The competitive landscape of the connected (smart) street lights market is substantially fragmented due to the presence of several key players that operate in global as well as regional markets. Some of the prominent leaders this market are: General Electric Co., Philips Lighting N.V., Acuity Brands Lighting Inc., Toshiba Lighting, Echelon Corporation, Led Roadway Lighting Ltd., Flashnet SRL, amongst many others.
As per a report published by Transparency Market Research, the global connected street lights market is expected to exhibit remarkable growth from 2017 to 2025. This growth is anticipated to occur at a steady CAGR of 16.0% in terms of revenue. In 2016, the market had a valuation of US$3712.5 mn. In terms of volume, the market is likely to display a robust CAGR of 20.1% during the forecast period. Both from the perspective of strong monetary gains as well as the strong competitive landscape, the market for connected (smart) street lights market is surely expected to grow tremendously in the future.
Wireless Connectivity Segment to Show Promising Growth in Future
Based on geography, connectivity, component criteria, the global connected (smart) street lights market is divided into several segments. For example, from the perspective of connectivity, the connected (street) lights market is divided into wired and wireless segments. Of these, the wireless connectivity segment is anticipated to lead in the next few years. This is mainly due to the rising technological advancement that promise better quality of lighting using a wireless medium. Based on the component criteria, the major segments are hardware, services, and software, which are further divided into several other sub-segments.
Europe bags the top market share in the connected (smart) street lights market from a geographical perspective. As compared to Europe, North America holds the second spot for regarding market valuations. The main reasons for this market monopoly involves a growing interest by government agencies and other firms in these regions to actively take part in setting up appropriate connected street light arrangements. This is due to the ability of the firms to recognize the high importance of these lights as compared to the typical street light type.
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Need for Efficient Lighting Solutions Ups Demand
One of the most significant drivers of the connected (smart) street lights market includes rapid technological advancements that have taken place in recent times. These street lights have a higher capacity than regular street lights. The former also have several other advantages as compared to the latter. Setup issues, operational hindrances and high costs are some of the drawbacks of regular street lights that are leading to the adoption of connected (smart) street light solutions. The adoption of connected (smart) street light is particularly gaining traction in urban areas for efficient lighting solutions. Another factor responsible for contributing to the market includes betterment of urban communities in some countries. Governments as well as private organizations in these communities are making efforts to obtain the maximum efficiency of smart street light solutions.
In spite of all driving factors, there are a few restraints that may dampen the progress of the connected (smart) street lights market. A prime obstacle to the growth involves the lack of support infrastructure in developing and underdeveloped nations needed for connected (smart) street light solutions. This is challenging product vendors to foray into these markets. However, this scenario is soon expected to change with the emergence of universally applicable rules and regulations that may make it mandatory to adopt connect (smart) street light solutions for lighting needs.