Connected Street Lights Market Size Analysis 2021-2026



 Connected streetlights Market size was valued at $1.3 billion in 2020 and it is estimated to grow at a CAGR of 14.82% during 2021-2026. 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.

Report Coverage:

By Component: Hardware (LED Lamps, Sodium Vapor Lamps, Drivers and Ballast, Sensors, Switches, Controllers and others), Software, Services(Professional Services, Lifecycle Services and Managed Services)

By Connectivity: Wired and Wireless.

By Networking Technology: Narrow Band, Medium Band and Broad Band.

By Application: Traffic Monitoring, Smart Parking, Environmental Monitoring, Video Surveillance and others.

By End-User Industry: Residential, Commercial, Industrial and Public & Government.

Key Takeaways:

  • 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.
  • Increasing smart city investment and penetration of wireless technology works as a growth driver for this market during 2021-2026.
  • The top players of this market includes General Electric, Koninklijke Philips N.V, Telensa Holdings Ltd., Echelon Corporation, Osram Licht AG and others.

Interested in knowing more relevant information? Click here: https://tinyurl.com/mrx5uzru

Connected Streetlights Market Drivers:

One of the major drivers behind the growth of connected streetlights market is growing investment is smart city project. The number of smart city projects is analyzed to grow rapidly due to the public safety issues, urbanization, government’s initiatives in the form of investments, increasing concerns for environment, limited resources and others. These projects reduce the overall energy and maintenance costs and also open up new revenue opportunities. In June 2020, The Singapore Government announced to increase the investment in smart city projects and information technology by 30%.

Connected streetlights Market Landscape: General Electric, Koninklijke Philips N.V, Telensa Holdings Ltd., Echelon Corporation, Osram Licht AG, Signify Holding B.V., Cisco Systems, Inc.,Trilliant holdings Inc., AxiomTek Co., Ltd., Cree Inc.

Read More Information @ https://www.industryarc.com/Research/Connected-Street-Lights-Market-Research-509477

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