Connected Streetlights Market Size to Grow at a CAGR of 14.82% During 2021-2026

(IT-NEWSWIRE.COM, December 26, 2021 ) Connected streetlights Market size was valued at $1.3 billion in 2020 and it is estimated to grow at a CAGR of 14.82% during 2021-2026. The growth is mainly attributed to the high penetration of internet of things (IoT), constant innovation in mobile networks along with wireless technology, increasing demand for efficient advanced lighting solutions across industries and awareness regarding energy conservation. Furthermore, exponentially growing investments in smart city projects and government initiatives for greener strategies to support sustainable development across the world are the major driving factors of connected streetlights market. Additionally, this technology also helps in environmental monitoring, video surveillance and traffic monitoring, which enhances the public safety level and creates massive growth opportunities for IoT-enabled connected streetlights. Hence, owing to the above mentioned factors the connected streetlights industry is gaining traction in the forecast period 2021-2026.

Connected Streetlights Market Segment Analysis – By Component

Connected streetlights market is segmented into hardware, software and services, based on component. Hardware segment is further segmented into LED Lamps, Sodium Vapor Lamps, Drivers and Ballast, Sensors, Switches, Controllers and others. Among all the components, hardware dominated the market with a share of 25.16% in 2020, due to the increasing environmental concerns across the world and increasing adoption of light emitting diode (LED) lights for its several benefits. Many countries across the globe are investing heavily for the installation of more reliable LED street lighting system. For instance, till April 2019, Energy Efficiency Services Ltd. (EESL) replaced over 89.15 lakh street lights with LEDs across 1,400 Indian cities. Similarly, a recent report of Pacific Northwest National Laboratory shows that, Chicago will save $10 million within a year in energy cost with the help of LEDs. Similarly a report from Department of Energy states that, by 2027, the usage of LEDs will save 348 Terawatt-hour (TWh) of electricity and $30 billion electricity cost, compared to non-LED lightings. In addition, increasing environmental awareness among the people creates a massive requirement for this technology that fuels the growth of this market. This technology is more environment friendly, energy efficient, than any other traditional lighting system. Moreover, LED technology offers durability, which means longer lifespan and compactness. This in turn boosts the adoption rate of this solution and triggers the growth of this market. Such advantages are analysed to drive the market in the forecast period 2021-2026.

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Connected Streetlights Market Segment Analysis- By End User Industry

On the basis of end-user industry, this market is segmented into residential, commercial, industrial and Public & Government.Public & Government sector is analyzed to grow with the fastest CAGR of 15.19% during 2021-2026. Increasing investment in smart city projects, penetration of internet of things (IoT), government’s initiatives in promoting more sustainable methods for economical as well as environmental development, increasing popularity of LED lights, environmental awareness and others are the key influencing factors behind this growth. For instance, in June 2019, Havells India enhanced their manufacturing capabilities by five times, to 25 lakh lamps from 5 lakh lamps per month to assist the government’s initiatives for improving efficiency in the power & energy sector. Furthermore, due to the pandemic, paper bureaucracy dependent Japan is taking initiatives toward its digital transformation, resulting in high investments on smart city projects by the Japanese Government which will work as a key influence for the digital transformation and economical revival of Japan. Apart from that, the adoption of solar lighting plays a major role in the growth of this market. Hence, the above mentioned factors are being seen as the opportunity for the players operating in the connected streetlights market during 2021-2026.

Connected Streetlights Market Segment Analysis- By Geography

North America region held the highest connected streetlights market share around 31.55% of in 2020. The growth is mainly driven by the early adoption of this technology, growth in internet of things (IoT) infrastructure, rising demand for energy efficient lights such as light emitting diode (LED), connected solar lights and others; and presence of prominent market players. Growing investment for smart cities and Governments’ initiatives for these projects are fueling the growth of this market. In May 2019, New Orleans invested $40 million in holistic smart city project to improve the citywide public safety system. Similarly, a Mexican town, Tequila is in the process of consolidating itself as a smart town under the name “Smart Tequila” and the local Government is also planning to complete the whole digitization process by the year 2040.Such strategic investments will create huge demand for IoT-enabled connected streetlights along with pedestrian lights that are also called piggyback lights and will drive the growth of connected streetlights market in this region during the forecast period 2021-2026.

Connected Streetlights Market Drivers

Increasing Investment in Smart City Projects:

One of the major drivers behind the growth of connected streetlights market is growing investment is smart city project. The number of smart city projects is analyzed to grow rapidly due to the public safety issues, urbanization, government’s initiatives in the form of investments, increasing concerns for environment, limited resources and others. These projects reduce the overall energy and maintenance costs and also open up new revenue opportunities. In June 2020, The Singapore Government announced to increase the investment in smart city projects and information technology by 30%. Similarly, in April 2021, Mitsubishi Corporation added a new urban transit oriented mixed use development project, to its already existing smart city program, near Jakarta. As the requirement of IoT-enabled connected streetlights is directly proportional to the number of smart city projects, thus,with growing investments in smart city projects across the globe, the demand for connected streetlights is also rising. These smart street lighting will help in building future-proof smart cities. For instance, In October 2019, UK-based smart city solution provider Telensa teamed up with Eaton Lighting to deliver connected solutions for outdoor lighting and related smart city applications across the world.

High Penetration of Wireless Technology and Digitization:

Growing penetration of wireless technology and increasing investment on wireless technology for digital transformation is analyzed to drive the connected streetlight market during the forecast period. In February 2020, Microsoft announced their $1.1 billion investment plan to drive the digital transformation in Mexico over next five years.Unlike wired connected streetlights such as PLC-based wired connected streetlights, wireless connected streetlights can be remotely monitored as well as controlled with the help of connected wireless networks. Along with this, the upfront cost of wireless streetlight is far less than PLC-based wired connected streetlights, which fuels the growth of this market. Moreover, connected streetlights technology can send information faster to a centralized management system through wireless technology than wired technology, which helps in controlling different parameters including voltage, current, temperature and others.Such advantages of wireless technology and increasing investment in wireless solutions are augmenting the growing adoption of connected streetlights globally.To meet the growing requirement of wireless connected streetlights players are launching advanced products. For instance, in October 2019, LED Eco Lights announced the launch of its new product - a networked wireless lighting control system, named Light Boss, which significantly reduces the energy and maintenance cost and monitors the usage and can be used across various sectors including commercial, industrial, education, healthcare and others. Hence, the above-mentioned factors are set to boost the market growth during 2021-2026.

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Connected Streetlights Market Challenges

High Installation Cost:

Even though, connected streetlights market is growing rapidly, high installation cost of this technology hampers the growth of this market. The growing penetration of IoT creates huge demand for this IoT-enabled connected streetlights market. Since this technology includes various types of hardware such as LED lamps, sodium vapor lamps, drivers and ballast, sensors, switches, controllers and others as well as software solutions, the overall price of this solution rises.Hence, the rise in installation price will hamper the growth of this market during the forecast period 2021-2026.

Connected streetlights Market Landscape

Technology launches, Acquisitions,Collaboration, and R&D activities are key strategies adopted by players in the connected streetlights Industry Outlook. Connected streetlights top 10 companies includes General Electric, Koninklijke Philips N.V, Telensa Holdings Ltd., Echelon Corporation, Osram Licht AG, Signify Holding B.V., Cisco Systems, Inc.,Trilliant holdings Inc., AxiomTek Co., Ltd., Cree Inc. and others.

Acquisitions/Technology Launches

In July 2021, Signify announced about its acquisition of a UK-based company, Telensa Holdings, for smart cities. By acquiring Telensa, Signify added a narrow-band and TALQ-compliant solution to its feature-rich, open and secured systems. This will make smart city infrastructure affordable to the cities utilizing the unlicensed radio space.

In June 2020, The New York Power Authority (NYPA) collaborated with Signify company, to support Smart Street lighting NY. Under this program, over 50,000 LED streetlights already had been installed or are currently being installed across New York.

Key Takeaways

Hardware held the highest market share in 2020 and is anticipated to witness significant amount of growth, owing to increasing awareness regarding environmental issues and growing adoption of LED streetlights.

Public & Government sector is analysed to witness the fastest growth between 2021-2026. Rising requirement for cost effective, energy efficient lighting technology and smart city project initiatives are the key factors behind the growth.

North America held the major market share in 2020 and is anticipated to witness significant growth during forecast period, owing to the early adoption of this technology, rising investments in smart city projects and the presence of prominent market players.

Increasing smart city investment and penetration of wireless technology works as a growth driver for this market during 2021-2026.

The top players of this market includes General Electric, Koninklijke Philips N.V, Telensa Holdings Ltd., Echelon Corporation, Osram Licht AG and others.

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Connected Streetlights Market Size to Grow at a CAGR of 14.82% During 2021-2026