According to 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. North America emerged as the largest market for the global smart pole market, with a 42% share of the market revenue in 2021. Like the US, several cities in North America started the early installation of smart poles and continue to install new smart poles or retrofit smart poles, which drives the growth of the market in the region.
Global Smart Pole Market Size By Offering, Installation Type, Application , Regions, Global Industry Report, Share, Growth, Trends, and Forecast 2022 to 2030
Leading companies in the industry include Philips Lighting Holding B.V, Hubbell Incorporated, General Electric, Cree, Inc., Eaton Corporation, Acuity Brands, SYSKA LED, Zumtobel Group, Maven Systems Pvt., and Neptun Light Inc., among others which are offering more significant opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.
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The offering segment is divided into software, components, and services. The software segment dominated the market, with a market share of around 46% in 2021. Software is widely used to add features to the lighting poles and unique features, making them smart. The excessive use of software in smart poles drives the growth of the segment in the market. The installation type of smart pole market segment is divided into new installation and retrofit. Over the forecast period, the retrofit installation type segment is expected to grow at the fastest CAGR of 21.6%. Most of the smart poles are installed by replacing the existing ones, which drives the growth of the retrofit installation type segment. The application segment is divided into public places, highways & roadways, and railways & harbors. In 2021, the public places segment dominated the market with 39% and market revenue of 3.1 billion. There is an increasing need for installing smart poles in public places to increase safety. These smart poles have advanced features such as wifi connectivity, security cameras, speakers for the announcement, etc.
The increasing demand for smart poles with various facilities like electric vehicle charging, wifi connectivity, and pollution sensors enhances the market’s growth. Additional functions like daylight saving and real-time monitoring add impetus to the market’s growth. Smart poles can also reduce the cost of energy consumption. All these factors together are the driving forces of the systems. However, the implementation price of this system is very high, which hinders the market’s growth. This system’s higher infrastructure and equipment cost than the traditional poles are a major restrain to the market growth. Another drawback of the system is that the smart pole system cannot withstand harsh weather conditions, which challenges the market’s growth.
Get more information @ Smart Pole Market Size [2022-2030] to Reach USD 41.1 Billion and Exhibit a CAGR of 19.8% | The Brainy Insights
