Global market for smart street lighting is expected to be worth $992 million in 2020

Smart street lighting is solidifying its position as one of the most rapidly expanding technologies in the smart cities market. The strong business case and platform potential of smart street lighting continues to accelerate substantial commercial projects in cities and utility service areas globally, according to new research.

Signify, Telensa, and Itron each have strong product portfolios that are recognized in the market as being reliable, mature, and of high-quality, Guidehouse Insights says. These vendors have clear, compelling visions that are effectively communicated to the industry and a strong market presence through the deployment of large-scale connected street lighting projects in multiple world regions.

The global market for smart street lighting is expected to be worth $992 million in 2020, growing to more than $8.3 billion by 2029. Over the past 2 years, millions of control nodes have been added to street lights globally. With more applications being added to street lighting networks, new revenue streams are available to industry players and cities that capitalize on these opportunities.