Smart Street Lighting Market Analysis 2024 – Estimated Market Size And Key Drivers

The Smart Street Lighting by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Smart Street Lighting , 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.

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.

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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

Top Major Players:

• Hubbell Lighting Inc.
• GE Lighting
• Osram Licht AG
• Koninklijke Philips N.V
• Acuity Brands Lighting Inc.

North America was the largest region in the smart street lighting market in 2023.

Product innovations are a key trend gaining popularity in the smart street lighting market. Major companies operating in the smart street lighting market are developing innovative products to strengthen their position in the market. For instance, in April 2021, LEDVANCE, a US-based company operating in solar lighting systems, introduced OSRAM NAV LED, a street lighting lamp as an alternative to LED to reduce running costs. The OSRAM NAV LED is capable of consuming around 52% less energy than conventional high-pressure sodium vapor lamps with a lifetime of up to 50,000 hours and provides fewer maintenance costs. Moreover, it is easy to replace due to compatibility with conventional control gear (CCG), compensation capacitor and ignitor without rewiring. It allows additional dimming at low traffic density using night-time switching and offers a very high efficiency of up to 185 lm/W.

The smart street lighting market report table of contents includes:
1. Executive Summary
2. Smart Street Lighting Market Characteristics
3. Global Smart Street Lighting Market Trends And Strategies
4. Smart Street Lighting Market – Macro Economic Scenario
5. Global Smart Street Lighting Market Size and Growth
…….
26. Global Smart Street Lighting Market Competitive Benchmarking
27. Global Smart Street Lighting Market Competitive Dashboard
28. Key Mergers and Acquisitions Smart Street Lighting Market
29. Smart Street Lighting Market Future Outlook and Potential Analysis
30. Appendix

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