Smart Pole Industry Overview
The global smart pole market size was valued at USD 7.55 billion in 2021 and is expected to reach USD 39.72 billion by 2030, registering a CAGR of 20.6% over the forecast period.
The market growth can be attributed to the ability of smart poles to prevent accidents and traffic jams, the growing need for energy-efficient streetlights, and rising government initiatives for the development of smart cities. Additionally, the integration of air quality monitoring systems, surveillance cameras, wireless sensor networks, traffic management systems, and transport management systems in smart poles have contributed to the demand. The growing adoption of AI and IoT for enhancing the performance of these systems is expected to further accelerate market growth.
Gather more insights about the market drivers, restrains and growth of the Global Smart Pole Market
Governments of various countries are focused on developing their cities by providing smart poles with Wi-Fi access and charging points. For instance, in February 2021, the City of Hampton in Virginia announced the installation of technologically-advanced light poles under its digital transformation project. These poles use green technology such as solar power to provide energy for Wi-Fi access and charging ports. The smart poles are also equipped with security cameras to provide a live video feed to the police of nearby areas. Such initiatives bode well for the growth of the market.
Several governments are realizing the importance of upgrading public infrastructure by adopting the latest technologies and deploying innovative systems that can improve the quality of life for citizens. They are continually identifying new areas of improvement in technologies under smart city projects. Moreover, numerous companies around the world are focused on enhancing their product portfolios to support smart city initiatives. In July 2021, Signify Holding announced the acquisition of Telensa Holding Ltd., a company that provides control systems and wireless monitoring for smart cities. This acquisition enabled Signify Holding to serve a broad group of customers by making smart city infrastructure products affordable to cities.
Many governments are emphasizing the enhancement of their existing lighting infrastructure by implementing energy-efficient lighting systems. For instance, in June 2021, Cochin Smart Mission Ltd. (CSML) announced its Smart Mission project involving the replacement of existing streetlights with energy-efficient lights controlled by its command center. Under the project, CSML aims to install 3,000 streetlights, including those used on connected roads. Moreover, many authorities have been conducting smart lighting programs to upgrade their existing lighting infrastructure with energy-efficient lighting.
Smart Pole Market Segmentation
Based on the Component Insights, the market is segmented into Hardware, Software, and Service.
Based on the Hardware Insights, the market is segmented into Lighting Lamp, Pole Bracket & Pole Body, Communication Device, Controller, and Others.
Based on the Installation Type Insights, the market is segmented into New Installation and Retrofit Installation.
Based on the Application Insights, the market is segmented into Highways & Roadways, Public Places, Railways & Harbors.
Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Market Share Insights
Key Companies Profile:
The market is highly fragmented. The key players are adopting various strategies, such as new product development, R&D, and strategic partnerships, to strengthen their position in the market. Some of the prominent players operating in the global smart pole market are,
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