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A recent report published by Infinium Global Research on connected (smart) street lights market provides an in-depth analysis of segments and sub-segments in global as well as regional connected (smart) street lights market. The study also highlights the impact of drivers, restraints and macro indicators on the global and regional connected (smart) street lights market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global connected (smart) street lights market. According to the report, the global connected (smart) street lights market is projected to grow at a CAGR of 16.5% over the forecast period of 2018-2024.
Connected or smart street light is the intelligent street lighting system that adjusts automatically based on the real-time traffic conditions and change according to realistic condition. The conventional street light is one of the major sources of electricity consumption owing to the continuous operation of lighting during the night time, thus in order to reduce the unnecessary electricity consumption, the existing conventional system has to be adapted to the intelligent lighting system. This smart street light consists of an IR sensor, PIR sensor, low cost embedded controller and memory devices.
The growing trend in the development of smart cities drives the growth of the connected street lights market. The smart street light to be used in smart cities will not help in improving lighting efficiency but also help to help cities monitor and respond to any circumstance, from traffic and air quality to crowds and noise. In addition, the connected street lights offer various benefits over the conventional street lights such as better energy saving, improved operational efficiency, low maintenance cost and reduce carbon emission are some of the reasons that are likely to boost the demand of the connected street light market. This smart lightning reduces energy costs up to 35% through intelligent ON/OFF switching and targeted progressive dimming. Also, initiatives taken by utility companies and government institutions to adapt to smart lighting technologies in order to save energy and reduce carbon emission is supporting to grow the market.
The smart lighting moderates the Maintenance activity as the detailed analysis of defects and the necessary materials are received with the real-time network mapping. However, high initial setup cost associated with the installation of the smart street lighting is hampering the growth of the connected or smart light market. Moreover, the rising projects of smart cities all over the globe are expected to fuel the smart street lighting market over the forecast period. The ongoing technological advancements in the smart street lighting such as developments in the wireless and the internet of things (IoT) technologies is projected to create several opportunities in the smart street lighting.
Geographically, Europe holds the largest market share in the smart street lighting followed by North America. The various companies and the government agencies in the U.K are focusing on the smart street lighting solutions due to the estimated advantages of smart street lightning which in turn reduces the energy consumption and it is also beneficial for the economy in this region. The Asia-Pacific is the fastest growing region in the smart lighting market owing to the demand for energy efficient solution and the growing construction industries in this region.
The report on global connected (smart) street lights market covers segments such as connectivity and component. On the basis of connectivity, the global connected (smart) street lights market is categorized into wired and wireless. On the basis of component, the global connected (smart) street lights market is categorized into hardware, software, and services.
The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region.
The U.S. drives the growth in the North America region as it is the largest market in the region. The Asia-Pacific region offers a substantial potential for the market growth owing to rapid growth in markets such as India and China. The APAC region is projected to experience growth at a CAGR of x.x% over the period of 2018-2024.
The report provides profiles of the companies in the global connected (smart) street lights market such as EnGo PLANET, Telensa Ltd., Toshiba Lighting, Philips Lighting N.V, OSRAM Licht Group, Acuity Brands Lighting Inc., Schreder Group, Twilight Citelum S.A. and Dimonoff Inc.,
The report provides deep insights on demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global connected (smart) street lights market. Moreover, IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of connected (smart) street lights market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the connected (smart) street lights market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players. This report will help manufacturers, suppliers and distributors of the connected (smart) street lights market to understand the present and future trends in this market and formulate their strategies accordingly.
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