Intelligent/Smart Street Lighting Market Size to Grow At 20.5% CAGR From 2024 to 2030.

Intelligent/Smart Street Lighting Market Size (2024 – 2030)

As per our research report, the Intelligent/Smart Street Lighting Market size is estimated to be growing at a CAGR of 20.5% from 2024 to 2030.

Smart street lighting systems provide advantages like remote monitoring and control, adaptive lighting adjustments according to real-time data, and decreased energy usage by dimming or switching off lights when unnecessary. The market expansion is propelled by the implementation of smart city projects and the incorporation of Internet of Things (IoT) solutions.

The growth of the intelligent/smart street lighting market is driven by several key factors. These include the rising demand for energy-efficient lighting solutions, the increasing integration of Internet of Things (IoT) technology within the lighting industry, and the growing emphasis on developing smart cities. This market pertains to the production, distribution, and utilization of advanced street lighting systems designed to optimize energy consumption, reduce operational costs, and enhance public safety. Equipped with sensors, controllers, and sophisticated software, these systems can autonomously adjust brightness levels, activate or deactivate lights based on environmental conditions, and interface with centralized management platforms.

However, the adoption of intelligent street lighting systems faces challenges. High installation costs serve as a barrier, particularly for smaller municipalities with limited financial resources. Moreover, the complexity involved in integrating various technologies and managing these systems poses operational hurdles, especially for cities lacking adequate technical expertise.

Economic downturns have constrained municipal budgets, leading to decreased funding for infrastructure projects including smart street lighting initiatives. Supply chain disruptions and increased production costs have further exacerbated these challenges. Nevertheless, the pandemic has accelerated trends such as remote work, reducing street traffic, and subsequently lowering energy consumption. Additionally, heightened concerns over public safety have driven interest in smart street lighting systems equipped with security features like cameras.

The largest segment within the lighting market is indoor lighting, which encompasses commercial and industrial applications. These sectors utilize sophisticated lighting controls, sensors, and analytics to optimize energy usage, enhance operational capabilities, and lower expenses. Indoor lighting applications extend to emergency and security lighting, emphasizing safety and operational continuity. Conversely, outdoor lighting applications prioritize energy efficiency, cost-effectiveness, and public safety. Indoor lighting applications also emphasize energy efficiency, cost reduction, and enhanced functionality. Moreover, there is a rising trend in decorative lighting, which is employed to create atmospheres and augment the visual appeal of public areas.

In developing countries, there is a burgeoning investment in smart city infrastructure, including intelligent street lighting. This presents growth opportunities for market players to expand into new geographical regions. Given the substantial investment required for deployment, public-private partnerships (PPPs) emerge as a viable strategy. These partnerships enable cities to leverage private sector resources and expertise to implement and sustain smart street lighting systems effectively.

KEY MARKET INSIGHTS:

• Based on the end user, the commercial sector, holding the largest market share, is expected to maintain its dominance throughout the forecast period. Smart street lighting solutions are primarily deployed in supermarkets, shopping centers, retail establishments, and parking lots. These locations, including vast supermarket and shopping mall parking lots, benefit from enhanced lighting for parking management, safety, and security, whether indoor, outdoor, or in multi-story facilities. Furthermore, smart lighting systems efficiently and economically illuminate commercial structures, outdoor dining areas, walkways, and water features. During the forecast period, the industrial segment is projected to experience the highest compound annual growth rate (CAGR). Industrial zones and parks require lighting solutions that are consistently available, reliable, and capable of meeting the specific operational needs of on-site industrial activities. Brightly lit roads and pathways are essential to ensure safety during frequent movements of large vehicles such as vans and trucks throughout the day. These factors are expected to significantly drive the adoption of connected street lighting solutions in commercial applications.
• Based on the region, North America is poised to dominate the market, holding the largest share, driven by the presence of key industry players and the rapid adoption of advanced technologies such as IoT, AI, and 5G across the region. Europe is also expected to hold a substantial market share, supported by government initiatives promoting smart city infrastructure and growing awareness of the advantages offered by energy-efficient lighting systems. In the Asia Pacific region, significant growth is anticipated due to rapid urbanization and increasing investments in smart city initiatives. This region is witnessing a surge in the adoption of smart city infrastructure, contributing to its high growth rate in the market. South America the Middle East and Africa are projected to experience moderate growth. This growth is attributed to increasing government initiatives aimed at enhancing smart city infrastructure and rising awareness of the benefits associated with energy-efficient lighting systems in these regions.
• Companies playing a leading role in the Intelligent/Smart Street Lighting Market profiled in this report are Sensus, Honeywell International Inc., Silver Spring Networks, Telensa, Legrand S.A, Zumtobel Group AG, Schneider Electric, Wipro Limited, Philips Lighting, GE Lighting, Osram.

Global Intelligent/Smart Street Lighting Market Segmentation:

By End-user:

• Government
• Commercial
• Residential and others

By Region:

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

Request Sample Copy Of This Report @ https://virtuemarketresearch.com/report/intelligent-smart-street-lighting-market/request-sample