According to a new market research report titled ‘Connected (Smart) Street Light Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026’ published by Transparency Market Research, the global connected (smart) street light market is expected to reach US$ 1,502.8 Mn by 2026, expanding at a CAGR of 21.0% from 2018 to 2026.
According to the report, the global market is expected to be influenced by a range of macroeconomic and market-specific factors. In terms of demand, Europe is projected to continue to lead the global market, with the market in the region expanding at a CAGR of 19.5% between 2018 and 2026. Growing adoption of smart lighting and control systems is anticipated to significantly drive the market during the forecast period.
The global connected (smart) street light market is projected to expand at a significant growth rate during the forecast period, due to the increasing trend of energy-efficient solutions offered by manufacturers. Growing awareness about energy-efficient street light models is primarily fueling the connected (smart) street light market.
As electricity prices continue to rise, more and more government organizations are switching toward connected (smart) street lights to reduce operational costs while improving safety and efficiency. Also, increasing use of electricity across residential, commercial, and industrial sectors has led to rise in operational and maintenance costs of lighting controls, which is expected to augment the connected (smart) street light market in the next few years.
The global connected (smart) street light market has been segmented as follows:
Global Connected (Smart) Street Light Market, by Connectivity
- Wired (Power Line Communication)
Global Connected (Smart) Street Light Market, by Component
- Light Source
- LED Lamps
- Sodium Vapor Lamps
- Drivers & Ballast
- Light Source
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Global Connected (Smart) Street Light Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific