Global Smart Pole Market Size, Trends & Growth Opportunity and By Installation Type (New Installation and Retrofit), By Offering (Component, Software, and Services), By Region and Forecast till 2027.

Global Smart Pole Market Size, Trends & Growth Opportunity and By Installation Type (New Installation and Retrofit), By Offering (Component, Software, and Services), By Region and Forecast till 2027.

Global Smart Pole Market

The Global Smart Pole Market is expected to grow from US$ 8.98 Billion in 2021 to US$ 43.76 Billion by 2027; it is estimated to grow at a CAGR of 30.21% from 2021 to 2027.

Intelligent light poles are another name for smart poles. The name "intelligent" is used since these smart poles can carry out both their primary duty of dispersing sunlight and other advanced features like Wi-Fi, Bluetooth, charger points, and numerous others. In emerging nations like India, the smart poles have successfully taken the lead role in the expanding "Smart City" concept. The governments of developed nations like the United States and the United Kingdom. by providing them with web connectivity on the streets as well, are concentrating on improving the experience of the people when they are away from their homes and offices.

Drivers: The smart poles, which are fitted with sophisticated cameras and sensors, are especially useful for reducing congestion and crowding, which enables drivers to move across the roadways with ease and punctuality. The demand for internet use for navigation continues to rise as a result of clients' increasing propensity for taxi services. Due of their strong internet capabilities, smart poles will continue to be in high demand worldwide. Due to these factors, it is projected that the Smart Pole Market will expand significantly over the coming years.

Restraints: Due installing these systems is expensive, economies with limited resources cannot use smart pole solutions. Governments are discouraged from making further sizable expenditures because of the expense involved in upgrading the current infrastructure. Smarter infrastructure can help lower operational costs and improve.

Opportunities: Long-term economic expansion in the United States has been enabled by the development of communication technology, which has benefited both large and small towns and cities. Small-cell networks based on 5G wireless technology will be used to construct the infrastructure for the following generation of wireless networks. The world of cloud computing has seen substantial changes as a result of the development of 5G technology. Data transfers are quicker and communications are more seamless thanks to 5G's low latency connectivity. Access to video analytics and artificial intelligence is sped up by 5G, making cities safer. This makes it possible for facility managers, building owners, and municipal managers to make wise choices and deliver effective public services.

Impact of Covid-19

Nearly the entire world has been impacted by COVID-19, which has severely disrupted economic and healthcare systems. Governments were forced to take measures by the epidemic that are typically only taken in times of war, depression, and natural calamities. Extreme steps are being taken by governments around the world to reduce the number of fatalities and damage to the economy. The market for smart poles has been badly damaged by the pandemic. Due to the COVID-19 outbreak, some nations decided to implement stringent lockdowns, closures, and mobility restrictions to stop the virus from spreading. Reduced manpower efforts were caused by the pandemic. For example, the crises' near total closure of Silicon Valley made it challenging to meet the demands of smart city development and hampered strategic management and planning by the government and other stakeholders.

Segmentation By Installation Type: The market is divided into New Installation and Retrofit based on the kind of installation. The retrofit installation segment now has the largest market share and is anticipated to grow at the fastest rate over the next several years. the reasons why it is important for governments to install Wi-Fi hotspots, security cameras, and environment monitoring devices on existing light poles as part of their smart city programmes.

Segmentation By Offering: The market is divided into three segments based on offerings: components, software, and services. Throughout the projection period, the software segment is anticipated to have the greatest CAGR. The software consists of every piece of software that has been incorporated into the smart pole to connect it and allow information to be transferred and managed. The ability to control light functionality is the key component of any programme used in lighting systems.

Segmentation By Region: Smart Pole Market is classified on the basis of Region into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The largest market share belongs to North America. The market in North America will be boosted by the growing use of smart pole systems in the US, where numerous projects are being undertaken, the replacement of conventional pole systems with smart pole systems to lessen the load of energy consumption, and ongoing projects.

Competitive Landscape: The key players of Smart Pole Market are General Electric Company, Eaton Corporation PLC, Zumtobel Group AG, Virtual Extension Ltd., Mobile Pro Systems, Philips Lighting Holding B.V., Hubbell Incorporated, Syska LED Lights Private Limited, Acuity Brands, Inc., Cree, Inc., and Maven Systems Pvt. Ltd.

Industrial Development

Tokyo Metropolitan Government and Sumitomo Corporation inked a contract in June 2020 to test out multipurpose 5G "smart poles." Two different types of smart poles will be installed by NEC, which is a component of the Sumitomo Corporation general trading group, in Tokyo's Nishi-shinjuku district. This is in keeping with the Tokyo Data Highway Basic Strategy, which prioritises the development of an ultra-high-speed mobile internet network in Tokyo and was created in August 2019.

Market Taxonomy

By Installation Type

New Installation

Retrofit

By Offering

Component

Software

Services

By Region

North America

Europe

Asia Pacific

Latin America

Middle East & Africa

Key Questions Addressed by the Report

What are the Key Opportunities in Smart Pole Market?

What will be the growth rate from 2021 to 2027.

Which segment/region will have highest growth?

What are the factors that will impact/drive the Market?

What is the competitive Landscape in the Industry?

What is the role of key players in the value chain?