The sixth edition of the industry standard study of the global streetlighting market shows that well over a quarter of all streetlights globally have been converted to LEDs.
The so-called “foundational layer” for smart cities projects globally is forecast to reach a total investment of $28.1bn over the next decade, new research finds.
The Global Smart Street Lighting & Smart Cities: Market Forecast (2020-2029) study published by Northeast Group shows the market for LED and smart streetlighting, as well as additional smart city sensors attached to streetlight infrastructure continues to show steady growth with limited disruptions from Covid-19.
The sixth edition of the industry standard study of the global streetlighting market shows that well over a quarter of all streetlights globally have been converted to LEDs, while over 10 million smart streetlights have been connected globally, not including China and India.
Research for the study included a bottom up analysis to size the streetlight market for each of the 125 countries covered and determine the status of LED conversions and smart streetlight deployments.
“The challenges of 2020 have reinforced some of the key trends that were already developing in the smart streetlighting market,” said Chris Testa, research director at Northeast Group.
“A focus on choosing interoperable software platforms that can serve multiple smart city segments are also key trends that have only become more salient in the past year”
“Covid-19 has highlighted the importance of automation and resiliency for cities, but reduced municipal budgets mean that access to financing through Escos (energy service companies) and other third parties is increasingly important.”
He continued: “Likewise, a phased-in approach to smart cities that starts with smart streetlighting before proceeding to other applications and “a focus on choosing interoperable software platforms that can serve multiple smart city segments are also key trends that have only become more salient in the past year.”
The study reports as the market develops, the vendor landscape for smart streetlighting remains extremely fragmented and ripe for consolidation.
The market also now includes some vendors focused primarily on the software component of smart streetlighting, which will reach over $200m in recurring revenue per year by 2029, according to Northeast Group.
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