Street lighting to lead smart cities market with $50.4bn investment by 2028
5th edition of industry standard IoT study tracks continued evolution of market
WASHINGTON, April 30, 2019 /PRNewswire/ -- Smart street lighting continues to solidify its position as the foundational layer for broader smart city projects. These projects are now not only saving cities and utilities billions of dollars in energy and maintenance costs, but have also begun to open up new revenue opportunities. According to Northeast Group's Global Smart Street Lighting & Smart Cities: Market Forecast (2019-2028), Volume V study, total investment in LED and smart streetlights, as well as additional smart city sensors attached to streetlights, will reach $50.4bn over the next decade.
"LED and smart street lighting projects have always represented enormous efficiency opportunities for cities, with savings typically reaching over 65%," said Chris Testa, research director at Northeast Group. "Precipitous price declines have now bottomed out so the time is ripe to make these investments. Cities and utilities are also beginning to realize the new revenue opportunities that are possible. Additional smart city infrastructure can be added to the world's more than 300 million streetlights, with cities monetizing attachment rights to telecom operators and also creating revenue potential through emerging urban data marketplaces."
Research for the study included a bottom up analysis to size the streetlight market for each of the 125 countries covered and determine the status of LED conversions and smart streetlight deployments. A key finding was that there are now over 11 million connected streetlights globally, with projects developing in all regions of the world. Smart streetlights have developed alongside LED conversions, which are now the standard in much of the world. These connected streetlights will form the backbone for larger smart city programs, as cities look to add smart parking, environmental sensors, electric vehicle charging infrastructure, traffic monitoring, and other applications producing new urban data streams.
Hundreds of vendors are active in this market, including new entrants looking to take advantage of smart city opportunities. Northeast Group's authoritative market share data includes vendors such as Acuity, AEC, C2 Smart Light, Cimcon, Citylone, Datek, DimOnOff, Flashnet (Engie), Itron, LED Roadway, Novalume, Rongwen, SELC, Signify, Smartmation, Telematics Wireless, Telensa, TVILight, Ubicquia, Wellness Telecom, and other key players.
For further information on the study, please visit: www.northeast-group.com
ABOUT: Northeast Group, LLC is a Washington, DC-based smart infrastructure market intelligence firm.
SOURCE Northeast Group, LLC
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