Transparency Market Research delivers key insights on the global smart pole market. In terms of revenue, the global smart pole market is estimated to expand at a CAGR of 15.7% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global smart pole market. The global smart pole market is broadly affected by several factors, including increasing spending on smart cities and expansion of connected system networks.
A sustainable city life is the need of a technologically advancing world, as technology evolves from 3G to 4G and currently, 5G. Thus, expansion of infrastructure for smart city projects, coupled with Internet of Things (IoT) platforms, to monitor city infrastructures, manage traffic flows and parking to water and air quality, drives the smart pole market.
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Smart poles can incorporate various services such as ultra-broadband 5G services for companies and citizens, traffic monitoring and optimization, infotainment and public safety services, environmental monitoring, local weather, and air quality services.
The installation of smart poles is expected to digitally transform the definition of public streetlights. Government initiatives regarding implementation of smart city plan has prompted street light manufacturers to integrate enhanced technology and multifunctional features. Manufacturers of street poles are increasingly integrating the 4G LTE wireless technology, as Internet connectivity comprises an important part of the smart city plan. Smart poles are also equipped with announcement speakers and charging points for tourist. Moreover, rise in need to monitor accidents, crime, parking and weather conditions has also prompted streetlight manufacturers to integrate smart poles with cameras and sensors.
The use of smart poles is also expected to create significant opportunities for various industries in the backward regions of various countries. However, extreme weather conditions can disrupt the functioning of smart poles, which can be attributed to accumulation of dust, moisture, and snow. Moreover, the high cost associated with technology integration is also hindering the market of smart pole. These factors are projected to hinder the global smart poles market during the forecast period.
North America accounted for a prominent share of the global market in 2020. Rapid adoption of connected streetlights in North America has boosted the market for smart pole in the region. The early appropriation of smart pole frameworks in the U.S. where a high number of tasks are being embraced either to retrofit smart poles or for new establishments is the primary factor driving the smart pole market in North America.
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The market in Asia Pacific is estimated to expand at a notable CAGR during the forecast period, owing to increase in the number of smart city projects in the region and various types of government initiatives in countries such as India, Australia, China, and Japan.
Key players operating in the global smart pole market are Amazon Web Services Inc., Signify Holding B.V., General Electric Company, Lumca Inc., Mobile Pro Systems, Neptun Light, Inc., Siemens AG, Sunna Design Inc., Telensa Limited, Wipro Limited, Zumtobel Group. ELKO EP, HOLDING, SE. OMNIFLOW, Jaguar, and Shanghai Sansi Electronic Engineering Co., Ltd.
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