The global smart pole market size is expected to grow by USD 7.97 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth. Request a free sample report
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Technavio has announced its latest market research report titled Global Smart Pole Market 2020-2024 (Graphic: Business Wire)
Smart lighting solutions such as smart poles are crucial in the intelligent transformation of cities across the world. In comparison to conventional street lights, smart poles provide several benefits for city infrastructure. For instance, the LED lights in smart poles can save around 40% energy. However, the benefits of smart poles go beyond energy savings, with the presence of features such as auto-dimming that adjusts the illumination in the surrounding areas. In addition, smart poles help cities in monitoring the environment, increasing public and traffic safety, upgrading connectivity by providing Wi-Fi hotspots, and delivering location-based services such as smart parking and smart navigation. Cameras installed in smart poles enable real-time video monitoring that helps traffic authorities in keeping a check on traffic and pedestrian movement. This helps navigate emergency vehicles such as ambulances and fire engines during traffic congestion. Such functionalities of smart pole will increase its adoption, thereby driving market growth.
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As per Technavio, the rising levels of air pollution will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Smart Pole Market: Rising Levels of Air Pollution
Air pollution still remains a major global issue. Vehicle pollution, construction dust, diesel exhaust fumes, rising industrial emissions, and crop burning are increasing the levels of harmful pollutants in the air. As a result, the number of people affected by harmful diseases is rising across countries. For instance, in 2018, patients with lung cancer in China accounted for more than 35% of the world's total. One of the major causes of lung cancer in the country is exposure to air pollution. Hence, monitoring air quality has become vital for both governments and municipalities. This necessitates the installation of smart poles in countries, as these poles can continuously scan the air quality through on-board sensors. The data from the sensors can be used to implement city-wide plans for traffic management, launch healthcare initiatives, etc. Thus, the rise in air pollution levels will drive the market for smart poles.
"Factors such as the rise in urban population, and the growing focus on developing smart cities will have a significant impact on the growth of the smart pole market value during the forecast period," says a senior analyst at Technavio.
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Smart Pole Market: Segmentation Analysis
This market research report segments the smart pole market by type (retrofit installations and new installations) and geography (North America, Europe, APAC, MEA, and South America).
The North American region led the smart pole market share in 2019, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the growing awareness of the authorities about the use of smart poles for urban efficiency, and the development of smart cities.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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