Albany, NY -- (SBWIRE) -- 09/25/2020 -- According to a new market research report titled 'Connected (Smart) Street Light Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026' published by Transparency Market Research, the global connected (smart) street light market is expected to reach US$ 1,502.8 Mn by 2026, expanding at a CAGR of 21.0% from 2018 to 2026. According to the report, the global market is expected to be influenced by a range of macroeconomic and market-specific factors. In terms of demand, Europe is projected to continue to lead the global market, with the market in the region expanding at a CAGR of 19.5% between 2018 and 2026. Growing adoption of smart lighting and control systems is anticipated to significantly drive the market during the forecast period.

Energy-efficient solutions drive the connected (smart) street light market

The global connected (smart) street light market is projected to expand at a significant growth rate during the forecast period, due to the increasing trend of energy-efficient solutions offered by manufacturers. Growing awareness about energy-efficient street light models is primarily fueling the connected (smart) street light market. As electricity prices continue to rise, more and more government organizations are switching toward connected (smart) street lights to reduce operational costs while improving safety and efficiency. Also, increasing use of electricity across residential, commercial, and industrial sectors has led to rise in operational and maintenance costs of lighting controls, which is expected to augment the connected (smart) street light market in the next few years.

Global Connected (Smart) Street Light Market: Scope of Report

The global connected (smart) street light market has been broadly segmented based on connectivity, component, and region. In terms of connectivity, the market has been segmented into wired (power line communiation) and wireless. Among these, the wireless segment holds a significant share of the market. The segment is anticipated to expand at a CAGR of 21.6% and remain dominant throughout the forecast period. Based on component, the market has been classified into hardware, software, and services. The hardware segment has been sub-segmented into light source, drivers & ballast, sensors, switches, controllers, and others. The light source sub-segment has been sub-categorized into LED lamps, sodium vapor lamps, and others. Among components, the hardware segment held a prominent share of about 70.6% of the global market in 2017. It was followed by the software segment. In terms of region, the global connected (smart) street light market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

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In terms of revenue, Europe held the leading share of the global connected (smart) street light market in 2017. The market in the region is anticipated to expand at a CAGR of 19.5% during the forecast period. Rising advancements in the Internet of Things (IoT) technology and its integration with other devices have led to strong adoption of smart lighting and control systems across Europe. In addition, several governments are installing smart lighting and control systems on roadways, parking lots, and outdoor fields to enhance the ambience and cut excessive power consumption. In terms of revenue, China holds a major share of the connected (smart) street light market in Asia Pacific, followed by India. Also, in terms of revenue, the market in India is anticipated to expand at a significant CAGR during the forecast period, due to growing deployment of LED lighting systems in the country. Introduction of wireless technologies such as Bluetooth, Wi-Fi, LoRa, and Sigfox is likely to create lucrative opportunities for the connected (smart) street light market in the near future.

The global connected (smart) street light market has been broadly segmented based on connectivity, component, and region. In terms of connectivity, the market has been divided into wired and wireless. Based on component, the market has been classified into hardware, software, and services. Furthermore, the hardware segment has been sub-classified into light source, drivers & ballast, sensors, switches, controllers, and others. The light source sub-segment has been sub-divided into LED lamps, sodium vapor lamps, and others. In terms of region, the global connected (smart) street light market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

The wireless segment holds a major share of the global connected (smart) street light market and is expected to continue its dominance during the forecast period. Introduction of new wireless technologies such as Li-Fi is positively influencing the market. However, the connected (smart) street light market faces challenges in terms of poor infrastructure in developing economies. This is attributable to underdeveloped network infrastructure and low Internet penetration, which leads to low bandwidth availability.

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