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Smart Street Lights are important for its visibility and safety of the people in the society. These are environment-friendly and energy-saving solutions. Rising awareness of green technology is leading to the launch of environmentally friendly lights, and new features such as colour tuning and control over the cloud are pushing the consumers to adopt these products.
Global Smart Street Lighting Market Size & Growth:
Global Smart Street Lighting Market size is projected to reach $4,300 Million by the end of 2024 with a CAGR of 20.2% during the forecast period. Key Parameters promoting the market growth include increasing awareness of energy conservation, demand for efficient lighting solutions, increase in adoption of smart street lighting, government and private organisations in these communities are making efforts to obtain the maximum efficiency of smart street light solutions, smart street lights have a higher capacity than regular street lights. Due to the high efficiency and low power consumption virtues of LED the smart lighting market will have a positive growth during the forecast period.
Because of the development of smart cities across the world and government institutions in these countries to look for smart lighting solutions that help to reduce energy cost, boost overall efficiency, and reduce carbon emissions. Smart street light systems can significantly reduce energy consumption as it can be incorporated with various sensors such as natural light sensors occupancy sensors and motion sensors.
Major restraint for smart street lighting market is lack of support infrastructure in developing and underdeveloped nations needed for smart street light solutions. Government support for infrastructure development, advances in the lighting technology, and growing dominance of off-grid segment are the emerging factors for smart street lighting market.
Networked Smart Street Lights help cities further reduce costs with their dimming capabilities
Global Smart Street Lighting Market Share:
Global Smart Street Lighting Market is classified by Connectivity, by Component, by Type, by Application, by geography. By Connectivity, the Global Smart Street Lighting Market is classified as wired and wireless. Among this, wired connectivity is expected to grow at a high rate during the forecast period due to the rising technological advancements that promise a better quality of lighting using a wireless medium. Wired and Wireless connectivity includes Wi-Fi, Bluetooth, radio frequency, and power line communication. Among this, Wi-Fi is accounted for the largest market share of 42.88% followed by Bluetooth with the share of 42.48%, Radio-Frequency (42.23%).
Based on the component, these are classified as hardware and software. Hardware includes a sensor, controller/relays. Based on Application, these are classified as traditional and other renewable energy and solar.
Based on the type, these are classified as incandescent lamps, High-Intensity discharge lamps, LED Lamps, Fluorescent Lamps, and Compact Fluorescent Lamps (CFL). Among this, the LED segment is witnessed to have the highest CAGR, and this segment is the largest by value and is expected to have the highest growth rate during the forecast period. CFL segment is expected to be second largest regarding revenue, and it is witnessed to have a CAGR of 12.2%.
Europe holds largest market share in the smart street lighting market followed by North America. Because utility companies and government agencies in these regions have determined the advantages of smart street lighting solutions for
Asia-Pacific is expected to have the highest CAGR regarding revenue and is witnessed to grow at a high rate during the forecast period due to the increasing demand for LEDs to reduce energy consumption and to decrease overall operational costs.
Global Smart Street Lighting Market Trends:
Global Smart Street Lighting Market Research Reports:
An executive summary condensing the whole report such that essential authority can rapidly twist up doubtlessly acquainted with brief overview and conclusion.
To have complete market analysis through industry value chain analysis, Porter’s five, PESTLE, SWOT analysis, and Y-o-Y analysis.
Regional and global is analysed with the major countries and the unions. Scrutinizing the revenue generation on Year–On–Year
Identifying DROC in the current market and their impact in altering the market dynamics.
Competitive landscape analysis to identify the merger and acquisition which will have a comparative financial analysis with major competitors.
Expertise investment opportunities by an analyst to the individual and organisation to have a better foothold in the market.
Identify the latest developments, market shares and strategies that are employed by the major market players, such as
Along with these companies, there were many other companies considered/cited in the report while analyzing the Global Smart Street Lighting market. These companies hold substantial share-owning to the nature of the industry whereas rest of the market shares are marginal chunks to regional and local level manufacturers. Other players have considerable presence owing to its robust brand image, geographical reach and strong customer base.
Starting from $2700
Starting from $2700
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