Lighting is one of the major prospects for rapidly evolving smart technologies. A majority of lighting systems installed currently are based on traditional lighting systems. However, increasing awareness about energy conservation and efficient lighting techniques is gaining attention of players operating in the connected (smart) street light market.
In addition, development of sensors and wireless technologies in the field of smart lighting is fueling the market. The market is witnessing growth, due to rise in the demand for greener strategies that would support sustainable development worldwide. The global connected (smart) street light market is anticipated to reach value of US$ 1,502.8 Mn by 2026 from US$ 257.3 Mn in 2017, expanding at a CAGR of 21.0% during the forecast period.
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Furthermore, the hardware segment has been sub-classified into light source, drivers & ballast, sensors, switches, controllers, and others. The light source sub-segment has been sub-divided into LED lamps, sodium vapor lamps, and others. In terms of region, the global connected (smart) street light market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The wireless segment holds a major share of the global connected (smart) street light market and is expected to continue its dominance during the forecast period. Introduction of new wireless technologies such as Li-Fi is positively influencing the market. However, the connected (smart) street light market faces challenges in terms of poor infrastructure in developing economies.
This is attributable to underdeveloped network infrastructure and low Internet penetration, which leads to low bandwidth availability. Increasing adoption of light emitting diodes (LEDs), rapidly rising trend of street lighting systems and lighting in commercial setups, and high penetration of connected street light technology in smart cities are expected to provide significant opportunities to the connected (smart) street light market in the near future.