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Study Predicts Global Smart Streetlight Market Growth from 2019-2028 Ethan Miller/Getty Images News

Study Predicts Global Smart Streetlight Market Growth from 2019-2028

LEDs are driving this growth and setting the foundation for smart city applications

A recent study from Northeast Group, LLC forecasts that the global market for smart street lighting will total $50.4 billion by 2028, with LED and smart streetlights projected to reach 85% and 24% of the total streetlight market, respectively.

LEDs are driving this growth, due to their longer lifetimes, lower energy consumption, and reduced maintenance expenses, and they will continue to be the dominant technology moving forward. Partnered with streetlight controls, these networked streetlights accentuate the savings benefits of LED street lighting, along with improving public safety and setting the foundation for smart city applications. While many smart city technologies are in the early phases, implementing smart street lighting is the first step to opening up these opportunities, thus increasing urban efficiency and revenue for cities.

This growing market does face some challenges. Cities must work with utilities and regulators and between municipal departments to ensure that the benefits of smart streetlights are realized. They must also navigate a growing vendor landscape of new technology options, which requires recently developed standards organizations. For the most part, though, more cities worldwide are accepting the need for smart streetlight technology, with its cost savings, environmental benefits, and improved public safety. 

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