The global market for smart street lighting systems will grow by 28.5% per annum between 2019 and 2028, according to a new study published by Navigant Research.
Annual market revenue is expected to increase from $740 million to over $7 billion during the forecast period.
According to the study:
- Smart street lighting is one of the most rapidly expanding technologies in the overall smart cities market.
- The market has helped generate substantial commercial projects in a variety of cities around the world.
- There has also been a notable increase in activity in the smart street lighting market from electric utilities.
Ryan Citron, a senior research analyst at Navigant Research, said: “For many municipalities, connecting their street 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.
“Using smart street lighting as a platform for other smart city applications is also becoming more widespread in a number of cities globally.”
Click here for more information about the report.