Global Smart Pole Market Expected to Gather $20,739.1 Million and Grow at a CAGR of 16.7% in the 2021-2028 Timeframe [229-Pages] | Confirmed by Research Dive
The global smart pole market is expected to grow immensely by 2028 due to strategic alliances among key market players. The hardware sub-segment is expected to be the most profitable. Market in the North America region to be highly dominant by 2028.
NEW YORK, July 11, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Smart Pole Market by Component (Hardware, Software, and Services), Installation (New Installation and Retrofit Installations), Hardware Type (Lighting Lamp, Pole Bracket & Pole Body, Communication Device, Controller, and Others), Application (Highways & Roadways, Public Places, and Railways & Harbors), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028".
According to the report, the global smart pole market is anticipated to garner a revenue of $20,739.1 million by 2028, growing at a healthy CAGR of 16.7% during the forecast period 2021-2028.
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Dynamics of the Smart Pole Market
Drivers: Development of the concept of 'Smart Cities' and 'Advanced Remote Control Systems' is expected to be the primary growth driver for the smart pole market. Additionally, the increasing adoption of 5G services to accelerate the 'Smart City' project is also expected to boost the growth of this market during the forecast period.
Opportunities: Advancements in the product design are expected to offer huge growth opportunities to the smart pole market in the 2021-2028 timeframe. Furthermore, strategic alliances between key market players in the form of acquisitions, mergers, etc. are also expected to enhance these growth opportunities.
Restraints: High cost of implementation is, however, expected to decelerate the growth rate of the smart pole market.
Covid-19 Impact on the Smart Pole Market:
The onset of the Covid-19 pandemic has had a negative impact on the smart pole market. The lockdowns ordered by various governments altogether halted the 'Smart City' projects in these countries along with the reduction in expansion of 5G services. All these factors collectively reduced the demand for smart poles, which ultimately hampered the growth of the market.
The market analysts, however, predict a growth in this market owing to the increasing prevalence, adoption, and integration of modern technologies like Artificial Intelligence (AI) and Internet of Things (IoT). These technologies have the potential to help the market grow despite the pandemic situation.
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Segments of the Smart Pole Market
The report has divided the smart pole market into a few segments based on component, installation, hardware type, application, and regional analysis.
- By component, the hardware sub-segment of the smart pole market is expected to have a dominating market share and garner $10,504.7 million by 2028. The basic necessity of consistent and stable connectivity for proper operation of Internet of Things (IoT) devices, mobile phones, automated vehicles, etc. is fulfilled by smart poles as a part of hardware infrastructure. This has helped the hardware sub-segment garner such a huge revenue.
- By installation, the new installation sub-segment is anticipated to have a significant market share and surpass $10,555.3 million by 2028. The increasing number of new installations of smart poles which are equipped with the latest technologies of 5G services, CCTV hardware, etc. is driving the growth rate of this sub-segment.
- By hardware type, lighting lamp sub-segment is projected to have the largest market share and surpass $7,122.1 million by 2028 due to increase in demand for LED streetlights with the rise of smart cities. These streetlights help to completely makeover the cities' aesthetic appearance as well as help in energy saving. These factors have helped the lighting lamp sub-segment to grow to such a great extent.
- By application, highways and roadways sub-segment of the smart pole market is anticipated to have the highest market share and surpass $10,517.6 million during the forecast period. The growing construction activities pertaining to roads and highways is the primary reason behind the growth of this sub-segment.
- By region, the smart pole market in the North America region is predicted to be the most dominant and is expected to register a revenue of $7,671.4 million by 2028. Several regulations and policies are implemented in the North America region which mandate the use of smart lighting devices. Hence, the smart pole technology becomes a perfect solution, thereby helping the market in this region hold such a dominant position.
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Significant Smart Pole Market Players
Some significant smart pole market players are
- Acuity Brands
- Philips Lighting Holding B.V..
- Goldspar Australia Pty Ltd.
- Hubbell Incorporated
- Mobile Pro Systems
- Virtual Extension Ltd.
- Eaton Corporation
- GE Lighting Co. Ltd.
- Cree Inc.
- Sunna Design, among others.
These major players are developing several strategies like product development and enhancement, merger and acquisition, partnerships and collaborations to assist the market growth. – Inquire here before buying full report started at -$2999(Read-Only)
For example, in August 2021, Toyota Tsusho, a subsidiary of the Toyota Group, deployed a smart pole at a junction in the Toyota City in order to monitor the traffic and suggest appropriate measures to all the stakeholders so as to reduce the number of traffic casualties in the area. Such 'smart' devices will indeed help in regulating urban life in a positive way.
The report also sums up various crucial facets including financial performance of the market players, SWOT analysis, product portfolio, and the latest strategic developments.
More about Smart pole Market:
- Global Smart Pole Market's Growth to Boost by 2028 with Rising Implementation of Smart City Projects Worldwide
- Significance of Smart Poles in Modern Architecture
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