TrendForce’s latest 2020 Global LED Lighting Market Report- Light LED and LED Lighting Market Trend shows that, by 2024, the global LED smart street light market scale will expect to reach US$ 1.1 billion with CAGR of 8.2% during 2019-2024. (smart street market scale, only including lamp luminaire and single lighting control system.)

TrendForce analyst Christine Liu indicates that downstream LED lighting demand is highly related to macroeconomic development. Although there exist many uncertainties under the impact of the COVID-19 epidemic, governments around the world have implemented fiscal stimulus and started new smart city construction to invest in new infrastructure construction to spur economy, especially in China and North America. Roadway and street construction are one of the biggest investment spending categories, for instance, the total road construction spending of the U.S. government in 2019 was US$ 97.6 billion (+6.34%YoY), which will favor outdoor lighting like LED street light. For nearly 2 years, LED lighting manufacturers including Signify, AcuityBrands, Zumtobel, Leotek (a lighting brand under Lite-On Group) and Unilumin have been continuously launching new outdoor smart lighting products and integrated solutions, which will accelerate the penetration of the smart street lighting market.

From the perspective of the construction cost of smart street light projects, TrendForce indicate that , generally speaking, smart light poles mainly contains 6 core functions: 1) intelligent lighting, 2) information dissemination, 3)security surveillance monitoring,4)environmental detection, 5) charging station, 6)5G micro station platform.

Among its functional accessories, smart lighting equipment, including LED modular design lamp head and single light controller, is a 100% standard product. According to TrendForce’s investigation, the average market price of the highest equipped (selective assembly) smart light poles is US$6,997.9, of which smart lighting equipment is US$182.5, accounting for 2.6%.