New York, USA, April 11, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global smart pole market is anticipated to generate a revenue of $20,739.1 million and grow at a CAGR of 16.7% over the forecast timeframe from 2021 to 2028.
As per our analysts, with the increasing implementation of smart poles for smart city development because of their better connectivity, capillarity, and electrification, the market is expected to witness significant growth during the forecast timeframe. Besides, the growing enactment of smart grids, advanced remote controlling systems, and intelligent automated infrastructure to reduce power consumption and carbon emissions is further expected to bolster the growth of the smart pole market over the estimated period. Moreover, the rising advancement of communication technology such as 5G wireless technology to accelerate the adoption of smart city solutions, is projected to create massive growth opportunities for the market during the analysis timeframe. However, the high cost of implementing smart pole solutions across the developing economies may hinder the growth of the market during the analysis timeframe.
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Segments of the Market
The smart pole market has been divided into segments based on component, installation, hardware type, application, and region.
Component: Hardware Sub-Segment to be Most Profitable
The hardware sub-segment is predicted to generate a revenue of $10,504.7 million during the forecast period. This is mainly because of the requirement of strong and consistent hardware for the proper operation of cellular phones, Internet of Things (IoT) sensors, automated vehicles, and other devices. Moreover, the increasing implementation of smart poles infrastructure by municipalities of many developing cities to generate new revenue streams and improve public safety is predicted to bolster the growth of the smart pole market sub-segment over the estimated period.
Installation: New Installation Sub-Segment to be Most Lucrative
The new installation sub-segment is expected to garner a revenue of $10,555.3 million during the analysis period. The increasing demand for smart pole with all advanced functionality such as 5G networking, CCTV, internet connectivity, and many others, is the factor expected to fortify the growth of the market sub-segment during the forecast period.
Hardware Type: Lighting Lamp Sub-Segment to be Most Productive
The lighting lamp sub-segment is predicted to generate a revenue of $7,122.1 million over the estimated timeframe. This is mainly due to the increasing demand for connected LED street lighting in smart cities projects to renovate aging city infrastructure. Furthermore, the increasing use of a mobile network in conjunction with a centralized management system to implement a connected street lighting program that allows to control and monitor the lighting assets remotely is projected to propel the growth of the smart pole market sub-segment during the analysis period.
Application: Highways and Roadways Sub-Segment to be Most Beneficial
The highways & roadways sub-segment is projected to garner a revenue of $10,517.6 million during the forecast period. The increasing construction activity of the roads and growing infrastructure of the smart cities in the developing region has increased the adoption of a smart pole across the globe, which is the factor expected to foster the growth of the smart pole market sub-segment throughout the analysis period.
Region: North America Region to Hold the Largest Share of the Market
The North America region of the smart pole market is expected to generate a revenue of $7,671.4 million during the forecast period. This is mainly because the region is considered as the most promising market in the lighting industry for smart pole solutions. In addition, the increasing assistance and adoption of smart lighting solutions to implement the appropriate energy policies and regulations for limiting energy consumption across the region is expected to drive the regional growth of the market over the estimated period.
Covid19 Impact on the Market
The outbreak of the Covid-19 pandemic has had a negative impact on the smart pole market, likewise, it has devastated various other industries and disrupted many healthcare services and economies. This is mainly because governments of many countries have imposed strict lockdowns and mobility restrictions during the period of pandemics. Moreover, the lack of manpower was the bigger factor to fulfill the needs for smart city development across many developing economies and has affected the growth of the market during the period of crisis. However, the adoption of emerging technologies, such as AI and IoT has created significant growth opportunities for the market.
Key Players of the Market
The major players in the smart pole market include
- Eaton Corporation
- Sunna Design
- Cree, Inc.
- Acuity Brands
- Mobile Pro Systems
- Hubbell Incorporated
- Goldspar Australia Pty Ltd.
- GE Lighting Co. Ltd
- Virtual Extension Ltd.
- Philips Lighting Holding B.V. and many more.
These players are working on the development of new business strategies and tactics such as partnerships and collaborations, mergers and acquisitions, and product development to procure a leading position in the global industry. – Inquire here & Get Quick Access to the Full Report
For instance, in November 2021, GE Current is a leading company that sells energy management systems and Hubbell Incorporated’s C&I Lighting Business, a renowned provider of lighting controls, connected lighting, and professional lighting have together entered into an acquisition to promote end-to-end lighting solution businesses. Furthermore, with this acquisition, the companies are aiming to create new solutions for the evolving needs of customers all across the globe.
Further, the report also summarizes other crucial aspects including product portfolio, the financial performance of the key players, the latest strategic developments, and SWOT analysis.
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