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Smart Pole Market Growth, Trends Analysis And Forecast To 2033
Smart Pole Market Growth
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According to The Business Research Company's, The smart pole market size has grown rapidly in recent years. It will grow from $10.3 billion in 2023 to $11.98 billion in 2024 at a compound annual growth rate (CAGR) of 16.3%. The growth in the historic period can be attributed to energy efficiency, government initiatives, safety and security concerns, smart city initiatives, community engagement.
The smart pole market size is expected to see rapid growth in the next few years. It will grow to $22.27 billion in 2028 at a compound annual growth rate (CAGR) of 16.8%. The growth in the forecast period can be attributed to renewable energy integration, electric vehicle (ev) charging, infrastructure modernization, demand for environmental monitoring, demand for public wi-fi.. Major trends in the forecast period include artificial intelligence (ai) in surveillance, lidar and 3d scanning, 5g-ready infrastructure, integration with edge computing, iot sensors..
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Market Drivers and Trends:
The growing number of smart roads across the globe is expected to propel the growth of the smart pole market. Smart roads refer to actual roads equipped with a smart streetlight, smart traffic lights, and other smart technologies, which provide safe and secured transportation. These roads utilize advanced communication networks, IoT sensor networks, big data, and MI/AL technologies, to gather information from traffic lights, parking meters, air quality and others. These data are further used to provide efficient traffic movement, reduce congestion, and offer secured and safe passage to people. For instance, according to the study published in Tomorrow City, an interdisciplinary research hub, in Europe, more than EUR 421 million in the development of 69 mobility projects. Therefore, an increase in the number of smart roads is expected to boost the smart pole market during the forecast period.
Increasing integration of IoT enabled devices in smart pole is an emerging trend gain popularity in the smart pole market. IoT enabled devices refers to hardware such as sensors, actuators, gadgets, and appliances, that are programmed for certain applications and transmit data over the internet to other networks. The majority of the companies operating in the smart pole are integrating multiple IoT-enabled devices to increase usability and increase the capabilities of pole to carry out a wide range of activities. For instance, Signify N.V., a Netherlands-based manufacturer and distributor of electric lights and lighting fixtures launched the BrightSites smart pole, integrated with a wide range of IoT applications, connectivity, cameras, and environmental sensors.
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Major Key Players of the Market:
Signify Holding NV, Silver Spring Networks Inc., Telensa Holdings Limited, Wipro Limited, Zumtobel Group AG, Cree Inc., Eaton Corporation PLC, Echelon Corporation, General Electric Company, Siemens AG, Iram Technologies Private Limited, Efftronics Systems Private Limited, Shanghai Sansi Electronic Engineering Co. Ltd., Lumca Inc., SmartCiti Solutions Inc., Valmont Structures Private Limited, Keselec Lighting Private Limited, LEDbow Technologies Ltd., Norsk Hydro ASA, Energasia Smart Poles Sdn. Bhd., Streetscape International, American Tower Corporation, HUB Group Inc., ELKO EP sro, ENE.HUB Pty Ltd., Philips Lighting Holding B.V., General Electric Lighting Limited, Hubbell Incorporated, Schréder SA, Siklu Communication Ltd.
Smart Pole Market 2024 Key Insights:
• The smart pole market size is expected to see rapid growth in the next few years. It will grow to $22.27 billion in 2028 at a compound annual growth rate (CAGR) of 16.8%.
• Proliferation Of Smart Roads Worldwide Drives Growth In The Smart Pole Market
• Rising Trend Of IOT Integration In Smart Poles Enhances Functionality And Versatility
• North America was the largest region in the smart pole market in 2023
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