Wilmington, Delaware, United States, Oct. 31, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global smart pole market stood at US$ 7.15 billion in 2021 and is projected to reach US$ 30.38 billion in 2031. The global smart pole market is anticipated to expand at a CAGR of 15.7% between 2021 and 2031.
The demand for smart poles is rising, driven by the gradual reopening of highways, public spaces, and railways during the global pandemic. The increasing allocation of funds for bolstering infrastructure development is paving the way for the widespread adoption of these intelligent poles. In response to the evolving landscape, companies are actively investing in the architecture, engineering, and construction (AEC) industry, positioning themselves for the opportunities brought about by the new normal.
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Governments of various cities are taking proactive steps to provide their citizens with round-the-clock Wi-Fi connectivity through smart poles. These initiatives reflect the growing importance of connectivity and efficient urban services today. Consequently, the smart pole market is poised for remarkable growth during the assessment period.
However, this burgeoning market is not without its challenges. Established companies are finding themselves amid intense competition from startups that are bringing fresh ideas and innovations to the table. To thrive in this dynamic environment, all players must prioritize research and development (R&D) efforts and enhance their design capabilities to secure a competitive edge in local, regional, and global markets.
One of the key drivers of growth in the smart pole market is the escalating need for effective traffic management across various countries. As connected devices, digital infrastructure, and cutting-edge technologies become more prevalent, smart poles are harnessed for multiple applications, ranging from traffic control to disaster management.
Key Takeaways of Market Report
- Global smart pole market to generate absolute dollar opportunity worth US$ 30.38 billion until 2031.
- Global smart pole market from 2021 to 2031 is 15.7%
- The global smart pole market is valued at US$ 7.15 billion in 2021.
- Global smart pole market stood at US$ 6.1 billion in 2020.
Smart Pole Market: Growth Drivers
- Governments worldwide are making substantial investments in developing robust and well-equipped transport infrastructure as part of their efforts to enhance road safety and reduce accidents. Smart poles are pivotal in this endeavor by being equipped with cutting-edge monitoring and detection technologies such as closed-circuit television (CCTV) cameras and various sensors.
- The adoption of smart poles represents a transformative shift in the conventional concept of public streetlights. Government-led initiatives aimed at realizing the vision of smart cities have compelled streetlight manufacturers to incorporate advanced technology and multifunctional features into their products. This evolution is not limited to illuminating streets but extends to making cities smarter and more interconnected.
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Smart Pole Market: Regional Landscape
- The Asia Pacific smart pole market is experiencing significant growth, driven by rapid urbanization, increasing infrastructural development, and the emergence of smart city initiatives across the region. Several countries in Asia Pacific are investing heavily in upgrading their urban infrastructure, focusing on sustainable solutions for transportation, public safety, and energy efficiency.
- In North America, the smart pole market is experiencing substantial growth due to a strong emphasis on technological advancements, sustainable urban development, and the need for intelligent infrastructure solutions. The region is characterized by numerous smart city initiatives, where smart poles play a central role in creating connected and responsive urban environments.
Smart Pole Market: Key Players
- The Philips Smart Poles are multifunctional hubs within urban environments, combining energy-efficient LED street lighting with advanced wireless connectivity. This dual functionality not only enhances public safety and the overall quality of urban spaces but also ensures that cities are well-equipped for the demands of a connected and data-driven future. The collaboration between Philips and Ericsson exemplifies the growing trend of smart city initiatives and underscores the importance of integrated solutions in modern urban planning.
- Signify, a leader in lighting solutions, also made significant strides in advancing its position in the North American market. The company completed the acquisition of Cooper Lighting Solutions from Eaton, a substantial deal amounting to US$ 1.5 billion. This strategic acquisition allows Signify to focus further on innovating connected lighting and systems.
Smart Pole Market: Segmentation
Component
- Lighting Lamp
- Pole Bracket & Pole Body
- Communication Device
- Controller
- Others (Camera, Display, etc.)
Installation
- New Installation
- Retrofit Installation
Application
- Highways & Roadways
- Public Places
- Railways & Harbors
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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