The smart street lighting market continues to evolve quickly in the US, with hardware prices declining and volumes beginning to scale.
According to a new study conducted by Northeast Group, over the next decade, almost 90% of US streetlights will be converted to LEDs, while 38% will be networked to become “smart.”
The vast majority of the country’s 306 largest cities have now either begun or are considering deploying both LED and smart or connected, streetlights.
Hundreds of vendors are active in the market and a few clear leaders have emerged.
In addition to these hardware, software and communications providers, a number of energy services companies and financing firms are playing a growing role in the market.
The energy providers include Ameresco and Engie.
This will lead to cumulative investment of $8 billion.
Ben Gardner, president of Northeast Group, said: “The smart street lighting market has continued to grow and cities, utilities and vendors have developed creative solutions for overcoming some of the initial hurdles.
“With lower hardware costs, new streetlight tariff structures, and innovative financing mechanisms, LED and smart street lighting technology is now reaching even small and medium-sized cities. Smart streetlights are now well on their way to forming the backbone of larger smart city initiatives.”
The study is claimed to be the largest to date of the US street lighting market– collected data on the number of streetlights in every city in the US with a population above 100,000, streetlight ownership structures, and progress towards LED and smart streetlight conversions.