Strong Investment in Development of Smart Cities to Boost Smart Pole Market
Smart Pole Market
Smart poles are connected light sources that can be controlled remotely. Smart pole technology provides citizens, tourists, and companies with multi-utility functions and capabilities. Smart poles are utilized in a variety of applications, including roadways, highways, and public spaces. Smart poles use technology to boost mobile network performance across the city and give different benefits to residents in public spaces, such as public announcement speakers, internet access, and charging outlets.
The global smart pole market is projected to surpass US$ 30.38 billion by 2031, advancing at a CAGR of 15.7% from 2021 to 2031 (forecast period).
Smart communities are expected to improve people's lives and make local authorities more effective in meeting the requirements of their citizens. Lighting, public communication system, street signs, traffic lights, Wi-Fi, CCTV, and an EV charging station are among the many features of the smart pole. There is enormous potential for major quality-of-life enhancements in urban settings. IoT-enabled smart city solutions provide an extraordinary opportunity and an excellent investment for developers and city planners.
The installation of a smart pole enhances the security network, resulting in fewer fatalities and faster emergency reaction times. Investment in smart city efforts in metropolitan areas is quickly expanding; as per Statista technologies, global investment in smart city efforts is expected to nearly triple between 2019 and 2024, rising from US$ 91 billion in 2019 to US$ 179.5 billion in 2024. Smart poles also have smart sensors to track crime, accidents, parking, and weather conditions, among other things. Smart pole designers have made this possible by combining the pole with 5G wireless or 4G LTE technologies. As a result, smart pole deployment under smart city initiatives started by municipal bodies and governments in numerous countries is propelling the global smart pole market.
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Smart Pole Market to Bounce Back Post COVID-19 Pandemic
COVID-19 pandemic had a significant impact on the sales of smart pole market. The emergence of the COVID-19 crisis has caused a worldwide economic downturn. The activities of a number of development and construction projects were also affected, jeopardizing the expansion of the smart pole market. To stem the transmission of the virus, the authorities of China and the United States, for instance, halted significant construction and infrastructure activities during the pandemic. Nevertheless, as global rules relax, the global smart pole market is expected to grow considerably throughout the projected period.
Advent of 5G Smart Pole to Provide Growth Prospects
The advent of 5G is expected to provide revenue-generation opportunities in smart pole market, as the capacity to evaluate traffic congestion, accident monitoring, crime, and environmental control can be fully leveraged to make cities safer and smarter. In cities where massive tower development is difficult, 5G smart poles may take use of 4G LTE/5G wireless connection through small-cell-based stations housed within the pole. Sumitomo Corporation General Trading Group, for example, would test 5G smart poles in collaboration with the Tokyo Metropolitan Government. The experiment in Tokyo, Japan, would be used in regions where erecting full-size 5G towers would be prohibitive.
North America to Dominate Smart Pole Market
North America is projected to dominate the worldwide smart pole market during the forecast period. The fast installation of connected lighting in the area is likely to drive regional market growth. Several cities in the U.S. have taken measures to install AI-driven smart poles to help businesses and citizens in emergency scenarios. For instance, the city of Coral Gables in the U.S. reported in July 2021 that it had placed an AI-driven smart pole from Ekin Spotter, a firm that delivers next-generation data analysis abilities to aid business owners and residents in a case of emergencies and enhance traffic management abilities. Such aspects are anticipated to boost the future market demand for smart poles.
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