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The major drivers behind the growth of the connected streetlights market is growing investment is smart city projects.
HYDERABAD, TELANGANA, INDIA, January 25, 2023 /einpresswire.com / -- IndustryARC, in its latest report, predicts that connected street lights market is estimated to reach $1.3 billion by 2026, witnessing a CAGR14.82% from 2021 to 2026. The growth is mainly attributed to the high penetration of internet of things (IoT), constant innovation in mobile networks along with wireless technology, increasing demand for efficient advanced lighting solutions across industries and awareness regarding energy conservation. Furthermore, exponentially growing investments in smart city projects and government initiatives for greener strategies to support sustainable development across the world are the major driving factors of connected streetlights market.
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This IndustryARC report on the Connected Street Lights Market highlights the following areas –
.Hardware held the highest market share in 2020 and is anticipated to witness significant amount of growth, owing to increasing awareness regarding environmental issues and growing adoption of LED streetlights.
.Public & Government sector is analysed to witness the fastest growth between 2021-2026. Rising requirement for cost effective, energy efficient lighting technology and smart city project initiatives are the key factors behind the growth.
.North America held the major market share in 2020 and is anticipated to witness significant growth during forecast period, owing to the early adoption of this technology, rising investments in smart city projects and the presence of prominent market players.
Connected streetlights market is segmented into hardware, software and services, based on component. Hardware segment is further segmented into LED Lamps, Sodium Vapor Lamps, Drivers and Ballast, Sensors, Switches, Controllers and others. Among all the components, hardware dominated the market with a share of 25.16% in 2020, due to the increasing environmental concerns across the world and increasing adoption of light emitting diode (LED) lights for its several benefits.
By End User Industry:
On the basis of end-user industry, this market is segmented into residential, commercial, industrial and Public & Government.Public & Government sector is analyzed to grow with the fastest CAGR of 15.19% during 2021-2026. Increasing investment in smart city projects, penetration of internet of things (IoT), government's initiatives in promoting more sustainable methods for economical as well as environmental development, increasing popularity of LED lights, environmental awareness and others are the key influencing factors behind this growth.
North America region held the highest connected streetlights market share around 31.55% of in 2020. The growth is mainly driven by the early adoption of this technology, growth in internet of things (IoT) infrastructure, rising demand for energy efficient lights such as light emitting diode (LED), connected solar lights and others; and presence of prominent market players.
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The top 5 players in the Connected Street Lights Industry are -
2.Koninklijke Philips N.V
3.Telensa Holdings Ltd.
5.Osram Licht AG
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