Connected (Smart) Street Lights Market - the Increasing Demand for LEDs in a Bid to Reduce Energy Consumption and to Reduce Overall Operational Costs

Albany, NY -- (SBWire) -- 09/12/2018 --The connected (smart) street lights market is primarily driven by the ability of connected (smart) street lights to address the imperfections of traditional street lights. Traditional lighting systems which are at present the de facto standard for street lighting is associated with configuration challenges, extraordinary cost, and interoperability issues that connected (smart) street lights can address.

Apart from this, the development of smart cities across several countries around the world is leading utility companies and government institutions to look for smart lighting technologies that can help reduce costs, reduce carbon emissions, and help boost overall efficiency. Smart (connected) lighting systems can substantially reduce energy consumption as it can be incorporated with various sensors such as natural light sensors occupancy sensors, and motion sensors.

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With the moderate pace of advancement of technologies that are used in connected (smart) street lights and the incessant demand for sustainable lighting solutions has led to considerable penetration of connected (smart) street lights across several cities in developed regions.

A report by Transparency Market Research forecasts the global connected (smart) street lights market to display an outstanding 16.0% CAGR in terms of revenue over the forecast period between 2017 and 2025. The market was evaluated at US$3,712.5 mn in 2016. Vis-à-vis volume, the global connected (smart) street lights market is likely to expand at a CAGR of 20.1% from 2017 to 2025.

Technological developments has undoubtedly boosted the demand for connected (smart) street lights market on the international level in last few years. It has enhanced the capacity of street lights, which is more efficient than the regular street lights. The never-ending demand for sustainable lighting solutions has led to significant growth for connected (smart) street lights across nations in both developed and developing regions. In addition, the development of smart cities across nations around the world has forced the government and companies to look forward to smart lighting solutions. As these smart lighting technologies helps in reducing carbon emissions, available at lower cost, and help increase overall efficiency.

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Apart from various factors supporting the need for connected (smart) street lights market there are certain restrains that hamper it growth during the forecast period. One of the major restrain is lack of favorable environment to use these technological advanced systems. Although developed countries are equipped to a certain degree but developing nations are still in the process to get fully advanced to use connected (smart) street lights. Companies also find it difficult to sell products in these markets. High operational cost is another obstacle seen in connected (smart) street lights market. However, this scenario is projected to change over the core of few years with changing rules and regulations, which will increase demand for connected (smart) street lights market.

The information presented in this review is based on a TMR report, titled "Connected (Smart) Street Lights Market (Connectivity - Wired (Power Line Communication) and Wireless; Component - Hardware (Sensors and Controllers/Relays), Software, and Services) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 202