The global LED smart street light market is expected to exceed US$1 billion in 2024

It is estimated that the global LED smart street light market (the size of the smart street light market only includes lamp head products and single light control systems) will reach US$1.094 billion in 2024, with a compound growth rate of 8.2% from 2019 to 2024.

According to Liu Lingli, an analyst at TrendForce, governments around the world have adopted different stages of fiscal policies, building smart cities, and investing in new infrastructure to mitigate the impact on the industry caused by the COVID-19 pandemic. In particular, road construction investment in China and North America accounted for the largest amount of investment. For example, recently according to data from the U.S. Census Bureau, as of June 2020, the U.S. authorities have invested US$42.9 billion in this project to revitalize the overall economy through official efforts, which is expected to drive the growth of outdoor LED street lighting demand.

In a broad sense, smart light poles mainly have six core functions of "smart lighting, information release, security monitoring, environmental detection, charging pile, 5G small base station platform", and smart lighting equipment is a standard product among its functional accessories, covering LED Modular design of lamp head and single lamp controller. Looking at the construction cost of the smart street light project, the average market price of the highest equipped smart light poles in 2020 is US$6,997.9, of which the average market price of smart lighting equipment is US$182.5, accounting for 2.6%.