Global Smart Poles Market Expected to Grow Substantially Owing to Rising Need for Energy-Efficient Lighting [260-Pages] | Details by Research Dive
NEW YORK, May 31, 2023 /PRNewswire/ -- Global Smart Poles Market Forecast Analysis:
The global smart poles market is expected to grow primarily due to increasing need for energy-efficient lighting. Lighting lamp sub-segment is expected to flourish immensely. The North America region is predicted to grow at a high CAGR by 2031
NEW YORK, May 31, 2023 /PRNewswire/ -- Global Smart Poles Market Forecast Analysis:
As per the report published by Research Dive, the global smart poles market is expected to register a revenue of $35,921 million by 2031 at a CAGR of 17.9% during the forecast period 2022-2031.
Segments of the Smart Poles Market
The report has divided the smart poles market into the following segments:
- Type of Hardware: lighting lamp, pole bracket and pole body, communication device, controller, and others
- Lighting Lamp – Highly dominant by 2031
The growing demand for smart city infrastructure is expected to help the sub-segment gather a substantial revenue by 2031. - Products: hardware, software, services
- Hardware – Significant revenue by 2031
Widespread installation of smart poles with different hardware components such as cameras and air quality sensors to monitor growing pollution levels in different cities across the world is expected to augment the growth of this sub-segment by 2031. - Installation: new installation and retrofit
- New Installation – High growth rate by 2031
An increase in government initiatives towards the production of smart poles in industrialized countries such as the U.S., UK, France, and Germany is anticipated to push forward the sub-segment by 2031. - Application: highways and roadways, public places, and railways and harbours
- Highways and Roadways – Huge growth rate by 2031
The increase in the number of smart roads being built throughout the world is predicted to propel the growth of this sub-segment by 2031. - Region: North America, Europe, Asia-Pacific, and LAMEA
- North America – Significant market share in 2021
Increasing urbanization and growing demand for smart city solutions are predicted to be the two main growth drivers of the market in the forecast period.
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Dynamics of the Global Smart Poles Market
The growing need for energy-efficient lighting across the metropolitan cities of the world is expected to help the smart poles market to garner a significant revenue during the forecast period. Additionally, increasing installation of smart poles due to their ability to help in preventing accidents and traffic jams is predicted to propel the market forward. However, according to market analysts, limited skillset among laborers might become a restraint in the growth of the market.
Rapid technological advancements in smart poles with implementation of Internet of Things is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, rising government initiatives for the development of smart cities is expected to help the smart poles market to surge ahead in the forecast timeframe.
COVID-19 Impact on the Global Smart Poles Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The smart poles market, too, was negatively impacted due to the pandemic. Disruptions in global supply chains virtually halted the manufacturing of smart poles which ultimately brought down the growth rate of the market in the pandemic period.
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Key Players of the Global Smart Poles Market
The major players of the smart poles market include
- Philips Lighting Holding B.V.
- Eaton Corporation
- Mobile Pro Systems
- GE Lighting Co. Ltd
- Acuity Brands
- Goldspar Australia Pty Ltd.
- Hubbell Incorporated
- Sunna Design
- Virtual Extension Ltd.
- Cree Inc.
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain market growth.
For instance, in March 2021, Nokia, a leading telecommunications company, announced a partnership with ClearWorld, a solar street light provider. Under this partnership agreement, both the companies will come together to supply major US cities with smart street lighting solutions. The collaboration will help both the companies to integrate their resources and achieve their intended partnership agreement targets smoothly.
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What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
More about Smart Poles Market:
- Smart Poles: The Key Enablers of Autonomous Vehicle Infrastructure
- Global Smart Poles Market to Experience Noteworthy Growth by 2031 Due to a Rise in the Smart City Projects Worldwide
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