Companies in the connected (smart) street lighting market are focusing on developing cost-effective lighting solutions to attract more customers. In addition, AI (artificial intelligence) applications are entering the connected (smart) street lighting market to expand the ecosystem of distributed intelligence (DI) products. Network operators are using artificial intelligence software to provide utilities with predictive information to balance supply and demand for electricity.
With the ongoing coronavirus situation, the market for connected (smart) street lighting is likely to expand steadily as demand for lighting solutions rises and supply chain issues are better addressed across countries. The market is poised for healthy growth in the coming months as stakeholders adjust to the new post-pandemic normal.
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Mass production is becoming more and more prominent in China. However, recent concerns over a sudden lockdown in Shanghai and an unprecedented spike in COVID-19 cases have put business at risk. As a result of such recurring events from 2019 to the present, manufacturers in the Western Hemisphere have made significant progress in insuring themselves against supply volatility in Asia, especially in China, by shifting mass production to their home countries.
While the global connected (smart) street lighting market is expected to experience explosive growth throughout the assessment period, underdeveloped and weak infrastructure in some developing countries is likely to hamper the market.
A large number of developing countries are still using traditional street lights, so the cost of switching to connected street lights is expected to be high due to high installation costs, which in turn will hold back market growth. However, more and more governments are beginning to recognize the long-term cost-effectiveness, convenience and other benefits of smart street lighting, which are expected to drive market growth in both underdeveloped and developing countries.
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The demand for connected (smart) street lights is expected to increase significantly due to the realization of their benefits and the growing adoption of these lighting solutions around the world. Significant changes associated with the miniaturization of electronic tools have reduced the cost and size of smart street lights, which in turn is expected to open up new opportunities for the connected (smart) street lights 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. 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. Innovations in Internet of Things (IoT) technology and its integration with other devices have further contributed to the adoption of smart lighting and control systems in emerging economies. Innovations in Internet of Things (IoT) technologies and their integration with other devices are further driving the adoption of smart lighting and control systems in emerging economies. In addition, some governments are implementing smart street lighting solutions in outdoor areas, roads and car parks to reduce energy consumption and improve the atmosphere.
The connected (smart) street lighting market in Europe and North America is expected to grow exponentially over the forecast period due to the high penetration and adoption of these solutions. Technological advances in networking and sensors, combined with a wide range of products from a large number of vendors, add to the dominance of these regions. Countries such as the US, Canada, France, Germany and the UK are providing manufacturers with long-term profitable opportunities through the growing adoption of IoT ecosystems in the region.
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Europe accounted for the largest share of revenue in 2020 due to the presence of a large number of manufacturers focused on increasing the output capabilities of connected (smart) street lights. The market in the Asia-Pacific region is expected to grow at a significant CAGR due to the growing demand for energy efficient solutions, government support and the large-scale adoption of LEDs in street lighting.
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Post time: Nov-06-2022