Newark, June 02, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global smart pole market is expected to grow from USD 8.1 billion in 2021 to USD 41.1 billion by 2030, at a CAGR of 19.8% during the forecast period 2022-2030.
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Several countries are focusing on developing their cities and making them smart cities. The government is taking initiatives by providing smart poles with charging points, cameras, and wi-fi. For instance, the City of Hampton in Virginia recently installed technologically-advanced poles for lighting under its digital transformation project. These smart poles use technology generated from renewable energy sources such as solar and wind power to provide energy to the smart poles that help with power to the charging ports and wi-fi access. These smart poles are also equipped with several added features, such as security cameras that connect the nearby police station to the live video feed from the areas. Such initiatives help in the growth of the market. The quality of life for the people living in cities can be changed by deploying innovative systems and adopting the latest technologies.
Competitive Strategy
To enhance their market position in the global smart pole market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
● In June 2021, the Smart Mission project was announced by Cochin Smart Mission Ltd. (CSML). The project aims at replacing existing streetlights with energy-efficient lights controlled by its command center. Under the project, Cochin Smart Mission Ltd. (CSML) aims to install 3,000 streetlights, including the ones on connected roads.
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Market Growth & Trends
The increasing demand for smart cities and streetlights with advanced features drives the market's growth. Furthermore, the growing initiatives by the government to increase the safety of public places and make smart cities propel the growth of the market. However, the outbreak of the Covid-19 pandemic affected the market's growth as lockdown restrictions were imposed to curb the spread of the virus, and several manufacturing units were temporarily closed. In addition, the high cost of setting up the smart poles also hinders the market's growth. The government's limited budget is a challenge to the market's growth.
Key Findings
● In 2021, the software segment dominated the market with the largest market share of 46% and market revenue of 3.7 billion.
The offering segment is divided into software, components, and services. In 2021, the software segment dominated the market with the largest market share of 46% and market revenue of 3.7 billion. Software is widely being used to add various features to the smart poles, such as wi-fi connectivity, security features, etc., which drives the segment's growth in the market.
● In 2021, the retrofit segment accounted for the largest share of the market, with 63% and a market revenue of 5.1 billion.
The installation type segment is divided into new installation and retrofit. In 2021, the retrofit installation type segment accounted for the largest share of the market, with 63% and a market revenue of 5.1 billion. Most smart poles are installed by replacing the traditional ones, which drive the segment's growth.
● In 2021, the public places segment accounted for the largest share of the market, with 39% and a market revenue of 3.1 billion.
The application segment is divided into public places, highways & roadways, and railways & harbors. In 2021, the public places segment accounted for the largest share of the market, with 39% and a market revenue of 3.1 billion. The rising incidences of accidents and other incidents increase the need for smart poles in public places with several features such as wi-fi connectivity, security cameras, speakers for the announcement, etc. This propels the growth of the market in the segment.
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Regional Segment Analysis of the Smart Pole Market
● North America (U.S., Canada, Mexico)
● Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, Rest of APAC)
● South America (Brazil and Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, North America emerged as the largest market for the global smart pole market, with a market share of around 42% and 3.4 billion of the market revenue in 2021. The installation of new smart poles and an increasing number of retrofit programs in the North American region drives the growth of the market in the region. In addition, the growing initiatives by the government to install smart poles in every corner of the country adds impetus to the growth of the market.
Key players operating in the global smart pole market are:
● Philips Lighting Holding B.V
● Hubbell Incorporated
● General Electric
● Cree, Inc.
● Eaton Corporation
● Acuity Brands
● SYSKA LED
● Zumtobel Group
● Maven Systems Pvt.
● Neptun Light Inc.
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This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Brainy Insights has segmented the global smart pole market based on the below-mentioned segments:
Global Smart Pole Market by Offering:
● Software
● Component
● Services
Global Smart Pole Market by Installation Type:
● New Installation
● Retrofit
Global Smart Pole Market by Application:
● Public Places
● Highways & Roadways
● Railways & Harbors
About the report:
The global smart pole market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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