Northeast Group, a smart infrastructure market research firm, takes into account in its report& Impact
Now there are 326 million streetlanterns. It is expected that by the end of 2029 their number will already exceed 361 million. Overall, according to forecasts, LED and smart street lights will account for 73% and 23% of the total. By then, city governments' drive to save money and lay the groundwork for mobility-related smart city projects will only grow.
Today, a quarter of all street lights in the world have been converted to LEDs and more than 10 million smart street lights have been connected.
The report notes that investment fundsinfrastructure, energy service companies and city management companies play an increasingly important role in the financing and implementation of smart street lighting projects. According to Northeast Group forecasts, this trend will be exacerbated by the lack of municipal budget, caused by economic problems and due to the pandemic.
"The challenges of 2020 have amplified some of the key trends that were already developing in the smart street lighting market," explainsChris Testa, Director of Research at Northeast Group.— COVID-19 has highlighted the importance of automation for cities.A step-by-step approach to smart cities, which starts with smart street lighting , is one of the key trends that has become more prominent in the past year."
In the sixth edition of Global Smart Street Lighting & Smart Cities: Market Forecast, experts note that large-scale smart street lighting initiatives are underway in almost every region of the world.
As the market for smart street lighting vendors evolves, it remains extremely fragmented and “ripe for consolidation,” according to Northeast Group.
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