Smart Poles Market - Forecasts from 2024 to 2029

Smart Poles Market - Forecasts from 2024 to 2029

The smart poles market is evaluated at US$9,662.612 million for the year 2022 and is projected to grow at a CAGR of 23.53% to reach a market size of US$42,422.94 million by the year 2029.

Smart poles are advanced street poles that have numerous technologies and smart lighting, creating sustainability and better living facilities. The smart poles have numerous add-on features such as cameras, air-quality sensors, Wi-Fi facilities, a call button with an interactive display, and an EV charger. The market is expected to grow at a significant rate due to growing living standards, more investment in smart cities, and increased usage of electric vehicles. Furthermore, technological innovation in the industry is forecasted to further expand the market prospects.

MARKET TRENDS:

Several factors that are in line with the overarching objectives of developing smart and sustainable urban settings are driving the market for smart poles. Smart poles are becoming essential elements in the integration of cutting-edge technology for urban infrastructure as towns all over the world adopt smart city programs. One key factor is the Internet of Things (IoT) integration, as smart poles are multipurpose platforms with sensor and communication technology built in.

These developments make it easier to gather data in real time, which helps cities control traffic, optimize lighting, and monitor the environment. The adoption of smart poles, which frequently have LED illumination and renewable energy sources, is further fueled by the movement towards sustainability and energy efficiency.

MARKET DRIVERS:

The growing electric vehicle industry supports the market for smart poles.

One of the prime factors supporting the growth in the smart pole market is the rising demand for electronic vehicles. Increasing climate concerns and a surge in global warming, along with a reduction in natural fuel reserves and demand for sustainable opportunities, have supported the market adoption of electric vehicles, hence creating the demand for smart poles. Innovation and the launch of new products also expand the EV industry, supporting the market.

Approximately 66,000 electric buses and 60,000 medium- and heavy-duty trucks were sold globally in 2022, accounting for 1.2% of vehicle sales and approximately 4.5% of all bus sales. Electric (and fuel cell) truck and bus manufacturing and sales are still dominated by China. 54,000 brand-new electric buses and 52,000 predicted electric medium- and heavy-duty trucks were sold in China in 2022; these figures accounted for 18% and 4% of China's overall sales as well as around 80% and 85% of worldwide sales, respectively. Furthermore, a large number of buses and trucks marketed in North America, Europe, and Latin America are Chinese brands.
The surge in the construction of smart cities is anticipated to propel the market.

Another key factor that supports the market for smart poles is a surge in infrastructure development, which has led to a rise in the construction of smart cities, especially in the Asia-Pacific region. In China, the government has implemented numerous projects, such as the ”Made in China” 2025 and China Standard 2035 plans, which support the development of smart cities in the country. In India, the government has invested significantly in developing 100 cities into smart cities. Australia is another prime country that has notably invested in the development of smart cities. Hence, it is forecasted that smart city construction will create notable opportunities for the market.

North American and European region is anticipated to be the major market.

Based on geography, the smart pole market is segmented into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. The North American and European markets for smart poles are anticipated to hold a dominating share of smart poles owing to the wider adoption of electric vehicles. Moreover, the development of smart cities is also expected to increase the demand for smart poles. In Portugal, for instance, the government announced the installation of smart poles across the city of Algarve, which will have smart lighting, AI sensors, and other facilities. In North America, innovation and product launches in the EV sector are expected to create demand for charging points and hence increase the demand for smart poles.

Asia Pacific is anticipated to be a significant market.

Infrastructure development and the construction of smart cities are expected to be the prime reasons that are predicted to encourage the adoption of smart poles in the Asia-Pacific region. Countries like China, Australia, India, Japan, and South Korea are undergoing infrastructure upgradation. The government has sanctioned and invested heavily in the construction of smart cities, creating market opportunities for smart poles.

In India, for instance, the government has recognized 100 cities that can be converted into smart cities and hence infested accordingly. In the city of Vadodara, the Vadodara Smart City Development Limited collaborated with Indus Towers to install 220 smart poles in the city. In China, the emerging adoption of EVs is forecasted to create robust demand. The Japanese government, in May 2020, agreed with Sumitomo Corporation to install smart poles with 5G technology across Tokyo city.

Key Developments:

In May 2023, Clovity announced the release of its City Smart Pole product, which combines digital signage, private 5G networks, smart devices, AI cameras, and other smart features with IoT and AI software. To provide a self-contained, multi-solution product that helps assure enhanced safety and administration of cities as well as a launching pad for future smart solution deployment, it integrates IoT technology into necessary municipal infrastructure.
In January 2023, The largest harbor city in Taiwan, Kaohsiung, now has access to vital IoT infrastructure for smart city deployments thanks to the $1.5 million Utilus Smart Pole technology project, which was announced by Iveda® the global solution for cloud-based AI video and sensor technologies. For true smart city implementations, Utilus unifies Iveda technology into a centralized platform that is integrated into the current infrastructure. This includes IvedaSPS (smart power system), IvedaPinpoint (location-based trackers and smart sensors), video surveillance, and AI-based video analytics.

Segmentation:

By Component
Hardware
Software
Services
By Facilities
Wi-Fi
EV Charging
Cameras
Air Quality Sensors
Others
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
United Kingdom
Germany
France
Spain
Others
Middle East and Africa
Saudi Arabia
UAE
Israel
Others
Asia Pacific
China
Japan
India
South Korea
Taiwan
Thailand
Indonesia
Others