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Smart Pole Market is Projected to Cross Over USD 15.8 billion by 2025

Category: Technology
Submitted by MarketResearchGrowth, 8 day(s) ago

May 22, 2020: The global smart pole market size is expected to reach USD 15.8 billion by 2025, registering a CAGR of 19.0% from 2019 to 2025, according to a new study conducted by Grand View Research, Inc. Increasing government initiatives for development of smart cities is expected to be a major factor in driving the market over the forecast period. Governments around the globe are focusing on development of systems such as intelligent transportation systems, environmental monitoring systems, and intelligent advertising systems, which bodes well for market growth.
Development of advanced cellular network technologies such as Long Term Evolution and mobile broadband technologies is expected to drive product demand. Besides this, increasing popularity of public Wi-Fi networks is expected to elevate its demand. The growing trend of integrating different systems such as Automobile Number Plate Recognition (ANPR) systems, command and control solutions, and traffic management systems is also expected to keep growth prospects upbeat over the forecast period.
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Various governments are entering into partnerships with private companies such as Siemens; Ericson; Cree, Inc.; and Wipro for the up-gradation of existing lighting networks in cities. In addition, these partnerships are focusing on the development of self-operated fuel stations in which smart poles are used for connecting different systems such as ANPR, smoke detectors, gas sensors, and electric vehicle chargers for enhancing the safety and features of these stations. Furthermore, rising product adoption in emergency management systems is expected to contribute significantly to smart pole market growth over the next few years.
Further key findings from the report suggest:
• Services is anticipated to emerge as the fastest-growing segment by component over the forecast period owing to increasing Public-Private Partnerships (PPP) for the development of smart poles
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• The retrofit installation segment is projected to exhibit the fastest growth by 2025 as a result of growing demand for upgradation of existing lighting infrastructure
• Growing investments from government agencies such as the New Delhi Municipal Council, Brisbane City Council, and City of San Jose for the development of smart pole networks for cities is expected to drive the public places application segment over the forecast period
• Asia Pacific is expected to register the highest CAGR over the forecast period and reach a dominant position by 2025 as result of smart city initiatives in countries such as China, India, Japan, and South Korea
• Some of the major players in the market are Acuity Brands; Cree, Inc.; Eaton; Ericson; GENERAL ELECTRIC COMPANY; Siemens; Signify; Telensa Limited; Wipro; and Zumtobel Group.
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