Smart Poles Market Size Projected to Generate a Revenue of $35,921 Million by 2031Download Sample Reports Overview
The Global Smart Poles Market Size is predicted to be valued at $35,921 million by 2031, surging from $7,063.4 million in 2021, at a CAGR of 17.9%.
Impact Analysis of COVID-19 on the Smart Poles Market
The COVID-19 pandemic has led to severe disruptions that affected the demand, supply, import-export, and availability of smart poles across end-use construction and automotive industries. The operations of various construction and development projects were also affected, negatively impacting the smart poles market demand. However, the construction of various buildings and development projects were also affected, putting the smart pole market growth at risk. In order to address the issues created by the pandemic, many companies are trying to adopt new technologies such as AI and IoT. The outbreak of the COVID-19 pandemic has caused a global economic slowdown. To prevent the spread of the virus, the governments of the U.S. and China, for example, stopped construction and infrastructure activities during the pandemic. All these factors have negatively affected the demand for smart poles and also impacted the market growth during the pandemic.
Global Smart Poles Market Analysis
The main growth driver of the smart poles market is government initiatives and investments in smart city projects. Governments of various countries are actively investing in smart city projects to enhance the quality of life of their citizens and improve the efficiency of city services. Smart poles are an essential part of smart city projects as they provide a platform for integrating a range of services, including lighting, Wi-Fi, environmental monitoring, and communication infrastructure. Governments are investing in smart poles to provide a comprehensive and integrated solution for smart city services. In addition, the growing need for smart city solutions, such as traffic management and energy management, is also driving the demand for smart poles. Government initiatives and investments in smart city projects, together with the increase in demand for smart city services and the need for energy efficiency and environmental sustainability are boosting the smart poles market share.
However, the collection, storage, and sharing of data collected by smart poles can also raise privacy concerns among the public. If data is not properly secured or shared with unauthorized parties, it can lead to privacy violations and personal data breaches. This can result in a loss of public trust and further limit the adoption of smart poles in certain regions. As smart poles become more prevalent, it is essential to establish clear guidelines and regulations to ensure that the collected data is used ethically and responsibly. The lack of regulations can lead to the misuse of data and further hamper the demand for smart poles. Therefore, privacy concerns are predicted to be significant restraint to the smart poles market growth during the forecast period.
The growing demand for energy-efficient solutions is expected to create several growth opportunities for the key players operating in the smart poles market. As cities aim to reduce energy consumption and lower carbon emissions, smart poles offer a practical solution that can help them achieve these goals. By integrating advanced lighting technologies, smart poles can significantly reduce energy consumption compared to traditional streetlights. This not only saves energy but also reduces the cost of electricity, providing an attractive return on investment for cities. All these are the major factors that present a significant opportunity for the smart pole market.
Global Smart Poles Market, Segmentation
The smart poles market is segmented on the basis of type of hardware, products, installation, application, and region.
Type of Hardware:
The type of hardware segment is further classified into lighting lamp, pole bracket and pole body, communication device, controller, and others. Among these, the lighting lamp sub-segment accounted for a dominant market share in 2021. The growth of the lighting lamp is attributed to the increase in demand for energy-efficient and eco-friendly lighting solutions. Smart poles equipped with LED lighting and connected technology can improve urban lighting and reduce energy consumption, making them an attractive solution for cities and towns.
The products segment is further divided into hardware, software, and services. Among these, the hardware sub-segment accounted for a dominant market share in 2021. The growth of this segment can be attributed to the increase in demand for smart city infrastructure, as well as the need for energy-efficient and sustainable solutions. Smart poles equipped with hardware components such as sensors, cameras, and communication equipment, provide a platform for the deployment of various smart city services and applications.
The installation segment is further classified into new installation and retrofit. Among these, the new installation sub-segment accounted for a dominant market share in 2021. The growth of new installation smart poles is driven by rising government initiatives and investments. Governments around the world are investing in the development of smart cities, which is expected to drive the demand for new smart pole installation. This has led to an increase in the number of projects and contracts for the installation of smart poles.
The application segment is further categorized into highways and roadways, public places, and railways and harbors. Among these, the highways and roadways sub-segment accounted for a dominant market share in 2021. This is due to the increase in demand for intelligent transportation systems, traffic management systems, and communication infrastructure for smart cities. The integration of various smart technologies, such as LED lighting, 5G communication, environmental sensors, and surveillance cameras, into smart poles, is expected to provide numerous benefits, including reduced energy consumption, increased road safety, improved traffic management, and reduced carbon footprint.
The smart poles market in the LAMEA region is projected to show the fastest growth by 2031. The LAMEA smart poles market is expected to grow significantly in the upcoming years due to the deployment of advanced communication technologies, such as 5G. The growing need for smart solutions in the fields of transportation, communication, and energy is driving the growth of the smart poles market in the LAMEA region. The rise in the implementation of renewable energy sources and the need to modernize the power grid system is expected to increase the demand for smart poles in the region. The increase in popularity of Internet of Things (IoT) technology and the need for real-time data collection for various applications such as traffic management and public safety are also expected to boost the growth of the smart poles market in the LAMEA region.
Key Players in the Global Smart Poles Market
Some of the leading smart poles market players are
- Philips Lighting Holding B.V.
- GE Lighting Co. Ltd
- Hubbell Incorporated
- Cree Inc.
- Eaton Corporation
- Acuity Brands
- Sunna Design
- Mobile Pro Systems
- Goldspar Australia Pty Ltd.
- Virtual Extension Ltd
In March 2021, SHUFFLE Wireless Backhaul, a wireless pole for smart infrastructure applications, was unveiled by Siklu and Schreder. These smart poles offer security and safety solutions for public places.