Smart Pole Market To Register At 20.6% CAGR By 2030, Owing To Rising Need For Energy-Efficient Streetlights, Ability of Smart Poles To Prevent Accidents And Traffic Jams | Grand View Research, Inc.

May 27 06:08 2022
Smart Pole Market To Register At 20.6% CAGR By 2030, Owing To Rising Need For Energy-Efficient Streetlights, Ability of Smart Poles To Prevent Accidents And Traffic Jams | Grand View Research, Inc.
Grand View Research, Inc. – Market Research And Consulting
According to new report available with Grand View Research, the smart pole industry to gain more demand due to the integration of air quality monitoring systems, surveillance cameras, wireless sensor networks, traffic management systems, and transport management systems in smart poles during the forecast period.

Smart Pole Industry Overview 

The global smart pole market size was valued at USD 7.55 billion in 2021 and is expected to reach USD 39.72 billion by 2030, registering a CAGR of 20.6% over the forecast period.

The market growth can be attributed to the ability of smart poles to prevent accidents and traffic jams, the growing need for energy-efficient streetlights, and rising government initiatives for the development of smart cities. Additionally, the integration of air quality monitoring systems, surveillance cameras, wireless sensor networks, traffic management systems, and transport management systems in smart poles have contributed to the demand. The growing adoption of AI and IoT for enhancing the performance of these systems is expected to further accelerate market growth.

Gather more insights about the market drivers, restrains and growth of the Global Smart Pole Market 

Governments of various countries are focused on developing their cities by providing smart poles with Wi-Fi access and charging points. For instance, in February 2021, the City of Hampton in Virginia announced the installation of technologically-advanced light poles under its digital transformation project. These poles use green technology such as solar power to provide energy for Wi-Fi access and charging ports. The smart poles are also equipped with security cameras to provide a live video feed to the police of nearby areas. Such initiatives bode well for the growth of the market.

U.S. smart pole market size, by component, 2020 - 2030 (USD Billion)

Several governments are realizing the importance of upgrading public infrastructure by adopting the latest technologies and deploying innovative systems that can improve the quality of life for citizens. They are continually identifying new areas of improvement in technologies under smart city projects. Moreover, numerous companies around the world are focused on enhancing their product portfolios to support smart city initiatives. In July 2021, Signify Holding announced the acquisition of Telensa Holding Ltd., a company that provides control systems and wireless monitoring for smart cities. This acquisition enabled Signify Holding to serve a broad group of customers by making smart city infrastructure products affordable to cities.

Many governments are emphasizing the enhancement of their existing lighting infrastructure by implementing energy-efficient lighting systems. For instance, in June 2021, Cochin Smart Mission Ltd. (CSML) announced its Smart Mission project involving the replacement of existing streetlights with energy-efficient lights controlled by its command center. Under the project, CSML aims to install 3,000 streetlights, including those used on connected roads. Moreover, many authorities have been conducting smart lighting programs to upgrade their existing lighting infrastructure with energy-efficient lighting.

 

Smart Pole Market Segmentation

Based on the Component Insights, the market is segmented into Hardware, Software, and Service.

  • The hardware segment held the leading revenue share of over 57.52% in 2021. Numerous smart poles installed worldwide are equipped with cameras and air quality sensors to measure the rising pollution levels.
  • The service segment is anticipated to register the fastest growth over the forecast period. Some companies in the market perform the task of installing smart poles in a facility or city and carry out the integration of different systems.

 

Based on the Hardware Insights, the market is segmented into Lighting Lamp, Pole Bracket & Pole Body, Communication Device, Controller, and Others.

  • The controller segment dominated the market with a revenue share of over 29.32% in 2021. Smart pole technology makes use of control devices to efficiently control light and other features based on parameters such as occupancy, temperature, and amount of natural light.
  • The communication device segment is expected to register the fastest growth over the forecast period. They are designed to host multiple components and devices, such as air quality sensors, cameras, Wi-Fi access points, digital billboards, electronic call boxes, and electric vehicle charging points. Most of these IoT-enabled devices communicate through the IoT gateway. Thus, the rising demand for communication devices is expected to boost the growth of this segment.

 

Based on the Installation Type Insights, the market is segmented into New Installation and Retrofit Installation.

  • The retrofit installation segment held the largest revenue share of over 59.19% in 2021, attributed to the smart city initiatives pursued by various governments.
  • The new installation segment is expected to register the fastest growth over the forecast period.

 

Based on the Application Insights, the market is segmented into Highways & Roadways, Public Places, Railways & Harbors.

  • The public places segment dominated the market with a revenue share of over 39.92% in 2021.
  • The highways and roadways segment is anticipated to register the highest growth over the forecast period. The growing number of smart roads being developed across the globe is expected to emerge as one of the major factors driving the growth of the segment.

 

Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

  • North America accounted for a revenue share of over 30.17% in 2021. The rapid deployment of connected streetlights in the region is expected to create growth opportunities for the market.
  • The Asia Pacific region is expected to witness the fastest growth over the forecast period. The increasing deployment of smart poles in countries such as China and India is expected to contribute to the growth of the regional market.

 

Market Share Insights

  • June 2021: New York Power Authority (NYPA) announced its partnership with the Town of Bethel to install 176 energy-efficient streetlights and replace 500,000 streetlights across the state under the New York Power Authority’s Smart Street Lighting NY program.
  • March 2021: Siklu, along with Schreder, announced the launch of SHUFFLE Wireless Backhaul, a wireless pole for smart infrastructure solutions. These smart poles provide security and safety solutions to keep public areas secured.

 

Key Companies Profile:

The market is highly fragmented. The key players are adopting various strategies, such as new product development, R&D, and strategic partnerships, to strengthen their position in the market. Some of the prominent players operating in the global smart pole market are,

  • Cree, Inc.
  • Eaton
  • Echelon
  • General Electric
  • Siemens
  • Signify Holding
  • Silver Spring Networks, Inc.
  • Telensa
  • Wipro Limited
  • Zumtobel Group

 

Order a free sample PDF of the Smart Pole Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

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