Connected Smart Street Light Market is anticipated to grow at a CAGR of 19.88% from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Connected Smart Street Light - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global connected smart street light market is estimated to account for over US$ 350 Mn by 2019. The market is anticipated to grow at a CAGR of 19.88% from 2019 to 2030.
Connected smart street lights can perform multiple functions, such as traffic monitoring, public safety monitoring and auto-dimming based on changes in weather conditions among others. Also, it can measure air pollution levels and notify when the toxicity of the air increases. Increasing awareness regarding energy-efficient solutions, growing demand for intelligence lighting systems, and new smart city projects are fueling market growth.
Moreover, connected smart street lights can save approximately 70% of the power. It helps to reduce road accidents and crime by continuously monitoring pedestrians, vehicles, and other moving objects. Hence, many government bodies and agencies have been undertaking smart street lights initiatives. For instance, in Australia, local governments have planned to deploy over 4,700 smart street lights from April 2019 in Palmerston and Darwin cities of the northern territory. Such government initiatives have been boosting the market growth of connected smart street lights across the globe.
However, high initial investments, and lack of product standards, are the major factors that may restrain the market growth of connected smart street lights.
Browse key industry insights spread across 200 pages with market data tables & figures & charts from the report, Connected Smart Street Light Market by Offering (Hardware & Software and Service), Connectivity (Wired and Wireless), Application (Traffic Monitoring, Environmental Monitoring, and Video Surveillance) - Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/connected-smart-street-light-market/195
Europe accounted for the largest market share globally for the past few years. However, Asia-Pacific is expected to grow with the highest CAGR during the forecast period due to governments in the region taking up smart initiatives, especially in China, India, Japan, South Korea, and Hong Kong. For instance, in 2019, the Hong Kong government has planned to install about 400 multifunction street lamps, which are capable of collecting information related to air quality, traffic flow, and weather.
Some of the prominent players in the connected smart street light market include Cisco Systems, Inc., Signify Holding., Itron Inc., Telensa,, OSRAM GmbH, Schréder, Huawei Technologies Co., Ltd., and ACUITY BRANDS LIGHTING, INC., among others.
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