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Smart Street Lighting Market Expected To Hit $4.3 Billion

A new report prepared by Persistence Market Research titled “Smart Street Lighting Market: Global Industry Analysis 2012-2016 and Forecast 2017-2026” studies the performance of the global smart street lighting market over a nine year assessment period starting from the years 2017 and ending in the year 2026. ┬áThe report presents the forecast by value of the global smart street lighting market and provide important information regarding the market dynamics operating in this market, such as divers, restraints, opportunities, and trends.

As per the data provided by Persistence Market Research, the global smart street lighting market was estimated to be valued at nearly $1 billion at the end of the year 2017 and is slated to reach a valuation of nearly $4.3 billion at the end of the assessment period in 2026, and in the process exhibit a CAGR of 17.5% during 2017-2026.

Smart street lighting systems consist of various features that make them reliable, environment friendly and efficient to use. Smart street lighting systems are energy efficient, predominantly using LED lighting and possess control units and sensors in all the lamps or group of lamp poles, in order to enable them to transmit data to the central controlling system, thereby facilitating two way communication. In this manner, smart street lighting systems are able to transmit information such as which lamps have stopped emitting light so that they can be replaced.

Other variables that can be monitored in a smart street lighting system include temperature, light, current, etc. thus transmitting real-time information to the centralized system, making the maintenance of street lighting systems easy to accomplish and also cheaper than routine maintenance. Another important feature of smart lighting systems is that these are environment friendly and reduce the emission of harmful greenhouse gases.

The wired segment in the connectivity category of the global smart street lighting market is the largest in terms of value and is poised to exhibit a CAGR of 14.7% during the period of assessment. The wired segment is projected to reach a value of nearly $2.6 billion at the end of the period of assessment.

The traditional and other renewable energy segment in the energy source category of the global smart street lighting system market is expected to exhibit a CAGR of 16.9% during the period of assessment. The traditional and other renewable energy segment was estimated to be valued at nearly $960 million in the year 2017.

The LED segment in the type category of the global smart street lighting market is poised to exhibit the fastest CAGR of 21.3% during the period of assessment. The LED segment is forecasted to reach a market valuation of nearly $2.7 billion by 2026 end.

The smart street lighting market in North America is the largest in terms of revenue and is likely to exhibit a CAGR of 15.5% during the period of assessment. The North America regional market is likely to reach a valuation of nearly $1.25 billion by the end of the period of forecast in 2026.

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