Mar. 13, 2022
TrendForce predicts in its latest survey that the global smart LED street lighting market (which only includes luminaires and individual lighting control systems) will usher in rapid growth, growing at a CAGR of 8.2% through 2024.
Analyst Christine Liu noted that governments around the world are trying to mitigate the impact of the COVID-19 pandemic on the industry through fiscal policies, smart city construction, and new infrastructure investments. Of these government efforts, China and North America have the largest investments in roadside infrastructure in terms of scale. As of June 2020, the U.S. government has invested $42.9 billion in roadside infrastructure, according to the U.S. Census Bureau. Efforts to stimulate the economy through government spending are expected to drive demand for outdoor LED street lights.
Driven by Huawei and Tencent, Chinese companies have become the main driving force for the development of smart street lamps.
Generally speaking, smart light poles have six basic functions: intelligent lighting, information release, security monitoring, environmental detection, charging stations, and small 5G base stations. Smart lighting products ranging from modular LED lights to individual light controllers are necessary components to achieve these six functions. TrendForce's smart street lighting construction project cost analysis found that the average selling price (ASP) for the highest-spec smart street lighting poles was $6,997.90, with 2.6% coming from smart lighting equipment, with an average selling price of $182.50.
Although China is the main driving force behind the development of smart street lighting worldwide, large-scale city-level projects are expensive and time-consuming, mainly due to China's huge land area and the huge differences in the needs of various local governments. In addition, municipal governments often tend to outsource smart street lighting projects to private companies with sufficient resources, which are not necessarily proficient in the design and manufacture of smart street lighting equipment, and therefore must work with other partners to complete these projects.
On the other hand, as smart street lighting projects involve IoT and telecommunications, LED lighting manufacturers must partner with major technology companies to execute these projects. Therefore, companies with strong resource integration capabilities, such as Huawei and Tencent, are expected to occupy a major share of smart street lighting projects in China.
TrendForce believes that in the smart street lighting supply chain if the downstream is wider, more and more business opportunities will be found. In order to enter the existing supply chain, LED lighting manufacturers must add more value to their existing competitive advantages by enhancing the capabilities of their service systems, streamlining their LED lighting product portfolio, and improving the overall service quality. At the same time, the government needs to formulate transparent standards for smart street lights and formulate a comprehensive smart city blueprint to ensure the healthy development of the smart LED street light industry.
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