San Francisco, California, March 26, 2018: The intensifying focus on optimizing the consumption of energy and achieving cost savings is a key factor driving the demand for smart or connected street lights. The rising effort to adopt smart lighting across a growing number of urban regions world over for achieving the goals of smart city infrastructure is a seminal trend underpinning the evolution of the market. A new report by TMR Research, titled, “Smart/Connected Street Lights Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017-2025”, sheds lights on various growth dynamics and trends influencing the current growth trajectory and emerging market outlook.
The proliferation of internet of things (IoT)-powered devices, coupled with the rising popularity of connected technologies, in smart city infrastructure is a notable trend accentuating the connected street lights market. The incorporation of sensors in connected street lights help in their timely maintenance by sending timely triggers on their functioning. In addition, these lighting may play a key role in saving the wastage of electricity on street lighting.
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The potential to integrate various renewable energies with smart/connected street lights provide for a compelling proposition bolstering their demand. For instance, the potential to couple these smart street lighting system with solar panels is a lucrative prospect aiding in the rapid expansion of the market.
Apart from standard functionalities, smart or connected street lights are also gathering steam for a variety of other applications. The use of IoT-connected electric poles for boosting the mobile coverage and connected street lights doubling as CCTV surveillance system are few of the exciting possibilities. The prospect of renting these poles to network service providers is creating new streams of revenue for them.
Among the various regional markets, Europe is expected to present substantially lucrative prospects and rise at a prominent pace over the assessment period. The attractive growth is attributed to the accelerated deployment of smart lighting controls. North America is also expected to collect attractive revenues in the coming years, fueled by burgeoning demand for smart connected street lights in commercial spaces.
Some of the players holding a sizeable stake in the smart/connected street lights market include Sierra Wireless, Verizon Communications, Philips, Wipro, Osram, Tech Mahindra, Telensa, and General Electric.