Global Smart Street Lighting Market 2023: Driven by Product Innovations and Emerging Smart Cities
Thursday, July 27, 2023
DUBLIN, July 19, 2023 /PRNewswire/ -- The "Smart Street Lighting Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
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According to the latest market research report, the market is projected to grow from $1.77 billion in 2022 to $2.12 billion in 2023, with a compound annual growth rate (CAGR) of 19.4%. Furthermore, the market is expected to reach $4.35 billion in 2027, with a CAGR of 19.8%.
Major players in the smart street lighting market include Hubbell Lighting Inc., GE Lighting, Osram Licht AG, Koninklijke Philips N.V, Acuity Brands Lighting Inc., Eaton Corporation PLC., Schneider Electric, Honeywell International Inc., Lutron Electronics Company, CREE Inc., Signify Holding, Telensa Limited, Itron Inc., Suzhou Rongwen Kubai Lighting Systems Co Ltd, and DimOnOff.
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Smart street lighting refers to streetlights equipped with technologies such as cameras, light-sensing photocells, and other sensors. They are used for general illumination and enable monitoring of various parameters such as traffic, parking, pedestrian crossings, seismic activity, and atmospheric changes.
The main types of smart street lighting include light emitting diode (LED), compact fluorescent lamps, incandescent, and others. LED is a semiconductor device that emits light when an electric current flows through it. The various communication technologies used in smart street lighting include NB-IOT, powerline communication, radio frequency, and others. These lighting systems utilize traditional and renewable energy sources, including solar energy. They find applications in environmental monitoring, traffic optimization, smart parking, and other areas, catering to commercial, residential, and industrial end users.
Product innovations are a prominent trend in the smart street lighting market, with major companies focusing on developing innovative solutions to strengthen their market position. For instance, LEDVANCE introduced OSRAM NAV LED, a street lighting lamp that offers reduced running costs compared to conventional high-pressure sodium vapor lamps. The OSRAM NAV LED consumes approximately 52% less energy and provides a lifetime of up to 50,000 hours, resulting in lower maintenance costs. It is compatible with conventional control gear and offers high efficiency and additional dimming capabilities.
In February 2022, GE Current, a Daintree company, acquired Hubbell Incorporated, a manufacturer of smart street lighting, to enhance its distribution capabilities and offer lighting and control solutions with advanced digital technologies.
North America emerged as the largest region in the smart street lighting market in 2022. The report covers key regions, including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries analyzed in the report include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and the USA.
The growth of smart cities is significantly contributing to the expansion of the smart street lighting market. Smart cities utilize information and communication technology (ICT) to enhance administrative effectiveness, improve public services, and enhance the welfare of residents. Intelligent lighting installations in smart cities contribute to increased citizen satisfaction, improved security and safety, energy savings, and optimized lighting system maintenance.
For example, Saudi Arabia is currently building a smart city called "Neom" to host the Asian Winter Games 2029. Neom is designed to incorporate smart city technologies and serve as a tourism destination, with a total estimated cost of $500 billion. The construction of Neom highlights the growing trend of emerging smart cities and their impact on the smart street lighting market.
The smart street lighting market includes sales of wired street lighting and wireless street lights. Market values represent the 'factory gate' values of goods sold by manufacturers, including related services.
Key Topics Covered:
1. Executive Summary
2. Smart Street Lighting Market Characteristics
3. Smart Street Lighting Market Trends And Strategies
4. Smart Street Lighting Market - Macro Economic Scenario
4.1. COVID-19 Impact On Smart Street Lighting Market
4.2. Ukraine-Russia War Impact On Smart Street Lighting Market
4.3. Impact Of High Inflation On Smart Street Lighting Market
5. Smart Street Lighting Market Size And Growth
5.1. Global Smart Street Lighting Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Smart Street Lighting Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Smart Street Lighting Market Segmentation
6.1. Global Smart Street Lighting Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
-- Light Emitting Diode
-- Compact Fluorescent Lamps
-- Incandescent
-- Other Types
6.2. Global Smart Street Lighting Market, Segmentation By Communication Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
-- NB-IOT
-- Powerline Communication
-- Radio Frequency
-- Other Communication Technologies
6.3. Global Smart Street Lighting Market, Segmentation By Energy Source, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
-- Traditional And Other Renewable Energy
-- Solar
6.4. Global Smart Street Lighting Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
-- Environment Monitoring
-- Traffic Optimization
-- Smart Parking
-- Other Applications
6.5. Global Smart Street Lighting Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
-- Commercial
-- Residential
-- Industrial
7. Smart Street Lighting Market Regional And Country Analysis
7.1. Global Smart Street Lighting Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Smart Street Lighting Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/uw967v
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