Smart Street Lighting Market Size, Share, Growth Strategy, Upcoming Trends, Business Challenges, Opportunities and Future Competition Till 2033: SPER Market Research
“Smart” street lighting is defined as street lighting in public areas that responds to the movements of vehicles, bicycles, and pedestrians. Another name for it is adaptive street lighting, which turns on when motion is detected and off when none is. Real-time detection of maintenance problems and lighting outages by smart street lighting systems guarantees better service quality and timely error correction. This also eliminates the requirement for routine maintenance-related inspections.
According to SPER market research, ‘Smart Street Lighting Market Size- By Component, By Type, By Application- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Connected Street Lighting Market is predicted to reach USD 16.76 Billion by 2033 with a CAGR of 19.46%.
Driver:
The increasing inclination of consumers towards energy-efficient LED lighting is driving the market for smart street lights. Light-emitting diodes (LEDs) are becoming more popular in the target market, which also helps with the development of a large-scale street lighting system. Business setups backed by extensive use of networked street light equipment as part of smart city initiatives will soon be major drivers of market growth. Additionally, government organizations and energy companies are utilizing smart lighting technology, which will help save money and cut greenhouse gas emissions over the projected period.
Moreover, one of the primary components of the smart city initiative is the implementation of smart street lighting systems.
Challenges:
Despite a number of disadvantages, including costly initial costs, complicated setup, and difficult operations, connected street lights have become more and more popular. In certain developing and underdeveloped nations, the linked street light market’s growth is impeded by a lack of auxiliary infrastructure. Furthermore, security and privacy issues related to linked lighting systems with Wi-Fi, Li-Fi, and sensor features are growing in number. Cyberattacks have the potential to cause significant harm, like the loss or disruption of essential services like electricity and water.
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Impact of COVID-19 on Global Smart Street Lighting Market
The market for (smart) street lights has been significantly impacted by the COVID-19 pandemic. The global slowdown in the development of new projects has resulted in a decrease in the demand for analog semiconductors. Because workers have stayed at home, global supply chains have been disrupted, and factories are finding it difficult to implement new techniques globally. The effects of COVID-19 on this market are only transitory because the virus has halted production and the supply chain. Production, supply chains, and the need for networked (smart) street lights will all improve as conditions improve. Businesses would be encouraged to consider more sophisticated connected (Smart) street lights in order to increase efficiency as a result of the COVID-19 lockdown.
Smart Street Lighting Market Key Players:
The market for connected street lighting systems technology is dominated by Europe. Several European lighting associations are currently putting a lot of effort into implementing smart lighting control in both the public and private sectors. Additionally, some of the market key players are Acuity Brands Inc., CIMCON Lighting, Delta Electronics Inc, Echelon Corporation.
Smart Street Lighting Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Component: Based on the Component, Global Smart Street Lighting Market is segmented as; Hardware, Software, Services.
By Type: Based on the Type, Global Smart Street Lighting Market is segmented as; Narrowband, Broadband.
By Application: Based on the Application, Global Smart Street Lighting Market is segmented as; Smart Parking, Street Light Management.
By Region: This report also provides the data for key regional segments of North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
Connected Street Lighting Market Future Outlook
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