Categories: Market Research

Smart Street Lighting Market Growth Outlook Through 2024-2033

Overview and Scope
Smart street lighting refers to a type of streetlight used for general illumination that includes technology like cameras, light-sensing photocells and other sensors. Smart street lighting is used in traffic, parking, pedestrian crossings, seismic activity and atmospheric changes can all be monitored with the use of smart street lighting.

Sizing and Forecast
The smart street lighting market size has grown exponentially in recent years. It will grow from $2.12 billion in 2023 to $2.55 billion in 2024 at a compound annual growth rate (CAGR) of 20.1%. The growth in the historic period can be attributed to led technology adoption, government initiatives, public safety and security concerns, pilot projects and demonstrations..

The smart street lighting market size is expected to see exponential growth in the next few years. It will grow to $5.4 billion in 2028 at a compound annual growth rate (CAGR) of 20.6%. The growth in the forecast period can be attributed to urbanization growth, government initiatives and funding, demand for energy-efficient solutions, focus on safety and security, shift towards sustainability.. Major trends in the forecast period include energy efficiency, iot integration, sensors and data collection, adaptive lighting solutions, smart city initiatives..

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Segmentation & Regional Insights
The smart street lighting market covered in this report is segmented –

1) By Type: Light Emitting Diode, Compact fluorescent lamps, Incandescent, Other Types
2) By Communication Technology: NB-IOT, Powerline Communication, Radio Frequency, Other Communication Technologies
3) By Energy Source: Traditional And Other Renewable Energy, Solar
4) By Application: Environment Monitoring, Traffic Optimization, Smart Parking, Other Applications
5) By End User: Commercial, Residential, Industrial

North America was the largest region in the smart street lighting market in 2023. The regions covered in the smart street lighting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
Emerging smart cities are significantly contributing to the growth of the smart street lighting market. A smart city is a municipality that makes use of information and communication technology (ICT) to boost administrative effectiveness, disseminate information to the general publican enhance the standard of public services as well as the welfare of its residents. Installing intelligent lighting can assist increase citizen satisfaction with security and safety while giving towns significant savings in power consumption and lighting system maintenance, in addition to enabling cities to offer the right amount of street light for local conditions. For instance, in October 2022, according to an article shared by National World PLC., a UK-based news publishing company, Saudi Arabia is building a smart city called “Neom” to host an international sporting event called “The Asian Winter Games 2029.” A Saudi smart city called Neom is now being constructed in Tabuk Province in northwest Saudi Arabia. At an estimated cost of $500 billion (about £436 billion), it is intended to include smart city technologies and serve as a tourism destination. Due to delays, it may now take until 2026 to accomplish the project, and with an expansion concluded in 2025. Therefore, emerging smart cities are driving the growth of the smart street lighting market.

Key Industry Players

Major companies operating in the smart street lighting market report are Hubbell Lighting Inc., GE Lighting, Osram Licht AG, Koninklijke Philips N.V, Acuity Brands Lighting Inc., Eaton Corporation PLC, Schneider Electric SE, Honeywell International Inc., Lutron Electronics Company, CREE Inc., Signify Holding, Telensa Limited, Itron Inc., Suzhou Rongwen Kubai Lighting Systems Co. Ltd., DimOnOff, Echelon Corp., SYSKA LED Lights, Eveready Industries Ltd., Rongwen Group, Havells Ltd., Current powered by GE, Tvilight Smart City Lighting, Petra Systems Inc., Shanghai Sansi Technology Co. Ltd., Philips Lighting, Zumtobel Group, Flashnet, TVILIGHT Projects B.V., Bridgelux Inc., Liveable Cities, Quantela .

The smart street lighting market report table of contents includes:

1. Executive Summary

2. Smart Street Lighting Market Characteristics

3. Smart Street Lighting Market Trends And Strategies

4. Smart Street Lighting Market – Macro Economic Scenario

5. Global Smart Street Lighting Market Size and Growth

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31. Global Smart Street Lighting Market Competitive Benchmarking

32. Global Smart Street Lighting Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Smart Street Lighting Market

34. Smart Street Lighting Market Future Outlook and Potential Analysis

35. Appendix