Market drivers include providing more amenities in public spaces, access to charging, and desire to improve the efficiency of municipal services
BOULDER, Colo., Nov. 15, 2023 /PRNewswire/ — A new report from Guidehouse Insights explores the smart street furniture market.
In recent years, smart cities have turned an innovative eye to street furniture: the poles, benches, waste cans, and fire hydrants that sit on the street. Through clever design, these objects can offer amenities today while laying a foundation for a more connected and efficient city in the future. While some solutions like smart kiosks and smart waste have found early success, developing smart city trends suggest that this type of infrastructure will become increasingly common due to its being the foundation for other technologies. According to a new report from Guidehouse Insights, the smart street furniture market is expected to grow from an annual revenue of $961.4 million in 2023 to $5.8 billion by 2032 at a compound annual growth rate (CAGR) of 22.1%.
“As cities look to expand public Wi-Fi and Internet of Things sensor networks, they will need locations to house hardware that they can secure,” says Grant Samms, research analyst with Guidehouse Insights. “Furthermore, as more transportation becomes electrified, including micromobility options, residents will expect charging as a function of the urban environment.”
Providing access to charging for phones, electric bikes (e-bikes), and electric scooters (e-scooters) is a driver for smart poles and benches. A desire to improve the efficiency of municipal services like waste collection and water distribution is also significant. The cost of many smart street furniture solutions is the primary barrier to market development. However, this barrier is considerably smaller for technologies that are offered through arrangements that have low-to-no upfront costs or a clear and short path to generating positive ROI, according to the report.
The report, Smart Street Furniture, analyzes the global market for smart street furniture including market issues, emerging trends, drivers, and barriers to deployment. Ten-year market analyses (2023-2032) are included for smart poles, benches, kiosks, and waste cans. These analyses include breakouts by technology, segment, and world region. An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
About Guidehouse
Guidehouse is a leading global provider of consulting services to the public sector and commercial markets, with broad capabilities in management, technology, and risk consulting. By combining our public and private sector expertise, we help clients address their most complex challenges and navigate significant regulatory pressures focusing on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that help our clients outwit complexity and position them for future growth and success. The company has more than 17,000 professionals in over 55 locations globally. Guidehouse is led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit www.guidehouse.com.
* The information contained in this press release concerning the report, Smart Street Furniture, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.
For more information, contact:
Cecile Fradkin for Guidehouse Insights
+1.646.941.9139
cfradkin@scprgroup.com
SOURCE Guidehouse Insights
