Global Smart Street Lighting Market 2023: Driven by Product Innovations and Emerging Smart Cities

According to the latest market research report, the smart lights market is projected to grow from $1.77 billion in 2022 to $2.12 billion in 2023, with a compound annual growth rate (CAGR) of 19.4%. Furthermore, the market is expected to reach $4.35 billion in 2027, with a CAGR of 19.8%.

The main types of smart street lighting include light emitting diode (LED), compact fluorescent lamps, incandescent, and others. LED is a semiconductor device that emits light when an electric current flows through it. The various communication technologies used in smart street lighting include NB-IOT, powerline communication, radio frequency, and others. These lighting systems utilize traditional and renewable energy sources, including solar energy. They find applications in environmental monitoring, traffic optimization, smart parking, and other areas, catering to commercial, residential, and industrial end users.

Product innovations are a prominent trend in the smart street lighting market, with major companies focusing on developing innovative solutions to strengthen their market position. For instance, LEDVANCE introduced OSRAM NAV LED, a street lighting lamp that offers reduced running costs compared to conventional high-pressure sodium vapor lamps. The OSRAM NAV LED consumes approximately 52% less energy and provides a lifetime of up to 50,000 hours, resulting in lower maintenance costs. It is compatible with conventional control gear and offers high efficiency and additional dimming capabilities.

In February 2022, GE Current, a Daintree company, acquired Hubbell Incorporated, a manufacturer of smart street lighting, to enhance its distribution capabilities and offer lighting and control solutions with advanced digital technologies.

North America emerged as the largest region in the smart street lighting market in 2022. The report covers key regions, including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries analyzed in the report include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and the USA.

The growth of smart cities is significantly contributing to the expansion of the smart street lighting market. Smart cities utilize information and communication technology (ICT) to enhance administrative effectiveness, improve public services, and enhance the welfare of residents. Intelligent lighting installations in smart cities contribute to increased citizen satisfaction, improved security and safety, energy savings, and optimized lighting system maintenance.