SMART STREET LIGHTING MARKET HAS SEEN A SOARING 21.2% GROWTH TO REACH USD 90.08 BILLION BY 2030, PROJECTS UNIVDATOS MARKET INSIGHTS
- Vikas Kumar
- June 25, 2024
- ARTIFICIAL INTELLIGENCE & ANALYTICS, NEWS
- Smart Street Lighting, Smart Street Lighting Market
- 0 Comments
Key Highlights of the Report:
- Smart street lighting uses energy-efficient LED bulbs, which consume less energy compared to traditional streetlights.
- The advancement of Internet of Things (IoT) technology and wireless connectivity has made it easier to connect and control streetlights remotely.
- Governments and regulatory bodies are implementing policies and regulations to promote energy efficiency and sustainability.
According to a new report by Univdatos Market Insights, the smart street lighting Market is expected to reach USD 90.08 Billion in 2030 by growing at a CAGR of 21.2%. Smart streetlights are a new and innovative technology that aims to optimize energy consumption, reduce costs, and improve functionality. These lights are equipped with various sensors, communication systems, and intelligent control mechanisms. Governments and municipalities worldwide are adopting smart streetlights to improve energy efficiency. These lights can automatically adjust their brightness based on real-time traffic conditions, resulting in significant energy savings, and positively influencing the demand for the smart street lighting market.
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Recent advancements in the market include the implementation of smart city initiatives and the deployment of connected lighting solutions. These advancements enable remote monitoring and control of street lights, leading to improved energy management and reduced maintenance costs. Moreover, the integration of advanced technologies like artificial intelligence and data analytics has further enhanced the efficiency and functionality of smart street lighting systems. However, the market also faces certain challenges that hinder its growth potential. High initial installation costs and limited funding for infrastructure projects pose significant challenges, particularly in developing regions.
Fig1: Top 10 Cities Implementing Connected Streetlights
Growing Adoption of Smart Street Lighting
In 2023, a town in Germany initiated a project aimed at reducing energy consumption by implementing smart lighting technology and encouraging residents to participate in controlling street lighting. The project involved upgrading 154 light poles and connecting them to sensors and AI controllers that could automatically adjust lighting based on various factors such as traffic, ambient lighting, and weather conditions.
In 2023, As part of its commitment to Net Zero, National Highways, the government company responsible for England’s Strategic Road Network (SRN), has announced it will switch 70% of its lights to cleaner LED alternatives by 2027. In 2023, National Highways, the government company responsible for England’s Strategic Road Network, announced it will switch 70% of its lights to LEDs by 2027 to achieve Net Zero emissions.
Conclusion:
In conclusion, the global smart street light market holds significant potential for growth and innovation. With the increasing focus on energy efficiency and sustainability, smart street light offer numerous benefits such as reduced energy consumption and improved safety. The market is expected to witness a steady rise in demand, driving technological advancements and market competition.
