The global smart pole market is expected to be worth USD 16.65 Billion by 2023 from USD 4.92 Billion in 2016, growing at a CAGR of 19.99% between 2017 and 2023.
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According to a new research report "Smart Pole Market by Offering (Component, Software, and Services), Installation Type (New Installation and Retrofit), Application (Highways & Roadways, Public Places, and Railways & Harbors), and Geography - Global Forecast to 2023", the smart pole market is expected to be worth USD 16.65 Billion by 2023, growing at a CAGR of 19.99% between 2017 and 2023. The growth of this market is mainly driven by factors such as the need for energy-efficient pole lighting systems, increasing government initiatives for smart cities, and advantage offered by smart poles in preventing traffic jams and accidents.
Browse 65 Market Data Tables and 51 Figures spread through 140 Pages and in-depth TOC on "Smart Pole Market - Global Forecast to 2023"
Highways and roadways application expected to hold the largest market share by 2023
The market for the highways and roadways application is expected to hold the largest share of the smart pole market because of the high density of street lights on highways and roadways compared to other applications.
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Also, owing to the benefits of smart poles such as enhanced surveillance and monitoring real-time traffic, smart poles would play an important role in reducing crimes, accidents, and traffic jams.
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Market for software expected to grow at the highest CAGR between 2017 and 2023
The smart pole market for software is expected to grow at the highest CAGR between 2017 and 2023. Software includes all the software solutions such that are integrated into smart poles to make them connected and provide them the ability to transfer and manage information.
The basic feature of software used in any lighting system is the ability to control the functionality of the light. Some of the functions of the smart lighting software are daylight saving, real-time monitoring, and enabling alarm for street and other outdoor lights, dimming control, energy savings, intelligent dispatching, intuitive programming, scheduling of lighting functions, and analytics and reporting.
The increasing interconnectivity of devices would create a demand for more robust software solutions. Thus, the market for software solutions is expected to grow at the highest CAGR during the forecast period.
North America to hold the largest market size in 2016, and APAC to witness the highest CAGR during the forecast period
North America held the largest size of the smart pole market in 2016, and the market in APAC is expected to grow at the highest CAGR between 2017 and 2023. The early adoption of smart pole systems in the US where a huge number of projects are being undertaken either for retrofitting smart poles or for new installations is the main driving factor for the largest size of the smart pole market in North America.
The market in APAC is expected to grow at the highest rate because of the increasing government initiatives in countries such as China, India, Japan, and Australia to expedite the replacement of traditional pole systems with smart pole systems to reduce the load of energy consumption by street lights by 40%.
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The major players in the ecosystem of smart pole market are Philips Lighting Holding B.V. (Netherlands), General Electric company (US), Hubbell Incorporated (US), Cree, Inc.
(US), Eaton Corporation (Ireland), Acuity Brands (US), Zumtobel Group (Austria), SYSKA LED (India), Neptun Light Inc. (US), Maven Systems Pvt. Ltd. (India), Lumca Inc.
(Canada), Sunna Design (France), Mobile Pro Systems (US), Goldspar Australia Pty Ltd. (Australia), and Virtual Extension Ltd.
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