Global Revenue for Smart Street Lighting Is Expected to Experience a Nearly 30% Growth Rate from 2019-2028
Smart street lighting is one of the most rapidly expanding technologies in the overall smart cities market
A new report from Navigant Research analyzes the smart street lighting market, providing global market forecasts for smart street lighting installations and revenue for hardware, software, and services through 2028.
The strong business case and platform potential of smart street lighting has helped generate substantial commercial projects in a variety of cities around the world. During the past 2 years, millions of control nodes have been deployed on street lights worldwide, helping to solidify smart street lighting as one of the most rapidly expanding technologies in the smart cities market. Click to tweet: According to a new report from @NavigantRSRCH, the global market for smart street lighting is expected to be worth almost $740 million in 2019. Annual revenue is likely to grow to slightly more than $7 billion by 2028, representing a strong compound annual growth rate (CAGR) of 28.5%.
“For many municipalities, connecting their lighting systems with intelligent controls is the first smart city solution being deployed due to the immediate and significant energy and maintenance savings associated with the technology,” says Ryan Citron, senior research analyst at Navigant Research. “Using smart street lighting as a platform for other smart city applications is also becoming more widespread in a number of cities globally.”
According to the report, there has also been a notable increase in activity in the smart street lighting market from electric utilities. Smart street lighting fits particularly well with utility priorities where they already have ownership over considerable street light assets, as is the case in many parts of North America.
The report, Market Data: Smart Street Lighting, analyzes the current state and future trajectory of the smart street lighting market, with a focus on key market trends, drivers, and barriers. Global market forecasts of smart street lighting installations, as well as hardware, software, and services revenue, are broken out by segment and region. Forecasts extend from 2019 through 2028. An Executive Summary of the report is available for free download on the Navigant Research website.
*The information contained in this press release concerning the report, Market Data: Smart Street Lighting, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.