Smart Poles Market to Reach $35.9 Billion, Globally, by 2031 at 17.9% CAGR: Allied Market Research
The growing need for a well-established infrastructure for proper traffic management, an increase in the use of connected devices and cutting-edge technologies, and the growing demand for lessening traffic congestion and energy-efficient lighting drive the global smart poles market.
PORTLAND, Ore., March 16, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Smart Poles Market by Type of Hardware (Lighting Lamp, Pole Bracket and Pole Body, Communication Device, Controller, Others), by Products (Hardware, Software, Services), by Installation (New Installation, Retrofit), by Application (Highways and Roadways, Public Places, Railways and Harbors): Global Opportunity Analysis and Industry Forecast, 2021-2031"According to the report, the global smart poles industry was valued at $7.1 billion in 2021 and is estimated to generate $35.9 billion by 2031, witnessing a CAGR of 17.9% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Drivers, Restraints, and Opportunities
The rise in the need for a well-established and resilient infrastructure for proper traffic management, an increase in the use of connected devices and cutting-edge technologies, the ability of smart poles to lessen collisions and traffic congestion, and the rising demand for energy-efficient lighting propel the smart poles market. However, privacy concerns and the high cost of installation and maintenance associated with smart poles are likely to hinder the market growth during the forecast period. On the other hand, an increase in smart city initiatives will present new growth opportunities for the global market in the coming years.
The Lighting Lamp Segment to Dominate the Market during the Forecast Period
Based on type of hardware, the lighting lamp segment contributed to the largest share of more than one-third of the global smart poles market in 2021 and is expected to maintain its dominance during the forecast period. This is owing to the growing need for smart city infrastructure and energy-efficient and environmentally friendly lighting solutions. The communication device segment, on the other hand, is projected to witness the fastest CAGR of 18.4% from 2022 to 2031. The operations of a smart pole may be observed and remotely managed through various communication devices.
The Hardware Segment to Maintain its Leadership During the Forecast Period
Based on products, the hardware segment grabbed the highest share of nearly half of the overall smart poles market in 2021 and is expected to dominate the market during the forecast period. Many smart poles are equipped with hardware such as air quality sensors to track rising pollution levels. In addition, the CCTV cameras can also be attached to smart poles. However, the software segment is projected to witness the fastest CAGR of 18.4% from 2022 to 2031. Real-time data from smart poles software can enhance parking and traffic management, resulting in less traffic and pollution.
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The Highways and Roadways Segment to Maintain A Progressive Growth during the Forecast Period
Based on application, the highways and roadways segment grabbed the highest share of nearly half of the overall smart poles market in 2021 and is expected to dominate the market during the forecast period. One of the key drivers projected to fuel the segment's growth is the rise in the number of smart roads being constructed globally. However, the public places segment is projected to witness the fastest CAGR of 18.4% from 2022 to 2031. Smart poles can help wireless operators rapidly and easily densify their network coverage and enhance capacity in congested public spaces.
North America to Achieve the Largest Revenue by 2031
Based on region, the market in North America was the largest in 2021, accounting for nearly two-fifths of the global smart poles market and is likely to maintain its dominance during the forecast timeframe. This is owing to the demand for smart city solutions, increased urbanization, and rising investments in clean energy and smart grid technology in the region. However, the market in LAMEA is likely to show the fastest CAGR of 19.9% during the forecast period. This is because many countries in this region are focusing on the enhancement of their existing lighting infrastructure by implementing energy-efficient lighting systems.
Leading Market Players
The report analyzes these key players of the global smart poles market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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Key Benefits For Stakeholders:
Smart Poles Market Key Segments:
Type of Hardware
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