Smart Pole Market to grow by USD 12.48 billion from 2022 to 2027, Growth Driven by multiple functionalities offered by Smart Poles- Technavio

NEW YORK, Jan. 8, 2024 /PRNewswire/ -- The smart pole market by type (retrofit installations and new installations), product (component, software, and services), and geography (North America, Europe, APAC, Middle East and Africa, and South America) - Forecast and Analysis 2023-2027" report has been added to Technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the smart pole market between 2023 and 2027 is USD 12.48 billion.

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What are the main growth drivers in the Smart Pole Market?

The Smart Pole, with integrated LED lighting powered by solar panels, exemplifies multifunctionality, boosting market expansion. Equipped with surveillance cameras, environmental monitoring, and digital signage, it ensures comprehensive monitoring and public communication. Its traffic monitoring capabilities, energy storage, and adaptive lighting control enhance efficiency. Crafted from sustainable materials, it offers vandalism protection and streamlined maintenance management. This amalgamation of features underpins its significant role in urban infrastructure advancement and sustainable city development.

What are the market trends in the Smart Pole Market?

The expanding smart pole market trend aligns with the rising prevalence of smart city integration. Smart poles, integrating G technology, IoT (Internet of Things), and Wi-Fi connectivity, serve as pivotal components. Enabled with smart sensors, Bluetooth beacons, and data analytics, they facilitate remote management and offer real-time information display through public Wi-Fi hotspots. These innovative poles conduct pedestrian counting, monitor air quality sensors, and provide weather forecasting tools. Their integration embodies urban evolution, emphasizing the fusion of technology for enhanced city living experiences.

What are the challenges faced by the Smart Pole Market?

The principal challenge obstructing the smart pole market's growth lies in the substantial costs involved. Integrating EV charging stations, emergency call boxes, and public address systems escalates expenses. Urban data collection, network security, and reliance on cloud computing further contribute to the financial burden. Market leaders and competitors are faced with the task of overcoming these cost barriers to facilitate widespread adoption, ensuring the efficient integration of advanced functionalities while maintaining competitive pricing models.

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How is the Healthcare Smart Pole Market Segmented?

The smart pole market is segmented by type (retrofit installations and new installations), product (component, software, and services), and geography (North America, Europe, APAC, Middle East and Africa, and South America). 

Which segment significantly contributes to the Smart Pole Market?

The market share growth by the retrofit installations segment will be significant during the forecast period. Retrofit installations are intended to replace the current standard street lighting poles with smart ones. The upgrading of streetlights to energy-efficient smart poles is becoming an increasing trend across Europe and the Middle East, driven in particular by regions such as Europe and Middle East Africa which have a lower rate of LED perforation. In advanced economies, the demand for smart pole retrofitting is very high as opposed to developing economies. Consumer perceptions of technology and innovative products were also influenced by a rapidly growing technological trend resulting from the Pandemic.

Which region majorly contributes to the Smart Pole Market?

North America is estimated to contribute 34% to the growth of the global market during the forecast period.

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Who are the key companies in the Smart Pole Market?

Acuity Brands Inc., Eaton Corp. Plc, ELKO EP Holding SE, General Electric Co., Goldspar Australia Pty Ltd., Hubbell Inc., Itron Inc., Jaquar Group, Koninklijke Philips NV, Lumca Inc., Mobile Pro Systems, Norsk Hydro ASA, OMNIFLOW SA, Renesas Electronics Corp., Shanghai Sansi Electronic Engineering Technology Co. Ltd., Siemens AG, Signify NV, Sunna Design SA, Valmont Industries Inc., and Wipro Ltd.

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Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Type

Market Segmentation by Product

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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SOURCE Technavio