According to a new report published by the Northeast Group, the interest in smart street lighting triples in US cities. Of the cities with more than 100,000 residents, 314 cities are converting to LED lighting and the country will invest $8.2bn in street light modernisation over the next decade.
In addition, the Global Smart Street Lighting & Smart Cities: Market Forecast (2019-2028) reveals that the over-all investment in LED and smart streetlights, as well as supplementary smart city sensors attached to streetlights, will reach $50.4bn over the next decade.
New market opportunities
Although the US has been cautious to invest in smart city technologies, various statements highlight, investments in smart city technology are securing important cost-savings as cities face budget gaps in the wake of economic challenges related to COVID-19.
“The smart street lighting market has rapidly advanced since our last survey back in 2018,” said Chris Testa, Research Director at the Northeast Group. “The number of planned projects has more than doubled, prices have stabilized, and the benefits are better understood,” he added.
As LED and smart street lighting projects have always represented enormous efficiency opportunities for cities, with savings typically reaching over 65 percent, the increasing demand for smart street lightning makes the US and in particular New York City a growing market for start-ups and companies worldwide.
Smart lighting will form the backbone for larger smart city programs all over the US as cities look to add smart parking, environmental sensors, electric vehicle charging infrastructure, traffic monitoring and other applications producing new urban data streams.
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