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Smart street lighting market to reach $39.80 bn by 2022

Smart street lighting market to reach $39.80 bn by 2022

May 10, 2016:  Smart Street Lighting market will witness a huge two-fold growth in Europe and APEJ in the near future. As per ReportsWeb Smart Street Lighting market will see a significant growth in the coming years due to the growing number of global smart cities, increase in government investments and growing awareness regarding energy efficient lighting solutions. The RF technology and Wi-Fi network technologies will continue to be preferred technologies in the Smart Street Lighting market. “The Smart Street Lighting market is a rapidly growing market and it is estimated to reach $39.80 billion by 2022,” according to the researcher.

Smart Cities and Smart Homes will drive the Smart Street Lighting market and also ensure the penetration of cloud based Smart Street lighting in the near future. Due to huge ROI estimations, more and more smart street lighting projects are handled by PPP model. Wifi enabled LED lighting street light poles will dominate the Smart Street Lighting market by 2022 especially in the developed economies.

Smart street lighting market  to reach $39.80 bn by 2022

READ ALSO: Visakhapatnam gets smart street lighting system, first of its kind in India

Smart Street lighting is a rapidly growing lighting market. At present, a lot of countries are replacing the traditional street lights with the smart LED street lighting lamps. Globally, there are about 281.4 million streetlights in the world and is expected that it will reach 338.9 million by 2025. The traditional high intensity discharge lamps (HID) consume a lot of energy and generate lots of heat.

Thus, with the growing awareness and the need to reduce the carbon footprints globally, countries have started replacing the street lights with smart LED lights. The smart street lighting poles can be turned “ON” or “OFF” through the smart devices. Most of the smart poles are enabled with motion sensors which turn ON whenever there is movement near the pole.

According to the Publisher analyst, the smart street lighting market will grow at an estimated CAGR of 40.3% during the forecast period 2016–2022.

READ ALSO: Philips to introduce SmartPoles for efficient LED street lighting

Europe is the biggest market for the smart street lighting followed by Americas. The countries which are leading in the smart street lighting market are Germany, UK, and US. The upcoming markets for the smart street lighting are India, China, and Poland due to the growing number of smart cities projects in these countries.

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