The connected street lighting market is expected to witness a CAGR of 29.68% over the forecast period from 2021 – 2026. Outdoor lighting solutions are among the most significant and expensive infrastructure assets owned by municipalities and utilities. They often consume up to half of a city’s total energy budget. In recent times, the advent of LEDs has allowed several cities to reduce their energy costs.
For instance, New York estimated that it might save over USD 14 million a year in energy costs by replacing old light bulbs with LEDs, while Chicago estimated it could save up to USD 10 million a year. Such factors have led several cities to switch to energy-efficient lighting solutions. However, many cities are taking this street light transformation one step further, using IoT-enabled connected streetlights. These solutions improve the quality of citizens’ lives and increase revenues of the city, cut operational and energy costs, and support the deployment of a range of smart city applications.
Key Market Trends
Increasing Investments in Smart Cities to Drive the Market
– With the expanding population around the world, an increase in the number of people living in urban areas, including the overall growth of the urban population (81% of the total population that is living in cities) is one of the major drivers for the adoption of smart and intelligent solutions. The primary reason for the growth of modern cities is that smart cities need an effective solution for managing city resources. Governments across various countries are collaborating and partnering with each other to transform into a collaborative and integrated service delivery model from the traditional silo-based model. As the connected street lights market is directly related to the number of smart city projects, a more significant amount of smart cities worldwide would result in a higher demand for connected street lights.
North America is Expected to Hold Major Share
– North America remains a prominent market for connected streetlights. The US market is witnessing significant growth, owing to the high concentration of government initiatives that majorly adopt connected streetlights. It is estimated that the United States alone is home to more than 40 million streetlights with an LED penetration of 14% and nearly 1% penetration of connected streetlights. Federal funding of USD 20 billion for innovative and transformative infrastructure projects encourages several cities to implement connected street light concepts. For instance, Chicago’s initiative to replace 270,000 city lights over the next four years, with intelligent controls and LEDs, is expected to save USD 10 million per year. This initiative indicates the growing scale of smart street lighting projects.
Competitive Landscape
The connected street lighting market is quite competitive because of the presence of many players running the business at the national and international levels. The market is moderately concentrated, and the key strategies adopted by the major players are product innovation, mergers, and acquisitions to increase their reach and stay ahead of the competition.
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