Smart Street Lights Market-Overview
The smart street lights market control was valued at a whopping USD 250 million during the previous that ended in 2020. The technical advancements and growing presence of innovative solutions are further presenting enormous expansion opportunities to the market and hence, during the ongoing forecast period of 2020-2030, the smart street lights market is expected to grow at a 23.4% CAGR and help the market reach a final valuation of 14,751.1 million by the end of the forecast period in 2030.
The development of the concept of smart connected street lighting is estimated to encourage the smart street lights market in the forthcoming period. The widespread implementation of solar-powered streetlights in several cities is estimated to push the development of led streetlights in the impending period. The need to curb energy usage by conventional street lights is predicted to transform the growth potential of the smart street lights market.
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Smart Street Lights Market Detailed Regional Analysis
The regional examination of the smart street lights market consists of North America, Asia Pacific, Europe, and the rest of the regions. The European region is accepted to have momentous growth in the smart street lights market. The prevalence of countries such as Norway, the U.K, Germany, and France are the major nations in the market. Their intensification is accredited to the speedily escalating adoption of smart street lights in electric vehicles, which is conversely expected to amplify the demand for the street lighting market in the forecast period. Moreover, the North American regional market is likely to have considerable development in the market, with the U.S & Canada being the chief countries in the region. The augmentation is due to the amplified investment to advance wireless technology for offering smart parking and associated solutions in the urban sectors.
Smart Street Lights Market Competitive Analysis
The prospects for growth in the market have to be carefully sought out and examined to ensure that they will ensure the favorable development of the market in the coming period. The competitors present in the market are recalibrating their market share to open up new areas of development in the market. The stress on enhancing the production potential and upgradation of the workforce are the top priorities to reinvigorate the development potential of the market in the coming period. The establishment of robust distribution channels is estimated to define the development of the market in the future. The state of the market is exceptionally indecisive due to the effect of the macro factors operating in the global economy. The road to the resurgence of the market is estimated to be lengthy and arduous due to the degree of setbacks it has suffered. The investment in robotic elements in the supply chain is estimated to be seen in the future to reduce the impact of human capital on long-term market expansion.
The promising contenders in the smart street lights market are Koninklijke Philips N.V (The Netherlands), Telensa (U.K.), AxiomTek (U.S.), Silver Spring (U.S.), General Electric (U.S.), Echelon (U.S.), Osram AG (Germany), Trilliant Holdings Inc. (U.S.), Cisco System (U.S.), and Tech Mahindra (India).
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Smart Street Lights Market Segmental Analysis
The segmental scrutiny of the smart streetlight market is conducted on the basis of technology, regions, applications, components, and end-users. Based on the component, the smart streetlight market is segmented into software, hardware, and services. On the basis of networking technology, the smart streetlight market is segmented into medium-band, narrowband, and broadband technology. The application basis of segmenting the smart street lights market consists of traffic monitoring, smart parking, environmental monitoring, video surveillance, public messaging, street light management, and others. Based on the end-users, the smart streetlight market is segmented into retail, residential, industrial, transportation, automotive, and others. Based on the region, the smart street lights market consists of North America, Asia Pacific, Europe, and the rest of the regions.
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