Smart Pole Sales to Exceed US$ 65.132 Bn Amid Growing Development of Smart Cities

NEW YORK, March 15, 2022 /PRNewswire/ -- The global smart pole market was valued to be around US$ 8 Bn in 2021. By 2032, the overall sales of the market is forecast to reach US$ 65.12 Bn, with  staggering growth at a CAGR of 21% during the forecast period (2022-2032).

Growing demand for energy-efficient streetlights and government programs supporting the development of smart cities will aid the growth in the market. In addition to this, rising need to avert accidents and traffic jams is projected to drive the sales of smart pole in the coming years.

To capitalize on existing trend, key players are developing smart poles with integration of advanced technology such as traffic management systems, security cameras, wireless sensor networks, and others. This is projected to increase the demand worldwide.

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Subsequently, integration of artificial intelligence (AI) and internet of things (IoT) for the performance enhancement is likely to augment the demand of smart poles. Several governments for improved quality of life are improving public infrastructure. They are adding Wi-Fi access and charging points to smart poles, thereby, creating conducive environment for the growth of the market.

Apart from this, growing environmental concerns related to air pollution is anticipated to increase the application of smart poles for monitoring humidity, temperature, and fine particulate matter concentrations. This is likely to spur the sales of smart poles.

According to World Health Organization (WHO), around 7 million people die each year from air-borne illnesses due to poor air quality and air pollution. To reduce the global burden, governments and industries across the globe are increasing the adoption of smart poles.

Key Takeaways:

• North America is anticipated to hold 31% of the overall market share, with the U.S. spearheading the growth in the region.
• Asia Pacific is projected to exhibit growth at 19% CAGR due to the increasing government investments for smart city projects across India and China.
• Based on installation type, the retrofit smart pole installation segment will account for 60% of the market share in 2022.
• In terms of component, the smart pole hardware segment is estimated to hold 58% of the revenue share.

Growth Drivers:

• Growing partnership between mobile technology industry and sustainable energy system providers is expected to increase the sales of innovative smart poles.
• Rising demand for cost saving and energy-efficient source of connected lighting technologies is projected to increase the demand for smart poles.
• Favorable government investments in smart city projects across China and India is anticipated to bolster the growth in Asia Pacific smart pole market.
• Increasing demand for next-generation data analysis technologies for emergency and traffic management is likely to create lucrative opportunities for the market.

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Competitive Landscape:

As per Fact.MR, the smart pole market is highly fragmented. Key players including Eaton Corporation PLC, Siemens AG, and General Electric Company will hold majority of market share through 2022.

Prominent players are focusing on strengthening their global footprints by improving their manufacturing activities. They are also updating their product portfolio to gain competitive edge in the market.

• March 2021: Siklu and Schreder introduced SHUFFLE Wireless Backhaul, a wireless backhaul service for smart infrastructure solutions. This technology will provide safety and security in public spaces.
• March 2020: Signify acquired Cooper Lighting Solutions from Eaton for US$ 1.5 billion. This acquisition helped company innovate the connected lighting and systems. It also helped surge revenue from 42% to 53% in the North American market.

Key Companies Profiled by Fact.MR

• Eaton Corporation PLC
• Wipro Limited
• Silver Spring Networks (Itron)
• General Electric Company
• Siemens AG
• The Zumtobel Group
• Signify Holding B.V
• Echelon
• Cree (Wolfspeed Inc.)

More Valuable Insights on Smart Pole Market

Fact.MR, in its report, offers a market analysis on the global smart pole market providing unbiased analysis for the forecast period of 2022 to 2032. This survey also reveals the growth of technology in the smart pole market with detailed segmentation as follows:

By Installation Type:

• New Smart Pole Installation
• Retrofit Smart Pole Installation

By Application:

• Smart Poles for Highways & Roadways
• Smart Poles for Public Places
• Smart Poles for Railways & Harbors

By Component:

• Smart Pole Software
• Smart Pole Hardware
• Lighting Lamp
• Pole Bracket & Pole Body
• Communication Device
• Others

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia & Oceania
• MEA

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Key Questions Covered in the Smart Pole Market Report

• Which are the key factors driving the global smart pole market?
• What is the expected growth rate of global smart pole market expected during the forecast period (2022-2032)?
• What was the market size of the smart pole market in 2021?
• Which region is expected to hold maximum share in the global smart pole market?
• What will be the market size of the smart pole market in 2022?
• Who are the prominent players operating in the global smart pole market?

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SOURCE Fact.MR