Industry analyst firm Navigant Research estimates annual smart street lighting revenue to grow to nearly $8.3 billion globally by 2027 and has ranked Signify as the world leader in lighting.
Navigant Research estimates the global market for smart street lighting to be worth $837.4 million in 2018. Annual smart street lighting revenue is expected to grow to nearly $8.3 billion globally by 2027, representing a compound annual growth rate (CAGR) of 28.9 percent.
Navigant’s Smart Street Lighting Leaderboard report assesses 14 suppliers of connected street lighting globally on criteria such as go-to-market strategy, partners, product strategy, geographic reach, market presence, sales, marketing and distribution, product features and portfolio, product integration and staying power. Signify – which became the new company name of Philips Lighting in May this year – is ranked as the overall leader with leadership in Strategy and Execution.
Navigant defines smart street lighting as “a general label for the use of advanced technologies for the efficient operation, monitoring, and management of street lighting within a smart city strategy.” Smart street lighting is enabled by a variety of technologies, including sensors, control nodes, gateways, cameras, wireless communications, and data analytics.
Signify was rated highly across all criteria for smart street lighting. According to the report, “Signify’s background as a lighting company that offers end-to-end systems gives it an advantage over most of its competitors.” It also noted the success of the company’s Interact City LED connected street lighting system and management software which has been deployed in more than 1,000 projects in 37 countries.
An executive summary of the report is available for free download here.