NEW
YORK, June 17, 2024 /PRNewswire/ -- The global
smart pole market size is estimated to grow by USD 19.14 billion from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of
over 20.6% during the forecast period. Smart pole enables
multiple functionalities is driving market growth, with a
trend towards increasing number of smart cities.
However, high costs associated with smart poles poses a
challenge. Key market players include Acuity Brands Inc., Eaton
Corp. Plc, ELKO EP Holding SE, General Electric Co., Goldspar
Australia Pty Ltd., Hubbell Inc., Itron Inc., Jaquar India,
Koninklijke Philips N.V., Lumca Inc., Mobile Pro Systems, Norsk
Hydro ASA, OMNIFLOW SA, Renesas Electronics Corp., Shanghai Sansi
Electronic Engineering Technology Co. Ltd., Siemens AG, Signify NV,
Sunna Design SA, Valmont Industries Inc., and Wipro Ltd..
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Smart Pole Market
Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
20.6%
|
Market growth
2024-2028
|
USD 19149.3
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
16.82
|
Regional
analysis
|
North America, Europe,
APAC, Middle East and Africa, and South America
|
Performing market
contribution
|
North America at
33%
|
Key
countries
|
US, China, Germany,
Canada, and UK
|
Key companies
profiled
|
Acuity Brands Inc.,
Eaton Corp. Plc, ELKO EP Holding SE, General Electric Co., Goldspar
Australia Pty Ltd., Hubbell Inc., Itron Inc., Jaquar India,
Koninklijke Philips N.V., Lumca Inc., Mobile Pro Systems, Norsk
Hydro ASA, OMNIFLOW SA, Renesas Electronics Corp., Shanghai Sansi
Electronic Engineering Technology Co. Ltd., Siemens AG, Signify NV,
Sunna Design SA, Valmont Industries Inc., and Wipro Ltd.
|
Market Driver
The Smart Pole Market is set to expand significantly due to the
rise of smart cities. These urban areas utilize interconnected
digital technologies, including smart pole solutions, to enhance
communication, reduce costs, and improve resource usage. Smart
poles, equipped with cutting-edge technologies like cell phones,
big data, and artificial intelligence, offer real-time monitoring
and emergency response services. The increasing development of
clean and green energy and efficient lighting in smart cities will
further fuel the demand for smart poles, driving market growth
during the forecast period.
The Smart Pole Market is experiencing significant growth due to
the increasing demand for sustainable and technologically advanced
urban infrastructure. Smart poles, equipped with various sensors
and communication systems, are transforming cities by enabling
efficient traffic management, improved public safety, and enhanced
environmental monitoring.
Urban planning initiatives and the integration of 5G networks
are driving the adoption of smart poles. Additionally,
energy-efficient LED lighting and solar panels are making these
poles more cost-effective and eco-friendly. The market is expected
to continue its upward trend with innovations in IoT, AI, and other
smart city technologies.
Research report provides comprehensive data on
impact of trend. For more details- Download a Sample
Report
Market Challenges
- The high cost of installing smart poles, which is approximately
USD15,500 per unit including
installation, is a significant challenge for the global smart pole
market. Smart poles are essential components of smart cities, but
their high investment cost limits their wider adoption. Traditional
street light poles and LED street light poles cost significantly
less, making smart pole investment over four times more
expensive.
- Although smart poles offer energy savings and low maintenance
costs, their high upfront expense is a barrier to adoption in
cost-conscious emerging economies. Additionally, the complex nature
of smart poles necessitates skilled technicians for repair, leading
to higher repair costs and a shortage of skilled personnel in
prominent economies. These factors collectively hinder the growth
of the smart pole market during the forecast period.
- The Smart Pole Market faces several challenges in its
implementation and growth. Urbanization and the need for
sustainable city infrastructure have driven the demand for these
multi-functional poles. However, cost and complexity are major
hurdles. Integrating various technologies like LED
lighting, Wi-Fi, and environmental sensors adds to the
cost.
- Additionally, regulatory approvals and standardization pose
challenges. The need for interoperability and compatibility among
different components is crucial. Furthermore, ensuring privacy and
security of data transmitted through these poles is a significant
concern. Despite these challenges, the potential benefits of energy
efficiency, improved connectivity, and enhanced city services make
the Smart Pole Market an attractive investment opportunity.
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challenges - Request a sample report!
Segment Overview
- Type
- 1.1 Retrofit installations
- 1.2 New installations
- Product
- 2.1 Component
- 2.2 Software
- 2.3 Services
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Retrofit installations- The Smart Pole market
refers to the sale and implementation of advanced telecommunication
poles. These poles integrate various technologies such as LED
lighting, Wi-Fi, and environmental sensors. They enhance urban
infrastructure by providing efficient energy usage and improved
connectivity. Smart Poles contribute significantly to the digital
transformation of cities, making them more livable and
sustainable.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
Research Analysis
The Smart Pole market is experiencing significant growth due to
technology advancements and the integration of IoT into urban
infrastructure. Connectivity solutions, including wireless
communication and sensor networks, are key components of Smart
Poles, enabling applications such as public safety, traffic
management, and environmental monitoring. Energy efficiency is a
critical consideration, with Smart Poles incorporating renewable
energy sources and smart lighting.
Data analytics, cloud computing, edge computing, artificial
intelligence, and machine learning are essential tools for managing
and interpreting the vast amounts of data generated by these
systems. The Smart Pole market is a significant contributor to the
digital transformation of cities, enabling urban mobility and
improving overall quality of life. Big data and real-time
information processing are essential for optimizing energy usage,
ensuring public safety, and enhancing environmental monitoring.
Market Research Overview
The Smart Pole Market represents the latest trend in urban
infrastructure development, integrating advanced technologies such
as LED lighting, Wi-Fi hotspots, environmental sensors, and digital
signage into a single, energy-efficient structure. These poles not
only enhance the aesthetic appeal of cities but also contribute to
energy savings, improved connectivity, and enhanced public
safety.
The market is driven by factors such as increasing urbanization,
growing demand for smart cities, and government initiatives to
promote sustainable infrastructure. The use of composites and
advanced materials in Smart Poles further boosts their adoption due
to their durability, lightweight, and corrosion resistance. The
market is expected to witness significant growth in the coming
years, with a focus on innovation and cost-effectiveness.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Type
-
- Retrofit Installations
- New Installations
- Product
-
- Component
- Software
- Services
- Geography
-
- North America
- Europe
- APAC
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio