As the price of power continues to increase, more and more government organizations are transitioning to connected (smart) street lighting to cut operational expenses while also enhancing safety and effectiveness
Increase in use of energy-efficient lighting systems across the globe to meet sustainability goals is anticipated to boost industry growth during the forecast period
WILMINGTON, Del., Dec. 23, 2022 /PRNewswire/ — The global connected (smart) street lighting market was valued at US$ 1.3 Bn in 2021. Market forecast estimates industry growth at a CAGR of 24.1% during the forecast period, from 2022 to 2031. The global market is anticipated to touch value of US$ 11.5 Bn by 2031. Growing awareness and increasing emphasis on energy savings are anticipated to propel the global connected (smart) street lighting market during the forecast period. Since public lighting accounts for 60% of a municipality’s or a governing body’s electrical budget, smart street light systems are an ideal way of saving energy. Carbon emissions can be reduced by incorporating IoT into lighting systems, which is expected to increase the market value of connected street lighting.
Cities across the world are implementing smart energy policies to achieve their sustainability goals, which is projected to drive the development of future street lighting. Increase in investments in solar street lighting and smart cities is estimated to fuel the global industry of connected (smart) street lighting. Market participants are introducing hybrid network designs to provide extremely flexible solutions for street lighting.
Adoption of IoT-enabled public lighting is increasing as energy-saving awareness grows. As the price of power generation continues to rise, more and more governmental organizations are shifting to connected (smart) street lighting to save operational expenses while also enhancing safety and effectiveness.
Developed countries such as those in North America and Europe are focused on putting various regulations in place to encourage the use of connected street lighting infrastructures for smart cities and control energy usage.
The Kyoto Protocol, which has 83 signatories and 192 members, including Japan, the EU, Canada, Australia, Brazil, and the U.S., aims to reduce harmful emissions while advancing energy-efficient technologies. This is likely to increase the usage of LEDs, which is expected to boost industry growth in the years to come.
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Global Connected (Smart) Street Lighting Market: Growth Opportunities
Smart poles with remote lighting control make it possible to precisely manage, change, and see how long and how frequently the lights are on. Furthermore, information relayed by connected systems reports abnormal light behavior and particular lamp failure. This lessens the need for periodic lighting control maintenance checks and lowers the expense of operation and maintenance. These advantages encourage the use of smart lighting systems, which in turn is expected to fuel market development of the connected (smart) street lighting industry in the next few years.
Wireless technologies, including Li-Fi, are increasingly incorporated into connected street lights and are installed in various locations across the world. Manufacturers are incorporating them into their systems due to the high data transmission efficiency and speed of these technologies. Incorporation of street lighting systems with traffic sensors, parking-lot lights, traffic signals, energy meters, and pollution sensors is likely to generate significant prospects for market advancement, particularly in developing nations.
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Connected (Smart) Street Lighting Market to Grow at 24.1% CAGR during Forecast Period 2022-2031, Transparency Market Research, Inc.
