The global smart pole market is anticipated to rise the demand for the global smart poles market. Government of various countries are trying to transform the public street lights digitally. Various organization in this market are trying to improve the technology used in street lights by investing on research and development. These organizations are trying to add various multifunctional features which is going to produce product differentiation and help in creating brand name. The manufactures in order to provide better connectivity are using the 4G LTE in the smart pole. Some of the major global smart pole market are Telensa Limited, Lumca, Inc, Philips Lighting Holding B.v, Maven Systems Pvt. Ltd, shangai Sansi technology Co., Sunna Design, Acuit brands Lightin., and Neptune Light, Inc,
In terms of revenue, the sensor segment is anticipated to experience an exponential growth, accounting for more than US$1000 mn by the end of the forecast period. Sensor segment is also expected witness a relatively high CAGR in the market. This is because installation of sensors on every smart pole has become important in order to monitor traffic and avoid accidents. North America is expected to remain as the leading region in the global smart pole market. Increase in adoption of smart pole systems for development and innovative structures is promoting the growth of the market in the region.
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The global smart pole market is envisaged to grow at 13.7% of CAGR by the end of the forecast period. During this period the market is anticipated to be worth at US$ 10000 mn.
Rising Concern Regarding Traffic and Road Accidents Promotes the Growth of Market
Installation of smart video cameras and sensors in order to avoid accidents and monitor traffic, is driving the global market for smart pole exponentially. In order to build smart cities, government of various countries have found installing the smart pole to be the stepping stone. Smart poles are proved to avoid congestion and maintain a smooth flowing traffic. This has made its demand higher among cities which face tough time in controlling a traffic. Smart poles are expected to witness a surge in their demand as it equipped with internet connectivity, thus making it easy for tourist to explore more. Power socket for charging phones is one of the subsidiary factor which is going to benefit the growth of the market. Apart from these factors, government of various countries are trying to expand the smart city projects towards rural areas, thus increasing the opportunities for the players in the global smart pole market. Such projects in rural areas are expected to make people stay updated. Setting up of smart poles is also anticipated to rise the growth of the various other industries.
High Installation Cost To Deter the Growth of the Market
Factors such as slow development in the rural or backward areas is expected to deter the growth of the market. Traditional streetlight requires electricity whereas the smart poles requires solar energy to run them. Extreme weather is expected to cause a negative impact on the sales of the market. Regular maintenance of this advanced street poles are expected to dip the market. Apart from these installation of smart pole is expensive compared to the traditional street lights.