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

Smart Street Lighting Market size was valued at USD 2.43 billion in 2022 and is poised to grow from USD 2.53 billion in 2023 to USD 3.46 billion by 2031, growing at a CAGR of 4.00% during the forecast period (2024-2031).

The competitive landscape of the smart street lighting market is characterized by the presence of numerous established players and new entrants striving to capitalize on the growing demand for intelligent lighting solutions. Prominent companies in the market are focusing on research and development to innovate their product offerings and enhance their competitive advantage. These players are emphasizing partnerships, collaborations, and strategic alliances to expand their market footprint and develop comprehensive solutions that integrate various technologies, including IoT, sensors, and data analytics. Moreover, mergers and acquisitions are becoming common strategies for companies to strengthen their capabilities and broaden their customer base. Key players are also investing in providing end-to-end solutions, including installation, maintenance, and software platforms to ensure seamless integration and operation of smart street lighting systems. As the market continues to evolve, competition is expected to intensify, driving technological advancements and customer-centric solutions that cater to the specific needs of cities and urban infrastructure projects. 'Philips Lighting (now Signify)', 'Siemens AG', 'General Electric Company', 'Osram Licht AG', 'Acuity Brands, Inc.', 'Eaton Corporation', 'Cree, Inc.', 'Telensa', 'Silver Spring Networks (acquired by Itron)', 'Zumtobel Group', 'Schréder Group', 'Virtual Extension', 'Flashnet', 'Thorn Lighting', 'DimOnOff'

Smart street lighting systems offer significant energy savings by adjusting light intensity based on real-time conditions, resulting in reduced electricity consumption and operational costs.

Connected Ecosystems: Smart street lighting is increasingly becoming a part of broader connected ecosystems in smart cities. Integration with other urban infrastructure like traffic management, waste disposal, and public safety systems enhances overall city efficiency.

The market is segmented into North America, Latin America, Europe, the Middle East & Africa, and Asia Pacific. Europe stands at the forefront of the 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.