The global connected (smart) street lights market shows a substantially fragmented competitive landscape due to the presence of several players dominating the global market as analyzed by Transparency Market Research (TMR). The key players in the market are making constant efforts to improve and introduce new products in the market. The incidence of strong monetary gains with the presence of strong competitive landscape will assert to accomplish higher growth of connected (smart) street lights market in coming years. Some of the few players in the market are Silver Springs Network Inc., Acuity Brands Lighting Inc., EnGo PLANET, Twilight Citelum S.A., OSRAM Licht Group, Flashnet SRL, Dimonoff Inc., General Electric Co., Philips Lighting N.V., Schreder Group, Echelon Corporation, Toshiba Lighting, Led Roadway Lighting Ltd, and Telensa Ltd.
As per the analysis done by TMR, the connected (smart) street lights market is expected to show a significant rise in its valuation by reaching up to US$ 3.71 bn during the forecast period starting from 2017 to 2025. The market is also projected to show remarkable progress with a rising CAGR of 16.0% in the forecast period. On the basis of connectivity, wireless segment is anticipated to dominate the global connected (smart) street lights market. The main reason for this growth is technological developments that has given better quality of lighting by using wireless medium. Moreover, geographical significance for connected (smart) street lights market is seen in Europe holding the leading position. During the forecast period, Asia Pacific is projected to lead the market at 18.6% of CAGR on the basis of revenue.
Connected (Smart) Street Lights Shows Higher Performance than Conventional Street Lights
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.
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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.
Lack of Favorable Environment to Restrain the Market from Growing
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.