DUBLIN, Feb. 27, 2024 /PRNewswire/ — The “Smart Street Lighting – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.
Global Smart Street Lighting Market to Reach $8.5 Billion by 2030
The global market for Smart Street Lighting estimated at US$2.3 Billion in the year 2022, is projected to reach a revised size of US$8.5 Billion by 2030, growing at a CAGR of 17.9% over the analysis period 2022-2030. Hardware, one of the segments analyzed in the report, is projected to record a 15.9% CAGR and reach US$4.4 Billion by the end of the analysis period. Growth in the Software segment is estimated at 21.1% CAGR for the next 8-year period.
The emergence of smart cities has paved the way for the growing prominence of smart street lighting systems. These cities are instrumental in expanding the market for smart lighting by driving urban evolution. Competition in this sector remains robust, with 91 players globally in 2023, each demonstrating varying degrees of market presence.
Recent market activities indicate ongoing developments and innovations aimed at enhancing smart street lighting technologies to meet the evolving needs of urban environments.
The U.S. Market is Estimated at $481.6 Million, While China is Forecast to Grow at 21% CAGR
The Smart Street Lighting market in the U.S. is estimated at US$481.6 Million in the year 2022. China, the world’s second largest economy, is forecast to reach a projected market size of US$1.2 Billion by the year 2030 trailing a CAGR of 21% over the analysis period 2022 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 15.2% and 17.1% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 17% CAGR.
MARKET TRENDS & DRIVERS
- Smart Street Lighting Powered by Photovoltaic (PV) Source Storms into the Spotlight, Led by the Focus on Renewable Energy Sources
- Robust Global Investments in Solar Energy Strengthens the Business Case for Smart Solar Street Lighting
- Developments in Smart Lighting Control Systems Bodes Well for Growth in the Market
- LED Adoption Grows Strong for Smart Street Lighting Applications. Here’s Why
- LED Outpaces All Other Technologies as the Energy Efficient Technology of Choice for Street Lighting
- PoE Street Lighting Gains in Popularity
- Connected Street Lighting Makes the Cut
- AI Revolutionizes the Functionality of Smart Street Lighting
- Role of IoT in Smart Street Lighting Gets Bigger
- Smart Grid Integration Into Smart Street Lighting Gains Prominence
- Here’s How 5G Will Shape Smart Street Lighting
- As Sustainability Take Center Stage in Global Climate Dialogues, Energy Efficiency in Smart Street Lighting Takes the Spotlight
FOCUS ON SELECT PLAYERS (Total 91 Featured)
- Acuity Brands Lighting Inc.
- Cree, Inc.
- Eaton Corporation PLC
- GE Lighting
- Honeywell International, Inc.
- Hubbell Lighting Inc.
- Koninklijke Philips NV
- Lutron Electronics Co., Inc.
- Osram Licht AG
- Schneider Electric SA
For more information about this report visit https://www.researchandmarkets.com/r/bvq9aj
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SOURCE Research and Markets
