Market Analysis
The global smart street lights market is predicted to touch USD 12,404.1 million at a 22% CAGR over the forecast period (2017-2023), reveals the new Market Research Future (MRFR) report. Smart lighting simply put, is a lighting technology that has been designed for energy efficiency. It adjusts automatically depending on the real-time traffic conditions as well as changes as per the realistic condition. These lights are typically connected through radio frequency, Bluetooth, or Wi-Fi and comprise of memory devices, low cost embedded controller, PIR sensor, and IR sensor. The Smart Street Light Market offers numerous benefits over conventional street lights such as reduced carbon emission, low maintenance cost, improved operational efficiency, and better energy saving.
Various factors are driving the growth of the smart street lights market. These factors, in accordance with the Market Research Future (MRFR) report, include increasing awareness about efficient lighting techniques and energy conservation, demand for greener strategies, development of sensors and wireless technology, and development of new street lights such as LED. Additional factors boosting market growth include growing demand for intelligent solutions for street lighting, low cost, and growing awareness about saving energy.
On the contrary, lack of favorable environment, lack of awareness, and high operational cost are factors that may impede smart street lights market growth over the forecast period.
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Key Players
Leading players profiled in the smart street lights market report include Tech Mahindra (India), AxiomTek (US), Trilliant holdings Inc (US), Cisco system (US), Osram AG (Germany), Echelon (US), Silver Spring (US), Telensa (UK), Koninklijke Philips N.V (The Netherlands), and General Electric (U.S.), among others.
Market Segmentation
The Market Research Future report offers a wide segmental analysis of the smart street lights market based on technology, components, end-users, and applications.
Based on component, the smart street lights market is segmented into services, hardware, and software. The hardware segment is further segmented into communication modules, sensors, LED arrays, and others. The services segment is again segmented into managed services and professional services. The professional services are further sub-segmented into training and implementation, system integrations, and others.
Based on technology, the smart street lights market is segmented into broadband, medium-band, and narrowband technology. The narrowband technology segment is again categorized into RPMA, LoRa, Sigfox, and others. The medium band is again segmented into RF mesh, PLC, and others, and broadband technology are sub-segmented into Wi-Fi, 3G/4G cellular, and others.
Based on applications, the smart street lights market is segmented into public messaging, video surveillance, street light management, smart parking, traffic monitoring, environmental monitoring, and others.
Based on end-users, the smart street lights market is segmented into residential (rural and urban), transportation, retail, industrial, automotive, and others.
Regional Analysis
Based on the region, the smart street lights market report covers growth opportunities and the latest trends across Europe, North America, Asia Pacific (APAC), and Rest of the World (RoW). Of these, Europe will remain the frontrunner in the market over the forecast period. France, Norway, Germany, and the UK are the key contributors here. This is owing to the increase in various lighting companies that are focusing to offer smart lighting controls in the public and private areas alike.
The smart street lights market in North America will have significant growth over the forecast period. Canada as well as the US are the key contributors here. This is owing to the presence of several wireless technology providers that are improving the network connectivity in numerous connected street lighting applications.
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The smart street lights market in the APAC region will grow at the fastest pace over the forecast period. This is owing to the growing construction industries and a burgeoning need for energy efficient solutions in the region. The emerging economies of India as well as China have a positive effect on the growth of the market.
June 2019: The city of Albany and the New York Power Authority will join hands to install LED streetlights all through the city as part of the Smart Street Lighting program.
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