New York, USA, May 17, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global smart poles market is envisioned to generate a revenue of $35,921 million and rise at a noteworthy CAGR of 17.9% throughout the estimated period from 2022 to 2031.
As per our analysts, the growing development of smart cities, and the rising demand for sustainable urban infrastructure are predicted to bolster the growth of the smart poles market during the forecast period. Besides, the rising technological advancements in smart poles with the deployment of various IoT applications such as traffic management, public safety, advertising, and many others are expected to augment the growth of the market in the coming period. Moreover, the increasing integration of 5G technology in smart poles to perform a wide range of functions such as energy consumption, and real-time monitoring of traffic is expected to create wide growth opportunities for the smart poles market over the analysis period. However, the high cost of technology, complicated installation, and limited skillset may hinder the growth of the market throughout the estimated period.
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Segments of the Smart Poles Market
The report has divided the market into segments based on hardware, products, installation, application, and region.
Hardware: Lighting Lamp Sub-Segment to be Most Productive
The lighting lamp sub-segment generated the highest share in 2021. This is mainly due to the growing need for environmentally friendly lighting solutions and the rising demand for smart city infrastructure across the globe. Additionally, the incorporation of advanced technologies such as IoT sensors and 5G connections in smart poles is expected to amplify the growth of the smart poles market sub-segment over the analysis period.
Products: Hardware Sub-Segment to be Most Profitable
The hardware sub-segment held the largest market share in 2021. The increasing collaborations of mobile technology companies with alternative energy system suppliers to deliver unique solutions for smart poles are expected to propel the growth of the market sub-segment during the estimated timeframe.
Installation: New Installation Sub-Segment to be Most Lucrative
The new installation sub-segment registered the biggest revenue in 2021. This is mainly because of the rising focus on the development of smart poles equipped with air quality sensors, security cameras, and many more by leading industry participants. Furthermore, the new installations would aid governments and businesses around the world to support the latest smart pole technologies which are expected to fuel the growth of the smart poles market sub-segment over the forecast period.
Application: Highways and Roadways sub-Segment to be Most Beneficial
The highways and roadways sub-segment held the dominant market share in 2021. The increasing construction of smart roads across the globe to measure vehicle speeds with the use of radar sensors and electromagnetic waves and warn drivers of vehicles approaching from the opposite direction is expected to uplift the growth of the market sub-segment during the estimated timeframe.
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North America Region Held the Maximum Market Share in 2021
The North America region of the smart poles market generated the highest revenue in 2021. This is majorly due to the growing demand for smart city solutions, rising investments in renewable energy, and rapid urbanization across the region. Moreover, the high technological advancements and the existence of leading players in the technology industry are expected to boost the regional growth of the market over the analysis period.
Covid-19 Impact on the Smart Poles Market
The outbreak of the Covid-19 pandemic has brought several uncertainties across various industries, including the smart poles market. This is mainly because of the disruption in supply chains, closure of manufacturing plants, and economic slowdown across various industries. Moreover, the cancellation and postponement of many construction projects due to the shortage of raw materials and labor and the risk of spreading the virus among workers have further impacted the growth of the market. Moreover, mobility restrictions and social distancing measures have declined the market growth throughout the crisis.
Key Players of the Smart Poles Market
The major players of the market include
- Acuity Brands
- Eaton Corporation
- Sunna Design
- Cree Inc.
- Mobile Pro Systems
- Hubbell Incorporated
- Goldspar Australia Pty Ltd.
- GE Lighting Co. Ltd.
- Virtual Extension Ltd.
- Philips Lighting Holding B.V.
These players are mainly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry.
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For instance, in March 2021, Nokia, a Finnish multinational telecommunication, information technology, and consumer electronics corporation announced its partnership with ClearWorld, a leading provider of unique and fully integrated energy solutions. With this partnership, ClearWorld’s smart poles would help Nokia to provide smart urban infrastructure solutions for cities.
Further, the report also presents other vital aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
More about Smart Poles Market:
- Smart Poles: The Key Enablers of Autonomous Vehicle Infrastructure
- Global Smart Poles Market to Experience Noteworthy Growth by 2031 Due to a Rise in the Smart City Projects Worldwide
