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.
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. 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.
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. (Israel).
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