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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