Smart Pole Market to grow by USD 12.48 billion from 2022 to 2027 | Multiple functionalities of smart pole boosts the market - Technavio

NEW YORK, Aug. 24, 2023 /PRNewswire/ -- The smart pole market is set to grow by USD 12.48 billion from 2022 to 2027, progressing at a CAGR of 16.74% during the forecast period. The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. The market is driven by a smart pole that enables multiple functionalities.  Smart lighting solutions play a crucial role in the intelligent transformation of cities globally. The main advantage of LED lights in smart poles is that they can save almost 40% of energy when compared to conventional street lights. Some of the other features of smart poles include auto-dimming that adapts light illusion as per the surrounding light. Hence, the adoption of smart poles can save up to 50% of the overall cost. Thus, such factors are expected to drive market growth during the forecast period. -Here is an Exclusive report talking about Market scenarios with a historical period (2017-2021) and forecast period (2023-2027). Download Sample Report in minutes!

The smart pole market covers the following areas:

Smart Pole Market Sizing
Smart Pole Market Forecast
Smart Pole Market Analysis

The report on the smart pole market provides a holistic update, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis. 

Smart Pole Market 2023-2027 - Market Dynamics

Significant trends influencing the market growth

The growing number of smart cities is a primary trend shaping the global smart pole market during the forecast period.

Major challenges hindering the market growth

High costs associated with smart poles are a significant challenge hindering the market growth during the forecast period. Smart poles are an essential part of smart cities. However, the installation of smart poles requires a high investment. For instance, the average cost of a smart pole is approximately USD14000, and installation costs can range from USD 500 and USD 1000. As a result, the installation of smart poles is expensive for the government and municipalities, which is negatively impacting the market. Furthermore, the repair cost of smart poles is high as they are complex in nature. Additionally, there is a lack of skilled technicians in developing countries for the repairing of smart poles. Hence, such factors are expected to hinder the market growth during the forecast period.

Smart Pole Market 2023-2027: Market Segmentation

This smart pole market report extensively covers market segmentation by type (retrofit installations and new installations), product (component, software, and services), and geography (North America, Europe, APAC, South America, and the Middle East and Africa). 

• The market share growth by the retrofit installations segment is significant during the forecast period. Retrofit installations segment comprises the upgrade of existing conventional street light poles with smart poles. The degradation of several smart poles across the world is fuelling the growth of the retrofit installation segment. Additionally, existing streetlights offer retrofit installation utilizing smart poles, resulting in the growth of this segment. There is an increasing adoption of smart poles in several regions of Europe and Middle East Africa where there is lower LED perforation. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.

This report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources through an analysis of key parameters - View Sample Report

Companies Mentioned

• 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.
• Wipro Ltd.

What's New?

• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession 
• Global competitiveness and key competitor positions 
• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial  - buy the report!

Company Offerings

• Acuity Brands Inc:  The company offers smart poles with controlled brightness and dimming, wifi transmitters, weather stations, emergency buttons, and cameras.
• ELKO EP Holding SE: The company offers smart pole solutions such as weather stations, emergency buttons, cameras, backlit info panels, various sensors, and WiFi transmitters.
• Goldspar Australia Pty Ltd: The company offers smart pole solutions under the brand name of Multipole such as 240S SERIES.

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Table of Contents

Executive Summary

Market Landscape

Market Sizing

Historic Market Size

Five Forces Analysis

Market Segmentation by Type

Market Segmentation by Product

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, and Trends

Vendor Landscape

Vendor Analysis

Appendix

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