Global Smart Street Lighting & Smart Cities Market Forecast to 2028: A $50.4 Billion Market Opportunity Over the Next Decade
DUBLIN, Oct. 24, 2019 /PRNewswire/ -- The "Global Smart Street Lighting & Smart Cities: Market Forecast (2019-2028)" report has been added to ResearchAndMarkets.com's offering.
As with any dynamic market, challenges remain. Cities must work both with utilities and regulators and between municipal departments to ensure that the benefits of smart streetlights are realized. Meanwhile, a rapidly evolving vendor landscape, including new technology options, highlights the importance of recently developed standards organizations.
These challenges can partly mask what is a clear business case for most cities in the world, one that ensures cost savings, environmental benefits, and improved public safety. But these benefits are now increasingly becoming understood, which will lead to LED and smart streetlights to reach a projected 85% and 24% of the total streetlight market, respectively, by 2028. This will total a $50.4 billion market opportunity over the next decade.
The over 303 million streetlights globally help form the backbone of the world's cities, towns, and highways. Until recently, this corner of the municipal infrastructure market had largely been ignored, but streetlights are now viewed as a critical asset to unlocking billions of dollars in smart city potential. Previously viewed as a major cost - up to 40% of a city's energy budget - streetlights are now viewed as a revenue opportunity. This study analyzes this suddenly dynamic market and forecasts the market for energy-efficient street lighting, streetlight networking, and additional smart city applications attached to streetlights through 2028.
The starting point for this transformation is LED streetlights, which offer longer lifetimes, lower energy consumption, and reduced maintenance expenses when compared with legacy streetlight technologies. Costs for LEDs have now mostly bottomed out, and the business case is clear. LEDs will be the dominant technology for street lighting going forward, and savings from LEDs will help drive additional applications. LEDs are further supplemented by streetlight controls.
Networked streetlights accentuate all of the savings benefits of LED street lighting, while also improving public safety and putting in place a communications and software infrastructure that can be utilized for further smart city applications. Cities and utilities with smart streetlights are now exploring ways to both improve urban efficiency (through smart parking, environmental sensors, waste management, and other applications) and increase revenue (through licensing agreements with telecom operators, monetizing urban data collection, and more).
While most smart city applications remain at the pilot level, cities are in agreement that smart street lighting is a critical first step to open up these opportunities.
Key questions answered in this study:
- What is the market share of the leading smart streetlight vendors?
- What new applications are being attached to streetlights and how large will the market for these applications be?
- How are cities looking to monetize urban data to fund smart city projects?
- How are new communications options affecting the smart streetlight and smart city markets?
- Who are the key vendors throughout the smart streetlight value chain?
- What hurdles to smart street lighting have been overcome and which ones remain?
Key Topics Covered:
Executive Summary
1. What's new in 2019?
2. The benefits and challenges of LED and smart streetlights
3. Market forecast
4. Regional overviews
5. Vendors
6. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/bqmrrt
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