DUBLIN — The “Smart Street Lighting Global Market Report 2023” report has been added to ResearchAndMarkets.com’s offering.
The global smart street lighting market is expected to grow from $1.77 billion in 2022 to $2.12 billion in 2023 at a compound annual growth rate (CAGR) of 19.4%. The smart street lighting market is expected to reach $4.35 billion in 2027 at a CAGR of 19.8%.
In the rapidly digitalizing landscape of the 21st century, the smart street lighting market is growing at a stunning pace, becoming a significant component of optimizing urban environments and infrastructure.
Smart street lighting represents a revolutionary approach to street illumination, incorporating advanced technology such as cameras, light-sensing photocells, and various sensors. These intelligent street lighting systems are deployed for general lighting purposes and have far-reaching applications, including monitoring traffic, parking areas, pedestrian crossings, seismic activities, and atmospheric changes.
The primary types of smart street lighting encompass light emitting diodes (LEDs), compact fluorescent lamps, incandescent lights, and other variants. LED technology, in particular, stands out as a semiconductor device capable of emitting light when an electric current passes through it.
These innovative lighting systems rely on diverse communication technologies, including Narrowband Internet of Things (NB-IoT), powerline communication, radio frequency, and others. They harness both conventional and renewable energy sources, such as solar power. These systems find applications in environmental monitoring, traffic optimization, and smart parking solutions, catering to commercial, residential, and industrial end-users.
The emergence of smart cities is a pivotal factor driving the growth of the smart street lighting market. Smart cities leverage information and communication technology (ICT) to enhance administrative efficiency, disseminate information to the public, and elevate the quality of public services and residents’ well-being.
The installation of intelligent lighting contributes to increased citizen satisfaction with security and safety measures while delivering substantial energy savings and reduced maintenance costs for lighting systems. It allows cities to tailor their street lighting precisely to local conditions.
For instance, in October 2022, Saudi Arabia unveiled plans to construct a smart city called “Neom” in Tabuk Province, with an estimated cost of $500 billion, designed to incorporate smart city technologies and serve as a prominent tourism destination, particularly for “The Asian Winter Games 2029.”
The smart street lighting market is also marked by a notable trend of product innovations. Leading companies within the market are actively developing innovative lighting solutions to strengthen their market presence. For example, in April 2021, LEDVANCE, a US-based company specializing in solar lighting systems, introduced the OSRAM NAV LED, a street lighting lamp designed as an alternative to traditional LED lights.
This innovation boasts a 52% reduction in energy consumption compared to conventional high-pressure sodium vapor lamps, a remarkable lifetime of up to 50,000 hours, and reduced maintenance costs. It offers ease of replacement, compatibility with conventional control gear, compensation capacitors, and ignitors, and supports additional dimming for energy conservation.
In February 2022, GE Current, a US-based LED lighting and digital networks company under Daintree, made an undisclosed acquisition of Hubbell Incorporated, a US-based manufacturer of smart street lighting. This strategic move is intended to enhance distribution capabilities and digital technologies, enabling more effective and responsive customer solutions.
North America emerged as the largest region in the smart street lighting market in 2022. The scope of this market report encompasses various countries, including Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
For more information about this report visit https://www.researchandmarkets.com/r/v33wi9
Tagged with lightED, smart street lighting