Connected (Smart) Street Light Market Focuses On Companies, Opportunities, Market Size, Growth, Revenue & Forecast 2021-2031

 Connected (Smart) Street Light Market Outlook 2031

  • The global connected (smart) street light market was valued at US$ 1.50 Bn in 2020

  • It is estimated to expand at a CAGR of 17.8% from 2021 to 2031

  • The global connected (smart) street light market is expected to cross the value of US$ 8.22 Bn by the end of 2031

Distributed Intelligence Products Turbocharging Market Growth

Companies in the connected (smart) street light market are concentrating on the design of cost-effective lighting solutions in order to attract more customers. Moreover, AI (artificial intelligence) applications are storming the connected (smart) street light market to expand the ecosystem of distributed intelligence (DI) products. Grid operators are making use of AI software that delivers predictive insights to utilities in order to balance supply and demand of electricity.


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Shift in Bulk Production Out of China Growing Prominent Post Coronavirus Period

The connected (smart) street light market is likely to witness steady expansion driven by the increase in the demand for lighting solutions with better resolution of supply chain issues in various countries during the ongoing coronavirus situation. The market is positioned for healthy growth in the upcoming months as stakeholders adjust to a new post-pandemic normal.

High volume manufacturing is growing prominent in China. However, recent concerns about sudden lockdown in Shanghai and unprecedented spike in COVID-19 infection cases are putting businesses at risk. Due to such recurring events between 2019 to the current time, manufacturers based in the Western Hemisphere have been making significant progress to secure themselves against volatility in supply from Asia, and China in particular, by moving the bulk production to their respective countries.


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Poor Infrastructure in Developing Economies Inhibiting Market Growth

Although the global connected (smart) street light market is projected for an explosive growth throughout the assessment period, poor infrastructure in underdeveloped and some developing economies may hamper the market.

A large number of developing countries are still using traditional street lamps; therefore, shifting to connected street lights is predicted to prove expensive due to high costs involved in installations, which, in turn, is estimated to inhibit market growth. Nevertheless, an increasing number of governments are gaining cognizance about the long-term cost-efficiency, convenience, and other advantages of smart street lights, which is expected to bolster market growth in underdeveloped and developing economies.


Proliferation of IoT Helps for Innovations in Connected (Smart) Street Lights

The demand for connected (smart) street lights is expected to increase substantially, owing to awareness about its advantages and rising adoption of these lighting solutions across the world. Notable developments have led to a decline in the cost and size of smart street lights due to miniaturization of electronic instruments, which, in turn, is expected to offer new opportunities for the connected (smart) street light market.

Innovations in the Internet of Things (IoT) technology and its integration with other devices have further boosted the adoption of smart lighting & control systems across emerging economies. Additionally, several governments are implementing smart street lighting solutions on outdoor fields, roadways, and parking lots to cut down on power consumption and enhance the ambiance.


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Mature Western Markets and Developments in Asia Benefitting Manufacturers

The connected (smart) street light market in Europe and North America is predicted to grow at an exponential rate during the forecast period, due to the high penetration and adoption rate of these solutions. Technological advancements in networking technologies and sensors, coupled with a comprehensive product portfolio by a large number of vendors are supplementing the dominance of these regions. Countries such as the U.S., Canada, France, Germany, and the U.K. are offering lucrative opportunities for manufacturers on a long-term basis, attributed to the growing penetration of IoT ecosystems in the region.

Europe held the largest revenue share in 2020, owing to the presence of a large number of manufacturers focused on boosting their output capacities for connected (smart) street lights. The market in Asia Pacific is projected to expand at a notable CAGR due to the increasing demand for energy-efficient solutions, government support and large-scale deployment of LEDs in street lighting.


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