Technavio has published a new market research report on the global connected (smart) street light market from 2019-2023. (Graphic: Business Wire)
LONDON–(BUSINESS WIRE)–According to Technavio Research Report “Connected (Smart) Street Light Market by connectivity (wired, and wireless), and geography (Europe, North America, APAC, MEA, and South America) is witnessed to grow USD 675 million, at a CAGR of 28% from 2019 to 2023.”
Wired connectivity segment will garner the highest share
Wired connectivity segment has been dominating the connected street lighting market for decades and is expected to dominate the market over the forecast period. However, the emergence of wireless connectivity is slowly reducing the demand and adoption of wired connectivity. This is mainly because wireless systems offer better light performance monitoring and addition of value-added applications to the existing set-up. Although the wired segment is expected to hold a maximum share of the market, the difference is very small, and the wireless connectivity segment is anticipated to grow at a faster rate globally.
“The wired connected street lights use programmable logic controller (PLC), which is the most secure communication module and is better than a wireless communication module such as Bluetooth. However, the upfront cost of PLC based wired connected street light is higher than that of smart street light systems that work on a wireless communication module. As a result, the adoption of wireless street lights is expected to increase significantly during the next few years,” says a senior research analyst at Technavio.
Emergence of smart cities
The concept of a smart city is gaining immense popularity across the world. Smart cities consist of various digital technologies that enhance communication among devices and improve their performance, along with reducing costs and helping the efficient use of resources. In this context, smart street lighting which is equipped with digital network and embedded sensors helps in monitoring city traffic and air quality. These connected lights can also detect traffic congestion and track parking space availability. Smart street lights connected with cameras can improve road safety by reducing the risk of crime and accidents. Therefore, the emergence of smart cities is expected to fuel the growth of the global smart street lighting market size during the forecast period.
Few Major Players for the Connected (Smart) Street Light Market are:
- Adesto Technologies Corp.
- Cisco Systems Inc.
- Itron Inc.
- Signify NVTelensa Ltd.
Smart street light to witness fastest adoption in APAC
The APAC region is expected to register the fastest growth rate during the forecast period, mainly driven by the increasing technology awareness and technology adoption by governments in the region. The continuous use of street lights at nighttime has increased electricity consumption and carbon emission. As a result, governments in the region are adopting wireless smart street lighting systems that can help city authorities to reduce energy cost and carbon dioxide emissions. Therefore, the connected street light market is expected to grow significantly in APAC during the next five years.
SOURCE: Technavio Research
Copyright Business Wire 2019