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..
Technavio has announced its latest market research report titled Global smart pole market 2024-2028
Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report
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Smart Pole Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018 – 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 20.6% |
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Market growth 2024-2028 |
USD 19149.3 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
16.82 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 33% |
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Key countries |
US, China, Germany, Canada, and UK |
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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.
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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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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.
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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.
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SOURCE Technavio