Connected (Smart) Street Lights Market Future Trends and Scope Analysis by 2024
Posted: Dec 10, 2018
Our latest research report entitled Connected (Smart) Street Lights Market (by connectivity (wired and wireless) and component (hardware, software and services)) provides complete and deep insights into the market dynamics and growth of Connected (Smart) Street Lights. Latest information on market risks, industry chain structure Connected (Smart) Street Lights cost structure and opportunities are offered in this report. The past, present and forecast market information will lead to investment feasibility by studying the essential Connected (Smart) Street Lights growth factors.
The forecast Connected (Smart) Street Lights Market information is based on the present market situation, growth opportunities, development factors, and opinion of the industry experts. An in-depth analysis of the company profiles, Connected (Smart) Street Lights on global and regional level and applications is conducted. The analysis of downstream buyers, sales channel, raw materials, and industry verticals is offered in this report. According to report the global connected (smart) street lights market is projected to grow at a CAGR of 16.5% over the forecast period of 2018-2024.
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Connected or smart street light is the intelligent street lightning system that adjusts automatically based on the real time traffic conditions and change according to realistic condition. The conventional street light is one of the major source of electricity consumption owing to the continuous operation of lighting during the night time, thus in order to reduce the unnecessary electricity consumption, the existing conventional system has to be adapted to intelligent lighting system. This smart street lights consists of IR sensor, PIR sensor, low cost embedded controller and memory devices.
The growing trend of development of smart cities drives the growth of connected street lights market. The smart street light to be used in smart cities will not help in improving lighting efficiency but also help to help cities monitor and respond to any circumstance, from traffic and air quality to crowds and noise. In addition, the connected street lights offers various benefits over the conventional street lights such as better energy saving, improved operational efficiency, low maintenance cost and reduce carbon emission are some of the reasons that are likely to boost the demand of connected street light market. This smart lightning reduces energy costs up to 35% through intelligent ON/OFF switching and targeted progressive dimming. Also, initiatives taken by utility companies and government institutions to adopt to smart lightning technologies in order to save energy and reduce carbon emission is supporting to grow the market.
The smart lighting moderates the Maintenance activity as the detail analysis of defects and the necessary materials are received with the real time network mapping. However, high initial setup cost associated with installation of the smart street lighting is hampering the growth of connected or smart light market. Moreover, the rising projects of smart cities across all over the globe is expected to fuel the smart street lightning market over the forecast period. The ongoing technological advancements in the smart street lighting such as developments in the wireless and the internet of things (IoT) technologies is projected to create the several opportunities in the smart street lightning.
Geographically, Europe holds the largest market share in the smart street lighting followed by North America. The various companies and the government agencies in the U.K are focusing on the smart street lighting solutions due to the estimated advantages of smart street lightning which in turn reduces the energy consumption and it is also beneficial for the economy in this region. Asia Pacific is the fastest growing region in the smart lightning market owing to the demand of energy efficient solution and the growing construction industries in this region.
The report on global connected (smart) street lights market covers segments such as, connectivity and component. On the basis of connectivity the global connected (smart) street lights market is categorized into wired and wireless. On the basis of component the global connected (smart) street lights market is categorized into hardware, software and services.
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Major Key Players Mentioned in this Premium Report
The report provides profiles of the companies in the global connected (smart) street lights market such as, EnGo PLANET, Telensa Ltd., Toshiba Lighting, Philips Lighting N.V, OSRAM Licht Group, OSRAM Licht Group, Acuity Brands Lighting Inc., Schreder Group, Twilight Citelum S.A. and Dimonoff Inc.,.
The report provides deep insights on demand forecasts, market trends and micro and macro indicators. In addition, this report provides insights on the factors that are driving and restraining the global connected (smart) street lights market. Moreover, IGR-Growth Matrix analysis given in the report brings an insight on the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of connected (smart) street lights market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the connected (smart) street lights market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight on the market share of the leading players. This report will help manufacturers, suppliers and distributors of the connected (smart) street lights market to understand the present and future trends in this market and formulate their strategies accordingly.
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