The streetlight market is touted to be the next wave in IoT investment, according to a new study published by Northeast Group. According to a release, over the course of the next decade, cities and municipalities will transition to LED streetlights which will reach a penetration rate of 89% by 2026.
Cities and municipalities will also network 42% of the streetlights to make them "smart." Global investment over the next decade will cumulatively reach $69.5bn, adds the release. [NIST to release draft IoT-enabled smart city framework]
The firm notes that he first wave of Internet of Things (IoT) investment has already occurred in the utility sector with smart grid deployments. The next wave will take place in the public outdoor street lighting market.
Ben Gardner, president of Northeast Group, said: “LED and smart streetlights are a common sense investment for cities. Costs have fallen significantly and the energy and maintenance savings benefits are proven. There has been a lot of hype surrounding smart cities and the IoT, but the utility sector has the best track record of real-world deployments. Utilities and cities have already deployed smart grid and smart metering infrastructure and now they are proceeding with their street lighting infrastructure.” [Engerati round-up: hybrid solar, IIoT and demand response]
Many large deployments are already underway across the Americas, Europe and Asia – including projects in countries as diverse as India, Brazil, Kazakhstan, South Africa and Vietnam.
IoT gateway market
In another report, global shipments of IoT gateways are forecast to surpass 64 million units as the component that powers nearly every Internet of Things market.
IoT gateways, which manage and control complex connected environments by aggregating and transmitting sensor data, as well as translating communication protocols, says ABI Research.
Shipments of these devices are expected to exceed 64 million in 2021, with home automation and security market components accounting for over 50% of all IoT gateway shipments over the next five years.
Following the home automation and security markets, the mobility and transportation segments, as well as industrial and infrastructure, will generate the most revenue.