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Smart street lighting market to grow $675m by 2023

The Asia Pacific region is expected to register the fastest growth, driven by the increasing awareness and adoption of technology of governments.

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The smart streetlight market will grow by well over a quarter by 2023
The smart streetlight market will grow by well over a quarter by 2023

The global connected street lighting market is expected to undergo a compound annual growth rate (CAGR) of 28 per cent, fuelled by the emergence of smart cities, to reach $675m through the period 2019-2023.

 

According to Technavio’s global smart street light market analysis, the APAC region is expected to register the fastest growth rate during the forecast period. This is mainly driven by the increasing technology awareness and adoption by governments in the region.

 

Lowering cost and emissions

 

This research report segments the market by connectivity (wired, and wireless) and geography (Europe, North America, APAC, MEA, and South America).

 

The global technology research and advisory company points out continuous use of streetlights at nighttime has increased electricity consumption and carbon emission.

 

As a result, governments in the APAC region are adopting wireless smart street lighting systems that can help city authorities to reduce energy cost and carbon dioxide emissions. Therefore, the connected street light market is expected to grow significantly in APAC during the next five years.

 

Meanwhile, the wired connectivity segment has been dominating the connected street lighting market for decades and is expected to dominate the market over the forecast period. However, the emergence of wireless connectivity is slowly reducing the demand and adoption of wired connectivity, notes Technavio.

"The upfront cost of PLC-based wired connected streetlight is higher than that of smart street light systems that work on a wireless communication module"

This is mainly because wireless systems offer better light performance monitoring and addition of value-added applications to the existing set-up. Although the wired segment is expected to hold a maximum share of the market, the difference is very small, and the wireless connectivity segment is anticipated to grow at a faster rate globally.

 

“The wired connected streetlights use programmable logic controller (PLC), which is the most secure communication module and is better than a wireless communication module such as Bluetooth,” said Technavio.

 

“However, the upfront cost of PLC-based wired connected streetlight is higher than that of smart street light systems that work on a wireless communication module. As a result, the adoption of wireless streetlights is expected to increase significantly during the next few years.”

 

Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

 

To request a free report, go to Technavio reports.

 

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