06 Dec, 2017, 16:02 ET
SANTA CLARA, Calif., Dec. 6, 2017 /PRNewswire/ -- Internet of Things pioneer Echelon Corporation (NASDAQ:ELON) is the top U.S.-based provider of smart connected streetlight deployments according to a new global study of the LED and smart street lighting market. The independent study that analyzes and forecasts the market from 2017 through 2027 was just published by Northeast Group, LLC. This report looks at 125 different countries and finds that the number of smart streetlight projects is growing rapidly around the world. Also according to the report, Echelon is the top Western vendor of smart streetlights deployed in the Asia-Pacific region.
The study finds that smart street lighting will account for 29% of the $64.2 billion total LED and smart streetlight market by 2027. Municipalities and utilities have embraced the benefits of LED lights, including longer lamp lifetimes, reduced energy consumption and lower maintenance expenses when compared with legacy technologies. Connecting streetlights to make them 'smart' can further reduce costs, lower energy usage through intelligent control of brightness and scheduling, and reduce maintenance through actionable status reports on a streetlight's condition. Smart connected lighting can also provide the foundation for "smart city" applications.
"LED streetlights are transforming municipalities across the globe," said Ben Gardner, President, Northeast Group, LLC. "Adding smart technology to streetlights is increasingly viewed as the first step towards smart cities." Many cities are deploying smart streetlights with the aim of later adding further applications. Among other advantages, the study found that smart streetlights greatly improve safety conditions in a city by reducing the "down time" of streetlights. "In many cities that are managing rising street crime, this will be a particularly strong benefit," said Gardner.
As a pioneer in the IoT market, Echelon is in a unique position to capitalize on this trend. Numerous cities around the globe are deploying Echelon technology in their street light upgrades to achieve greater cost savings and create a network for future smart city enhancements.
"This detailed Northeast Group study shows that municipalities around the world are increasingly recognizing the value in adding smart technology to their streetlights, validating our investment in this market," said Ron Sege, Chairman and Chief Executive Officer, Echelon.
Northeast Group, LLC is a Washington, DC-based smart infrastructure market intelligence firm. For more information on this study, please visit: www.northeast-group.com.
About Echelon Corporation
For 25 years Echelon (NASDAQ:ELON) has pioneered the development of open-standard networking platforms for connecting, monitoring and controlling devices in commercial and industrial applications. With more than 140 million devices installed worldwide, Echelon's proven, scalable solutions host a range of applications enabling customers to reduce energy and operational costs, improve safety and comfort, and create efficiencies through optimizing physical systems. Echelon is focusing today on two IoT (Internet of Things) market areas: creating smart cities and smart enterprises through connected outdoor lighting systems, and enabling device makers to bring connected products to market faster via a range of IoT-optimized embedded systems. More information about Echelon can be found at www.echelon.com.
Echelon, and the Echelon logo are trademarks of Echelon Corporation that may be registered in the United States and other countries. Other product or service names mentioned herein are the trademarks of their respective owners.
This press release may contain statements relating to future plans, events or performance. Such statements may involve risks and uncertainties, the risk that Echelon's offerings by themselves or combined with other applications or offerings do not perform as designed or do not offer the expected benefits and savings; and other risks identified in Echelon's SEC filings. Actual results, events and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Echelon undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
SOURCE Echelon Corporation
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