Smart Street Lighting Market Size, Share, Growth Analysis, By Communication(NB-IoT, Powerline Communication, Radio Frequency, Others (Ultra- Narrowband), By Application(Environmental Monitoring, Traffic Optimization, Smart Parking, and Others), By Region - Industry Forecast 2024-2031

The market is segmented into North America, Latin America, Europe, the Middle East & Africa, and Asia Pacific. Europe stands at the forefront of the global connected street lighting system technology market. The region is witnessing active efforts from lighting associations to implement smart lighting controls in both public and private sectors. For example, Wellness TechGroup, a European technology provider, collaborated with National Narrowband Network Company to introduce IoT network coverage for around 70,000 smart street lights in Montevideo, Uruguay. This initiative not only covers a substantial area and population but also contributes to an 80% reduction in carbon emissions, enhancing community and road safety. Such endeavors are set to bolster the adoption of connected street lights across Europe.

North America is projected to exhibit a notable CAGR over the forecast period. The region's focus on energy conservation and regulatory measures to curtail energy consumption has paved the way for the growth of smart lighting solutions. Particularly, the commercial sector in North America incurs substantial operational costs related to lighting, creating a favorable environment for the adoption of cost-effective smart lighting solutions. Hence, North America emerges as a significant potential market within the lighting industry, particularly for smart lighting solutions.

Meanwhile, Asia Pacific experiences robust market growth, attributed to technological advancements and governmental initiatives aimed at smart city development. The region's shift away from incandescent lamps, along with policies promoting energy conservation and environmental protection, has heightened the demand for energy-efficient connected lighting controls. The ongoing and upcoming smart city projects across developing economies are also contributing to market expansion. As commercial enterprises increasingly seek automated and connected street lighting systems, the Asia Pacific market is anticipated to witness further acceleration in growth.