Companies in the connected (smart) street light market are concentrating on the design of cost-effective lighting solutions in order to attract more customers. Moreover, AI (artificial intelligence) applications are storming the connected (smart) street light market to expand the ecosystem of distributed intelligence (DI) products. Grid operators are making use of AI software that delivers predictive insights to utilities in order to balance supply and demand of electricity.
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The connected (smart) street light market is likely to witness steady expansion driven by the increase in the demand for lighting solutions with better resolution of supply chain issues in various countries during the ongoing coronavirus situation. The market is positioned for healthy growth in the upcoming months as stakeholders adjust to a new post-pandemic normal.
High volume manufacturing is growing prominent in China. However, recent concerns about sudden lockdown in Shanghai and unprecedented spike in COVID-19 infection cases are putting businesses at risk. Due to such recurring events between 2019 to the current time, manufacturers based in the Western Hemisphere have been making significant progress to secure themselves against volatility in supply from Asia, and China in particular, by moving the bulk production to their respective countries.
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Although the global connected (smart) street light market is projected for an explosive growth throughout the assessment period, poor infrastructure in underdeveloped and some developing economies may hamper the market.
A large number of developing countries are still using traditional street lamps; therefore, shifting to connected street lights is predicted to prove expensive due to high costs involved in installations, which, in turn, is estimated to inhibit market growth. Nevertheless, an increasing number of governments are gaining cognizance about the long-term cost-efficiency, convenience, and other advantages of smart street lights, which is expected to bolster market growth in underdeveloped and developing economies.
The demand for connected (smart) street lights is expected to increase substantially, owing to awareness about its advantages and rising adoption of these lighting solutions across the world. Notable developments have led to a decline in the cost and size of smart street lights due to miniaturization of electronic instruments, which, in turn, is expected to offer new opportunities for the connected (smart) street light market.
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Innovations in the Internet of Things (IoT) technology and its integration with other devices have further boosted the adoption of smart lighting & control systems across emerging economies. Additionally, several governments are implementing smart street lighting solutions on outdoor fields, roadways, and parking lots to cut down on power consumption and enhance the ambiance.
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