PUBLISHER: The Business Research Company | PRODUCT CODE: 1274564
PUBLISHER: The Business Research Company | PRODUCT CODE: 1274564
“Smart Street Lighting Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on smart street lighting market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for smart street lighting? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The smart street lighting market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Major players in the smart street lighting market are Hubbell Lighting Inc., GE Lighting, Osram Licht AG, Koninklijke Philips N.V, Acuity Brands Lighting Inc., Eaton Corporation PLC., Schneider Electric, Honeywell International Inc., Lutron Electronics Company, CREE Inc., Signify Holding, Telensa Limited, Itron Inc., Suzhou Rongwen Kubai Lighting Systems Co Ltd and DimOnOff.
The global smart street lighting market is expected to grow from $1.77 billion in 2022 to $2.12 billion in 2023 at a compound annual growth rate (CAGR) of 19.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity pricesand supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The smart street lighting market is expected to reach $4.35 billion in 2027 at a CAGR of 19.8%.
The smart street lighting market consists of sales of wired street lighting and wireless street light. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Smart street lighting refers to a type of streetlight used for general illumination that includes technology like cameras, light-sensing photocellsand other sensors. Smart street lighting is used in traffic, parking, pedestrian crossings, seismic activityand atmospheric changes can all be monitored with the use of smart street lighting.
North America was the largest region in the smart street lighting market in 2022. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of smart street lighting are light emitting diode, compact fluorescent lamps, incandescent and others. LED refers to a semiconductor device when electric current flows through a Light Emitting Diode (LED), which can emit light. The various communication technologies involved are NB-IOT, powerline communication, radio frequency and others that use traditional and other renewable energy and solar energy source. The various application involved are environmental monitoring, traffic optimization, smart parkingand others that are used by commercial, residentialand industrial end users.
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 publicand 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, which Saudi Arabia had hoped to have done in large portions by 2020 and with an expansion concluded in 2025. Therefore, emerging smart cities are driving the growth of the smart street lighting market.
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 capacitorand 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.
In Feb 2022, GE Current, a Daintree company US-based LED lighting with digital networks acquired Hubbell Incorporated for an undisclosed deal amount. With this acquisition, the company wants to position strategically to currently direct all investments into lighting and controls solutions enhanced distribution capabilities and digital technologies to more quickly, simplyand effectively meet customer needs. Hubbell Incorporated is a US-based manufacturer of smart Street lighting.
The countries covered in the smart street lighting market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
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