Global Smart Pole Market Size By Offering (Software, Component, and Services), Installation Type (New Installation and Retrofit), Application (Public Places, Highways & Roadways, and Railways & Harbors), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030
The global smart pole market is expected to grow from USD 8.1 billion in 2021 to USD 41.1 billion by 2030, at a CAGR of 19.8% during the forecast period 2022-2030. The increasing need for energy-efficient pole lighting systems is driving the growth of the smart pole market. However, the high cost of installing the smart poles hinders the market's growth. The outbreak of the Covid-19 pandemic also affected the market's growth as several lockdown restrictions were imposed to stop the spread of the disease.
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The software segment dominated the market with market revenue of 3.7 billion in 2021
The offering segment is divided into software, components, and services. In 2021, the software segment dominated the market with market revenue of 3.7 billion. Software is widely used in smart poles to incorporate smart features and functions, which drives the segment's growth over the forecast period.
The retrofit segment is expected to grow at the fastest CAGR of 21.6% over the forecast period.
The installation type segment is divided into new installation and retrofit. Over the forecast period, the retrofit installation type segment is expected to grow at the fastest CAGR of 21.6%. Most of the smart poles are installed in place of the existing poles, which drives the growth of the retrofit installation type segment.
The public places segment accounted for the largest share of the market, with 39%.
The application segment is divided into public places, highways & roadways, and railways & harbors. In 2021, the public places segment dominated the market, accounting for around 39% of global revenue. Most of the smart poles are required in public places as they come with several features such as Wi-Fi connectivity, security cameras, speakers for announcements, etc. which improves the safety of the places. The increasing demand for smart poles in public places drives the market's growth in the segment.
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Regional Segmentation Analysis:
The smart pole market is analyzed based on five regions: North America, Europe, Asia Pacific, South America, Middle East, and Africa. North America is expected to be the largest market during the forecast period. North America adopted the smart pole system in the early and kept on installing the smart poles with increased features which drives the growth of the market in the region. The increasing initiatives by the government to install smart poles in all the public places, highways & roadways, and railways & harbors add impetus to the growth of the market.
Competitive Analysis:
The major players in the smart pole market include Philips Lighting Holding B.V, Hubbell Incorporated, General Electric, Cree, Inc., Eaton Corporation, Acuity Brands, SYSKA LED, Zumtobel Group, Maven Systems Pvt., and Neptun Light Inc.
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