Dublin, Ireland, Aug. 18, 2022 (GLOBE NEWSWIRE) -- A recently concluded Fact.MR study estimates that the global smart pole market is projected to flourish at a CAGR of 21% from 2022 to 2032, expected to be valued at US$ 65.12 Bn by the end of the said assessment period. Increasing deployment of smart city projects and beefing up of existing infrastructure are generating ample growth opportunities for the market.
From 2015 to 2021, sales of smart poles experienced an impressive incline at a 15% CAGR, being valued at US$ 8 Bn. Prospects suffered a setback during the worst of the COVID-19 pandemic, with several construction and development projects being suspended. However, restrictions are being eased worldwide, which is predicted to renew growth prospects for the market.
In addition to preventing traffic jams and accidents, smart poles can help meet the growing demand for energy-efficient streetlights and smart city initiatives. This is the reason for the growth in the smart pole market. In addition, AI and IoT are expected to accelerate market growth by improving the performance of these systems.
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Key Takeaways from the Market Study
- By 2022, it is estimated that this market will reach a market valuation of US$ 65.12 Bn Bn.
- In 2022, North America is projected to account for over 31% of sales.
- Controllers are expected to dominate the market in 2022, accounting for over 30% of revenue.
- The development of smart cities by various governments is expected to drive the highest revenue share of over 60% for retrofit installation by 2022.
- Over 58% of revenue is expected to come from the hardware segment in 2022
- Asia Pacific is likely to experience a CAGR of 19% from 2022 to 2032
Analysts’ Viewpoint on Smart Pole Market Scenario
The reopening of highways, public places, and railways is expected to fuel the demand for smart poles, as funding is gradually increasing for establishing a robust infrastructure during the ongoing coronavirus outbreak. Companies are bullish on increased spending in the architecture, engineering and construction (AEC) industry. Governments of various cities are providing round-the-clock Wi-Fi connectivity to its citizens through smart poles. Although the smart pole market is positioned for an astonishing growth rate during the assessment tenure, established companies are facing stiff competition from startups. Hence, all companies should invest in R&D efforts and design capabilities to gain a competitive edge in local, regional, and global markets.
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Competitive Landscape
Different strategies are employed by the key players to strengthen their positions in the market, including new product development, research and development, and strategic partnerships. Additionally, they offer software and products for smart poles as part of their efforts to establish a strong presence. The key strategy for market players is to enhance their product offerings to meet the evolving needs of end users in order to remain competitive.
- SHUFFLE Wireless Backhaul was launched by Siklu and Schreder in March 2021 for smart infrastructure solutions. Enhanced security and safety is being provided by Smart pole technologies to public spaces.
- In March 2020, Signify completed its acquisition of Cooper Lighting Solutions from Eaton for USD 1.5 billion. In order to develop connected lighting and systems, the company acquired this company. It is expected that this will increase its professional revenues in North America from 42% to 53%.
- Players in the global smart pole market are focused on the development of enhanced solutions and partnerships with telecom companies and local bodies for the installation of smart pole
- With smart pole integration applications, many of the companies are increasing their market presence through product and software offerings, further catering intense rivalry in the market. Key players are Signify Holding BV and Iram Technologies Pvt. Ltd, among others.
Key Segments Covered in the Smart Pole Industry Survey
- 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
COVID-19 Impact Analysis
The outbreak of the COVID-19 pandemic has led to an economic slowdown in countries worldwide. The operations of numerous construction and development projects were also disrupted, thereby negatively impacting the growth of the smart pole market. For instance, the governments of the U.S. and China announced the shutdown of their construction and infrastructure activities during the pandemic to arrest the spread of the virus. However, as restrictions are relaxed worldwide, the market is expected to witness significant growth over the forecast period.
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More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global smart pole market, presenting historical demand data (2015-2021) and forecast statistics for the period of 2022-2032.
The study indulges essential insights on the market on the basis of installation type (new installation and retrofit installation), application (highways & roadways, public places and railways & harbors), and component (software and hardware) across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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