Connected (Smart) Street Lighting Market to Grow at 24.1% CAGR

The global connected (smart) street lighting market was valued at US$ 1.3 Bn in 2021. Market forecast estimates industry growth at a CAGR of 24.1% during the forecast period, from 2022 to 2031.

The global market is anticipated to touch value of US$ 11.5 Bn by 2031. Growing awareness and increasing emphasis on energy savings are anticipated to propel the global connected (smart) street lighting market during the forecast period. Since public lighting accounts for 60% of a municipality's or a governing body's electrical budget, smart street light systems are an ideal way of saving energy. Carbon emissions can be reduced by incorporating IoT into lighting systems, which is expected to increase the market value of connected street lighting.

Cities across the world are implementing smart energy policies to achieve their sustainability goals, which is projected to drive the development of future street lighting. Increase in investments in solar street lighting and smart cities is estimated to fuel the global industry of connected (smart) street lighting. Market participants are introducing hybrid network designs to provide extremely flexible solutions for street lighting.

Adoption of IoT-enabled public lighting is increasing as energy-saving awareness grows. As the price of power generation continues to rise, more and more governmental organizations are shifting to connected (smart) street lighting to save operational expenses while also enhancing safety and effectiveness.

Developed countries such as those in North America and Europe are focused on putting various regulations in place to encourage the use of connected street lighting infrastructures for smart cities and control energy usage.

The Kyoto Protocol, which has 83 signatories and 192 members, including Japan, the EU, Canada, Australia, Brazil, and the U.S., aims to reduce harmful emissions while advancing energy-efficient technologies. This is likely to increase the usage of LEDs, which is expected to boost industry growth in the years to come.