Report Ocean has recently published a research study on the global smart pole market. The report, titled “Global Smart pole Market Size study, by Offering (Component, software and services), by Application (Highways and roadways, public places and railways and harbors), Installation type (New installation and Retrofit installation) and Regional Forecasts 2020-2027,” offers a detailed assessment of this market, including individual analyses of each of its segments.
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According to the study, the global smart pole market was valued approximately US$8.50 bn in 2019. The market is anticipated to rise at a healthy CAGR of more than 19.99% over the forecast period of 2020-2027.
Smart poles, also called intelligent light poles, include a number of facilities such as lighting, and Bluetooth, Wi-Fi, and charger points. Since smart poles offer better experience to people through providing them web connectivity on streets when they are out of their homes and offices, its demand has rapidly increased over years. The significant rise in government initiatives regarding smart cities across the world is also fueling the demand for smart poles. For instance, the government of India introduced National Smart Cities Mission in 2015 to develop smart cities across the nation. The mission is aimed at developing 100 smart cities in India between 2019 and 2023. Similarly, European commission incorporated a European innovation partnership on smart cities and community’s initiative. The main focus behind these initiatives is to improve the urban life through more sustainable integrated solutions in order to address city-specific challenges by integrating different policy areas, such as mobility and transport, energy, and Information and communication technology (ICT) infrastructure.
Going forward, the need for energy efficient pole lighting systems is expected to drive the growth in the global smart pole market over the forecast years. However, the higher upfront cost compared to traditional poles may hamper the market in the near future, states the research study.
The research report also offers a geographical assessment of the global market for smart poles. As per the study, the global market reports its presence across North America, Europe, Latin America, Asia Pacific, and the Rest of the World. The dominant regional market for smart poles across the world is North America. The rapid growth in advanced technologies and smart infrastructure is fueling the demand for smart poles in this region and, thereby, the regional market. Researchers expect the North America market for smart poles to remain dominant throughout the forecast period. Asia Pacific is also anticipated to exhibit high growth rate over the next few years. Factors, such as government initiatives regarding smart cities, are likely to create growth opportunities for players in the Asia Pacific smart pole market.
Impact of Covid 19 on Smart Pole Market
Like many other markets, the global smart pole market has also been impacted by the Coronavirus pandemic. The economic slowdown has affected the investment, directed towards R&D, which has reflected negatively on the growth of this market. However, as the economies will start reopening, the market will also regain its pace.
The global smart pole market is segmented into:
By Offering
- Component
- Software
- Services
By Application
- Highways and roadways
- Public places
- Railways and harbors
By Installation Type
- New installation
- Retrofit installation
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Rest of the World
Companies Mentioned in the Report
- Philips Lighting Holding B.V.
- General Electric Company
- Hubbell Incorporated
- Cree, Inc.
- Eaton Corporation PLC
- Acuity Brands Inc.
- Zumtobel Group AG
- Syska LED Lights Private Limited
- Virtual Extension Ltd.
- Mobile Pro Systems
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