Guidehouse Insights Anticipates Annual Deployments of Smart Streetlights Will Grow at a Compound Annual Growth Rate of Nearly 22% Through 2031
Smart streetlighting is also seeing demand due to its ability to support the deployment of smart city Internet of Things (IoT) devices
Boulder, Colo., April 14, 2022 /PRNewswire/ -- A new report from Guidehouse Insights explores emerging smart streetlight trends applied to public road and pathway luminaires that allow for operation to be tailored, modified, and monitored remotely. Estimates are provided across global regions.
Smart streetlighting continues to be one of the leading smart city technologies in terms of both completed deployments and annual revenue. The use of smart controllers and photocells on streetlights to save on energy use has become common place among medium and large cities, and demand is only expected to increase as barriers to entry continue to lower. According to a new report from Guidehouse Insights, annual deployments of smart streetlights are expected to rise from 5.8 million units in 2022 to 33.5 million by 2031 representing a compound annual growth rate (CAGR) of 21.6%.
"Because of shifts in municipal service priorities and new financial stresses on cities, demand for the technology grew to new highs throughout the coronavirus pandemic, with suppliers reporting records in both the number of requests for proposal and requested project size," says Grant Samms, research analyst with Guidehouse Insights. "In addition, cities are increasingly utilizing smart streetlights to host additional equipment like air quality sensors, congestion monitoring devices, and smart cameras."
The ability to support the deployment of smart city Internet of Things (IoT) devices plays a key role in rising demand, as smart streetlights are ubiquitous and already equipped with power and data backhaul. Many smart streetlight vendors are designing plug and play units that can convert a legacy lighting fixture to a smart streetlight while setting a foundation for future IoT expansion, according to the report.
The report, Market Data: Smart Streetlighting, provides market estimates for public smart streetlighting and excludes sales of LED luminaire or lamps themselves. Information provided is based on primary and secondary market research on shipments of connected control nodes for streetlights and consists of three component markets: controls and communications hardware, software applications, and services for hardware and software integration. An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today's rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team's research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
About Guidehouse
Guidehouse is a leading global provider of consulting services to the public sector and commercial markets, with broad capabilities in management, technology, and risk consulting. By combining our public and private sector expertise, we help clients address their most complex challenges and navigate significant regulatory pressures focusing on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that help our clients outwit complexity and position them for future growth and success. The company has more than 12,000 professionals in over 50 locations globally. Guidehouse is a Veritas Capital portfolio company, led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit www.guidehouse.com.
* The information contained in this press release concerning the report, Market Data: Smart Streetlighting, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report's conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.
For more information, contact:
Jennifer Peacock
+1.404.575.3859
[email protected]
SOURCE Guidehouse Insights
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