Smart Pole Market– Statistics And Analysis & Forecast To 2030
Posted by Mrudula Karmarkar on July 11th, 2022
The global smart pole market size is expected to reach USD 39.72 billion by 2030, registering a CAGR of 20.6% from 2022 to 2030, according to a new report by Grand View Research, Inc. The major factor contributing to the growth is the increasing demand for upgrading existing lighting infrastructure with energy-efficient lights across cities under smart city projects. Moreover, the rising pollution levels have created a need for smart poles equipped with air quality sensors and cameras to monitor the air quality and traffic. Such factors bode well for the growth of the market.
The rapid adoption of electric vehicles across the globe is expected to lead to the growing trend of integrating electric vehicle charging stations with smart poles in the forthcoming years. Numerous countries are focusing on developing their EV ecosystem and electric mobility. European countries are among the frontrunners when it comes to building EV ecosystems and adopting electric mobility. As per the European Automobile Manufacturers Association (ACEA) study, the Netherlands, Germany, and France collectively account for nearly 70% of the region’s EV charging stations. In 2020, electric vehicle sales in Europe grew by 89%, which is expected to accelerate the adoption of smart poles equipped with electric vehicle charging stations.
The growing adoption of IoT and cloud computing has enabled the addition of features such as secure communication, remote monitoring, and easy programmability. The extensive use of IoT technology in smart poles is anticipated to create new growth avenues for market players. Additionally, governments across the globe are entering into partnerships with private companies to upgrade their existing lighting networks with LED lights. Such factors are expected to contribute to the growth of the market for smart poles over the forecast period.
The outbreak of the COVID-19 pandemic has adversely affected the growth of the market due to supply chain disruptions. Several infrastructure projects have faced slowdown due to restrictions imposed to prevent the spread of the virus. However, companies are taking several initiatives to maintain the safety of citizens. For instance, ALUMAST S.A., a Polish manufacturer, developed an Anti-Covid Smart Pole that offers two functions-street lighting and touchless disinfection of hands through the built-in hand sanitizer and dispenser.
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Smart Pole Market Report Highlights
The market is highly fragmented. The key players are adopting various strategies, such as new product development, R&D, and strategic partnerships, to strengthen their position in the market. They are also offering software and products for smart poles as part of their efforts to establish a strong foothold in the market. Market players are particularly focusing on enhancing their product offerings in line with the evolving needs of end-users to stay competitive. For instance, in March 2021, Siklu, along with Schreder, announced the launch of SHUFFLE Wireless Backhaul, a wireless pole for smart infrastructure solutions. These smart poles provide security and safety solutions to keep public areas secured. Some of the prominent players operating in the global smart pole market are:
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About the AuthorMrudula Karmarkar
Joined: March 30th, 2020
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