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Smart street lights market volume is estimated to be up to USD 1.1 billion in the year 2024

LED lights market trend shows that the global LED smart street light market volume in terms of LED lamp fixture and single lighting control system  will expect to reach US$ 1.1 billion with CAGR of 8.2% by the year 2024.

Although there are many uncertainties under the impact of the COVID-19 epidemic, all of the governments have made fiscal stimulus and started new smart city construction to invest in new infrastructure construction, especially in China and North America. Roadway and street construction are one of the biggest investment projects, for instance, the total road construction spending of the U.S. government in 2019 was US$ 97.6 billion (+6.34%YoY), which will benefit outdoor LED lighting like LED street light. For about 2 years, LED light manufacturers including Signify, AcuityBrands, Zumtobel, Leotek (a lighting brand under Lite-On Group) and Unilumin have been developing new outdoor smart lighting products and integrated solutions, which will fasten the acceleration of the smart street lighting market.

As for the construction cost of smart street light projects, basically speaking, smart light poles includes 6 core functions: 1) intelligent lighting, 2) information dissemination, 3)security surveillance monitoring,4)environmental detection, 5) charging station, 6)5G micro station platform.

Among its functional accessories, smart lighting equipment, including LED modular design lamp head and single light controller, is a 100% standard product. It is estimated that the average market price of the highest equipped smart light poles is about US$6,998, of which smart lighting equipment is about US$183, accounting for 2.6%.

The further the smart street light goes to the downstream supply chain, the greater its added value will be. In order to enter the supply chain, LED lights manufacturers should improve their system service ability and broaden the integration strength of LED lighting fixtures to improve their own comprehensive service level. At the same time, the government needs to establish the certified standards for smart street lighting and do comprehensive design in smart city planning for the development of the smart LED street light industry.

In fact, China is the main driver of the global smart street light development nowadats. However, such large-scale municipal engineering projects are more complex in mainland China because the relevant projects involve some interest groups. If without clear and standar criteria, it is actually slow to make construction of the projects. Under the current framework of smart city construction, the smart street lighting project covers the Internet of Things and communications. Therefore, governments like to give this bid to enterprises with concentrated resources and powerful strength. As for LED lights manufacturers, they had better to cooperate with strong communications companies to finish smart street light project. For this reason, famous companies with strong resource integration capabilites, such as Huawei and Tencent will have more benefits to to take the lead in Chinese smart street light projects in the future.
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