PUBLISHER: Allied Market Research | PRODUCT CODE: 1298216
PUBLISHER: Allied Market Research | PRODUCT CODE: 1298216
The global smart poles market is anticipated to reach $35.9 billion by 2031, growing from $7.1 billion in 2021 at a CAGR of 17.9% from 2022 to 2031.
Smart poles are advanced and connected street lighting systems that use sensors, cameras, and communication systems to enhance the functionality and efficiency of traditional street lighting. These poles can be integrated with the Internet of Things (IoT) to provide real-time data and information on traffic flow, air quality, weather conditions, and others. Smart poles are designed to support smart city initiatives and improve public safety, energy efficiency, and sustainability.
The rise of IoT devices and 5G networks is driving the demand for smart poles, as they can provide wireless connectivity and support a wide range of applications such as smart lighting, traffic management, environmental monitoring, public safety and security, and multimedia services. Smart poles are equipped with advanced technologies such as Wi-Fi, LTE, Zigbee, and Bluetooth that provide seamless connectivity to a variety of devices, including smartphones, laptops, and IoT sensors. As more devices become connected, the need for reliable and fast wireless connectivity is increasing, making smart poles a critical component of smart city infrastructure. This is expected to further drive the demand for smart poles in the upcoming years. As cities around the world look to upgrade their infrastructure to meet the growing demand for wireless connectivity, the smart poles market size is anticipated to boost during the forecast period.
Smart poles are a relatively new technology and there is limited manufacturing capacity for producing these products. This results in limited scalability for large-scale deployment, making it difficult for cities to adopt the technology. In addition, as smart poles become more widespread, clear limitations and regulations need to be established to ensure that the collected data is handled ethically and responsibly. A lack of regulations can lead to data misuse and hamper the deployment of smart poles in some regions. The complexity of integrating smart poles into existing infrastructure also presents a challenge for scalability. The lack of standardization in the industry makes it difficult for municipal corporations to purchase and install smart poles cost-effectively and efficiently.
The increase in focus on renewable energy sources, and the need for efficient energy management systems, are also driving the growth of the smart poles market. The integration of solar panels and battery storage in smart poles provides an additional source of clean energy and reduces the reliance on grid-connected electricity. Smart poles also offer additional benefits such as increased safety and security, improved traffic flow, and real-time data collection. The integration of other technologies such as sensors, cameras, and Wi-Fi, makes smart poles a smart city infrastructure solution. The smart poles market offers significant growth potential, and companies that can effectively address the challenges of cost, durability, and maintenance are well-positioned to capture this opportunity in the market.
The COVID-19 pandemic brought several uncertainties leading to severe economic losses as various businesses across the world were at a standstill. The COVID-19 pandemic has had a significant impact on the smart poles market. Many smart pole projects that were in the planning and implementation stages were put on hold due to the widespread lockdowns and travel restrictions imposed by governments. This has led to a slowdown in the growth of the market and a decline in revenue for the industry. The manufacturing and installation of smart poles have been impacted by supply chain disruptions, as well as reduced demand due to the pandemic.
The key players profiled in this report include: Philips Lighting Holding B.V., GE Lighting Co. Ltd, Hubbell Incorporated, Cree, Inc., Eaton Corporation, Acuity Brands, Sunna Design, Mobile Pro Systems, Goldspar Australia Pty Ltd., and Virtual Extension Ltd.