Smart Pole Market to Grow USD 15930 Million by 2028 with a CAGR of 11.3% | Valuates Reports
BANGALORE, India, Nov. 10, 2022 /PRNewswire/ -- The Global Smart Pole Market is Segmented By Type (LED, HID, Fluorescent Lamp), By Application (Highways & Roadways, Railways & Harbors, Public Places): Opportunity Analysis and Industry Forecast, 2022–2028.
Due to the COVID-19 pandemic, the global Smart Pole Market size is estimated to be worth USD 8378.5 Million in 2022 and is forecast to be a readjusted size of USD 15930 Million by 2028 with a CAGR of 11.3% during the review period.
Major factors driving the growth of the Smart Pole market are:
The capacity of smart poles to reduce accidents and traffic bottlenecks, the rising demand for energy-efficient streetlights, and increased government initiatives for the creation of smart cities are all factors contributing to the Smart Pole market growth. In addition, with the incorporation of EV chargers, wireless sensor networks, security cameras, traffic management systems, and air quality monitoring systems additionally, the demand has been influenced by transport management systems in smart poles.
The Smart Pole market growth is anticipated to be further accelerated by the increased implementation of AI and IoT for improving the performance of these systems.
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TRENDS INFLUENCING THE GROWTH OF SMART POLE MARKET
Smart pole installation has many advantages for municipal planners and governments. They enable ongoing smart pole traffic monitoring, giving communities useful information that can enhance traffic flows, inform maintenance choices, and speed the dispatch of emergency crews. The industry is being driven by the use of smart poles for reducing traffic congestion and preventing accidents. Smart poles with cameras can monitor the state of the roads. Due to the remote-controllable LED streetlights installed on these poles, energy efficiency is another important feature. Operating expenses can be decreased by up to 60% by swapping out conventional sodium lamps for energy-efficient LED bulbs in smart poles. These factors are expected to drive the growth of the Smart Pole market.
The long-term solution to the issue of urban air pollution is the decrease of emissions over the entire city. Smart poles can assist in locating high-pollution regions as a result. Smart pole sensors track a variety of environmental variables and display the data to assist residents in reducing their exposure to air pollution. This makes it possible for municipal planners to use the information acquired to make smart judgments. Additionally, first responders and emergency services now have a potent smart detection tool thanks to the internet of things (IoT) connectivity and smart pole technology, which can assist them to bridge the gap in emergency response.
It is projected that the growing demand for traffic management across several nations would open up potential opportunities for smart pole market participants. Smart poles are being utilized for numerous reasons, including traffic control and disaster management, thanks to the development of linked gadgets, digital infrastructure, and cutting-edge technologies. For a variety of tasks, the infrastructure can be smoothly coupled with smart poles. These elements could support the expansion of the worldwide smart pole market.
The advent of 5G presents opportunities for the smart pole market. These poles have the ability to assess traffic congestion, and crime, monitor accidents and monitor the environment, all of which can be used to make cities smarter and safer.
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SMART POLE MARKET SHARE
The public spaces category dominated the market. To assist tourists and visitors in public areas, smart poles offer a variety of functions such as security cameras, announcement speakers, internet access, and charging stations. Additionally, it is anticipated that the adoption of solar-powered smart poles will promote their placement in public parks, beaches, and tourist destinations in an effort to curb rising crime rates.
Over the projection period, the Asia Pacific region is anticipated to experience the quickest growth. It is anticipated that the growing use of smart poles in nations like China and India will help the regional industry expand. The governments of many APAC nations are concentrating on funding smart city initiatives.
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Key Companies:
- GE Lighting Co. Ltd (US)
- Philips Lighting Holding B.V. (Netherlands)
- Hubbell Incorporated (US)
- Cree, Inc. (US)
- Eaton Corporation (Ireland)
- Acuity Brands (US)
- Zumtobel Group (Austria)
- SYSKA LED Lights Pvt. Ltd. (India)
- Mobile Pro Systems (US)
- Virtual Extension Ltd. (Israel)
- Shanghai Sansi Technology Co., Ltd. (China)
- Maven Systems Pvt. Ltd. (India)
- Goldspar Australia Pty Ltd. (Australia)
- Lumca Inc. (Canada)
- Sunna Design (France)
- Neptun Light Inc. (US)
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