The Smart street lighting systems Market is also expected to be driven by the fact that using these lights the total operational cost is reduced significantly as the manpower required for maintenance and check-ups of lighting is saved significantly. In addition to this, the smart street lighting systems are handled using the centralized management system and also the parameters including light, temperature, voltage, current, etc. are continuously monitored. On the other hand, high price and lack of technical expertise required for maintenance and deployment of smart street lighting system are some of the major challenges for the growth of the market.
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With the constant adoption of new technologically advanced products across different areas of operation, the adoption of smart street lighting system is also increasing rapidly as it is a connected lighting Considering today’s initiatives by government and other private organizations for establishing smart city projects, the demand for smart street lighting system is expected to grow significantly over the coming years. The manufacturers of smart street lighting system are focusing on delivering lighting which will help in solving the problems while constructing transportation infrastructure so that the traffic management is performed smoothly. Also, smart street lights are increasingly demanded as the cities can save on costs for lighting.
Energy efficient lighting systems are the main feature in the smart street lighting system. Smart street lighting systems are made up of components including (light emitting diode) LED lamps, sensors, and control units. These components are equipped in each of the lamp poles and also to the designated cluster of lamp poles. Using this component in a connected manner, the centralized communication is carried out for controlling the smart street lighting systems. In addition to this, the popularity of the smart street lighting systems is expected to grow significantly over the forecast period due to increase in adoption of environmental friendly products as these lights reduce the greenhouse gas emission.
The primary factor responsible for the growth of smart street lighting system is increasing the adoption of these systems across developing countries such as India, China, and others for the projects such as the smart city. The other feature of smart street lighting systems such as real-time analysis of the lightning is also responsible for fuelling the demand for smart street lighting systems. Also, using this collected data, the detection and maintenance of lighting failure problems are solved quickly which ultimately results in saving time.
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Examples of some of the key players in the global smart street lighting systems market include Koninklijke Philips N.V., Hubbell Lighting, Inc., General Electric, OSRAM, Acuity Brands Lighting, and others. Smart street lighting systems manufacturers are continuously focusing on innovations in their products. This strategy is followed by key vendors for sustaining themselves in the increasing global competition.
The mobile applications for the smart street lighting system is one of the major trend observed which is significantly fuelling the demand for the smart street lighting system. In addition to this, dominant players in the smart street lighting system are performing constant innovations to deliver differentiating products to the customers.
For example, in March 2018, OSRAM which is one of the leading smart street lighting system providers launched ‘Tuner4TRONIC’ a mobile application for the smart street lighting system. This application is used for setup and maintenance of the smart street lighting. Through this application, the company is focusing on delivering more advanced smart street lighting systems with easy operational ways, by offering cloud deployment.
North America holds a significant market share due to its rapid adoption of smart street lighting system as the U.S. is the largest adopter of the smart solutions. European countries are adopting smart street lighting system and the market for it is expected to grow at significantly during the forecast period due to increasing adoption of wireless technologies and rapid adoption of efficient lighting solutions to reduce the operational time while maintenance. APEJ region is expected to grow at a significant CAGR during the forecast period due to the increasing government initiatives such as smart city projects fuelling the demand for smart street lighting system in a huge volume. On the other hand, considering the demand for Smart Street lighting system, the MEA region is expected to grow at a moderate CAGR due to less adoption rate in developing countries from this region.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Smart street lighting systems Market Key Players, Segmentation and Trend Analysis by 2028
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