Smart Street Lights Market-Overview
The escalation in demand for energy-efficient LED lights is anticipated to motivate the smart street lights market 2020. The SEM industry reports are produced by Market Research Future, which highlights market options for expansion. An earning of USD 12,404.1 million is predicted while growing at a 22% CAGR by 2023.
The development of the concept of smart connected street lighting is estimated to encourage the smart street lights market in the forthcoming period. The widespread implementation of solar-powered street-lights in several cities is estimated to push the development of the led street lights in the impending period. The need to curb the energy usage by conventional street lights is predicted to transform the growth potential of the smart street lights market.
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The segmental scrutiny of the smart street lights market is conducted on the basis of technology, regions, applications, components, and end-users. Based on the component, the smart street lights market is segmented into software, hardware, and services. On the basis of networking technology, the smart street lights market is segmented into medium-band, narrowband, and broadband technology. The application basis of segmenting the smart street lights market consists of traffic monitoring, smart parking, environmental monitoring, video surveillance, public messaging, street light management, and others. Based on the end-users, the smart street lights market is segmented into retail, residential, industrial, transportation, automotive, and others. Based on the region, the smart street lights market consists of North America, Asia Pacific, Europe, and the rest of the regions.
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The prospects for growth in the market have to be carefully sought out and examined to ensure that they will ensure the favorable development of the market in the coming period. The competitors present in the market are recalibrating their market share to open up new areas of development in the market. The stress on enhancing the production potential and upgradation of the workforce are the top priorities to reinvigorate the development potential of the market in the coming period. The establishment of robust distribution channels is estimated to define the development of the market in the future. The state of the market is exceptionally indecisive due to the effect of the macro factors operating in the global economy. The road to the resurgence of the market is estimated to be lengthy and arduous due to the degree of setbacks it has suffered. The investment in robotic elements in the supply chain is estimated to be seen in the future to reduce the impact of the human capital on the long term market expansion.
The promising contenders in the smart street lights market are Koninklijke Philips N.V (The Netherlands), Telensa (U.K.), AxiomTek (U.S.), Silver Spring (U.S.), General Electric (U.S.), Echelon (U.S.), Osram AG (Germany), Trilliant Holdings Inc. (U.S.), Cisco system (U.S.), and Tech Mahindra (India).
Detailed Regional Analysis
The regional examination of the smart street lights market consists of North America, Asia Pacific, Europe, and the rest of the regions. The European region is accepted to have momentous growth in the smart street lights market. The prevalence of countries such as Norway, the U.K, Germany, and France are the major nations in the market. Their intensification is accredited to the speedily escalating adoption of smart street lights in electric vehicles, which is conversely expected to amplify the demand for the street lighting market in the forecast period. Moreover, the North American regional market is likely to have considerable development in the market, with the U.S Canada being the chief countries in the region. The augmentation is due to the amplified investment to advance wireless technology for offering smart parking and associated solutions in the urban sectors.
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