There are 315 million streetlights in the world, a figure projected to reach 359 million by 2026. The public outdoor lighting market is currently undergoing a period of change wherein legacy streetlights are being replaced by new and more efficient LED units, which also are being networked to become “smart” streetlights.
LED and smart streetlights are projected to reach 89% and 42% of the total streetlight market, respectively, by 2026. This will total a USD $70bn market opportunity over the next decade. From 2016 to 2026, global investment in LED street lighting is expected to be $57bn. LEDs offer longer lifetimes, lower energy consumption, and reduced maintenance expenses when compared with legacy streetlight technologies.
In many developed countries, smart streetlights are serving as part of larger “smart city” concepts, with communications networks used to link items such as electricity and water meters, traffic lights, and parking meters. Smart streetlights also greatly improve safety conditions in a city by reducing the down time of streetlights. If a lamp will fail, officials are notified promptly and automatically.
