lighting networks. The communication is bidirectional, so that lamps can be guarded distantly, while sending data to be composed, stored, displayed and analyzed in the software application. Moreover, alerts for any system failures help municipalities act timely and more resourcefully, which helps to detect maintenance and lighting failure problems in real time and this enables faults to be corrected in a time bound manner and thereby ensure higher quality of services all these features help in the market.
The traffic optimization segment is expected to have the highest CAGR during the forecast period
The traffic optimization segment is anticipated to witness the fastest CAGR growth during the forecast period, as the majority of light poles are situated along the side of the road and provide a convenient location to attach sensors to track traffic. Smart street lights use a wide range of cameras and sensors to gather valuable information, enhance city usability for citizens, and help authorities make defensible judgments. Smart street lights support the Internet of Things (IoT) by enabling wireless communication, tracking maintenance updates, monitoring traffic conditions, and warning authorities of potential security issues.
Region with highest share:
Asia Pacific is projected to hold the largest market share during the forecast period, owing to the high level of mechanisation in the production of LED-based lighting systems, the presence of significant exporters of energy-efficient lighting, and other factors. A number of governments in the Asia-Pacific region have implemented executive energy-saving measures, some of which favor LED bulbs over conventional radiant lamps. The Smart City Mission is a project of the Indian government that aims to improve lifestyles and promote economic growth by fostering local progress with superior technical support.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period, owing to the high concentration of government initiatives that majorly adopt smart streetlights. Furthermore, smart lighting offers a practical and economical option because, according to estimates, North America's running costs for commercial building lighting are very high. As a result, one of the biggest potential markets in the lighting sector for smart lighting solutions is North America.
Key players in the market
Some of the key players profiled in the Smart Street Lights Market include Koninklijke Philips N.V., Hubbell Lighting, GE Lighting, LLC, Schneider Electric S.E , Honeywell Internationa, Royal Philips NV, OSRAM Licht AG , Lutron Electronics, Eaton Corporation, Acuity Brands Lighting, Inc, Havells India Ltd., Bajaj Electricals, Telensa , Signavio GmbH
Key Developments:
In February 2022, Hubbell Incorporated’s Commercial & Industrial (C&I) lighting business was acquired by GE Current, building an overall lighting solutions business, branded as Current. The shared business now offers a wide-ranging portfolio of fixtures and controls, lamps, roadway, signage, transportation and horticulture markets.
In February 2022, Signavio GmbH, a process management space and business process intelligence provider, was acquired by SAP SE. The integration of the business process intelligence unit of SAP with Signavio will help transform and improve the organization's business process at scale.
Components Covered:
• Hardware
• Software
• Services
• Other Components
Technologies Covered:
• Extrusion
• Narrow Band
• Medium Band
• Broad Band
• Other Technologies
Connectivities Covered:
• Wired
• Wireless
Applications Covered:
• Environmental Monitoring
• Traffic Monitoring
• Smart Parking
• Street Light Management
• Video Surveillance
• Public Messaging
• Other Applications
End Users Covered:
• Residential
• Retail
• Transportation
• Automotive
• Industrial
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliance
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Smart Street Lights Market, By Component
5.1 Introduction
5.2 Hardware
5.2.1 Light
5.2.1.1 Light-Emitting Diode (LED) Light
5.2.1.2 Compact Fluorescent Lamp (CLF)
5.2.1.3 Sodium Vapor Light
5.2.1.4 Other Lights
5.2.2 Drivers and Ballast
5.2.2.1 Sensors
5.2.2.2 Switches
5.2.2.3 Controllers/Relays
5.3 Software
5.4 Services
5.4.1 Professional Services
5.4.1.1 Training & Implementation
5.4.1.2 System Integrations
5.4.1.3 Other Professional Services
5.4.2 Managed Services
5.5 Other Components
6 Global Smart Street Lights Market, By Technology
6.1 Introduction
6.2 Narrowband
6.2.1 Sigfox
6.2.2 Long Range Radio (LoRa)
6.2.3 Random Phase Multiple Access (RPMA)
6.3 Medium Band
6.3.1 Power Line Carrier
6.3.2 Radio Frequency
6.4 Broadband
6.4.1 3G/4G Cellular
6.4.2 Wi-Fi
6.5 Other Technologies
7 Global Smart Street Lights Market, By Connectivity
7.1 Introduction
7.2 Wired
7.3 Wireless
8 Global Smart Street Lights Market, By Applications
8.1 Introduction
8.2 Environmental Monitoring
8.3 Traffic Monitoring
8.4 Smart Parking
8.5 Street Light Management
8.6 Video Surveillance
8.8 Public Messaging
8.8 Other Applications
9 Global Smart Street Lights Market, By End User
9.1 Introduction
9.2 Residential
9.3 Retail
9.4 Transportation
9.5 Automotive
9.6 Industrial
9.7 Other End Users
10 Global Smart Street Lights Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 Koninklijke Philips N.V.
12.2 Hubbell Lighting
12.3 GE Lighting, LLC
12.4 Schneider Electric S.E
12.5 Honeywell International
12.6 Royal Philips NV
12.7 OSRAM Licht AG
12.8 Lutron Electronics
12.9 Eaton Corporation
12.10 Acuity Brands Lighting, Inc
12.12 Havells India Ltd.
12.12 Bajaj Electricals
12.13 Telensa
12.14 Signavio GmbH
List of Tables
1 Global Smart Street Lights Market Outlook, By Region (2020-2028) ($MN)
2 Global Smart Street Lights Market Outlook, By Component (2020-2028) ($MN)
3 Global Smart Street Lights Market Outlook, By Hardware (2020-2028) ($MN)
4 Global Smart Street Lights Market Outlook, By Light (2020-2028) ($MN)
5 Global Smart Street Lights Market Outlook, By Light-Emitting Diode (LED) Light (2020-2028) ($MN)
6 Global Smart Street Lights Market Outlook, By Compact Fluorescent Lamp (CLF) (2020-2028) ($MN)
7 Global Smart Street Lights Market Outlook, By Sodium Vapor Light (2020-2028) ($MN)
8 Global Smart Street Lights Market Outlook, By Other Lights (2020-2028) ($MN)
9 Global Smart Street Lights Market Outlook, By Drivers and Ballast (2020-2028) ($MN)
10 Global Smart Street Lights Market Outlook, By Sensors (2020-2028) ($MN)
11 Global Smart Street Lights Market Outlook, By Switches (2020-2028) ($MN)
12 Global Smart Street Lights Market Outlook, By Controllers/Relays (2020-2028) ($MN)
13 Global Smart Street Lights Market Outlook, By Software (2020-2028) ($MN)
14 Global Smart Street Lights Market Outlook, By Services (2020-2028) ($MN)
15 Global Smart Street Lights Market Outlook, By Professional Services (2020-2028) ($MN)
16 Global Smart Street Lights Market Outlook, By Training & Implementation (2020-2028) ($MN)
17 Global Smart Street Lights Market Outlook, By System Integrations (2020-2028) ($MN)
18 Global Smart Street Lights Market Outlook, By Other Professional Services (2020-2028) ($MN)
19 Global Smart Street Lights Market Outlook, By Managed Services (2020-2028) ($MN)
20 Global Smart Street Lights Market Outlook, By Other Components (2020-2028) ($MN)
21 Global Smart Street Lights Market Outlook, By Technology (2020-2028) ($MN)
22 Global Smart Street Lights Market Outlook, By Narrowband (2020-2028) ($MN)
23 Global Smart Street Lights Market Outlook, By Sigfox (2020-2028) ($MN)
24 Global Smart Street Lights Market Outlook, By Long Range Radio (LoRa) (2020-2028) ($MN)
25 Global Smart Street Lights Market Outlook, By Random Phase Multiple Access (RPMA) (2020-2028) ($MN)
26 Global Smart Street Lights Market Outlook, By Medium Band (2020-2028) ($MN)
27 Global Smart Street Lights Market Outlook, By Power Line Carrier (2020-2028) ($MN)
28 Global Smart Street Lights Market Outlook, By Radio Frequency (2020-2028) ($MN)
29 Global Smart Street Lights Market Outlook, By Broadband (2020-2028) ($MN)
30 Global Smart Street Lights Market Outlook, By 3G/4G Cellular (2020-2028) ($MN)
31 Global Smart Street Lights Market Outlook, By Wi-Fi (2020-2028) ($MN)
32 Global Smart Street Lights Market Outlook, By Other Technologies (2020-2028) ($MN)
33 Global Smart Street Lights Market Outlook, By Connectivity (2020-2028) ($MN)
34 Global Smart Street Lights Market Outlook, By Wired (2020-2028) ($MN)
35 Global Smart Street Lights Market Outlook, By Wireless (2020-2028) ($MN)
36 Global Smart Street Lights Market Outlook, By Applications (2020-2028) ($MN)
37 Global Smart Street Lights Market Outlook, By Environmental Monitoring (2020-2028) ($MN)
38 Global Smart Street Lights Market Outlook, By Traffic Monitoring (2020-2028) ($MN)
39 Global Smart Street Lights Market Outlook, By Smart Parking (2020-2028) ($MN)
40 Global Smart Street Lights Market Outlook, By Street Light Management (2020-2028) ($MN)
41 Global Smart Street Lights Market Outlook, By Video Surveillance (2020-2028) ($MN)
42 Global Smart Street Lights Market Outlook, By Public Messaging (2020-2028) ($MN)
43 Global Smart Street Lights Market Outlook, By Other Applications (2020-2028) ($MN)
44 Global Smart Street Lights Market Outlook, By End User (2020-2028) ($MN)
45 Global Smart Street Lights Market Outlook, By Residential (2020-2028) ($MN)
46 Global Smart Street Lights Market Outlook, By Retail (2020-2028) ($MN)
47 Global Smart Street Lights Market Outlook, By Transportation (2020-2028) ($MN)
48 Global Smart Street Lights Market Outlook, By Automotive (2020-2028) ($MN)
49 Global Smart Street Lights Market Outlook, By Industrial (2020-2028) ($MN)
50 Global Smart Street Lights Market Outlook, By Other End Users (2020-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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