The global smart pole market is estimated to be valued at $20,739.1 million by 2028, surging from $6,123.7 million in 2020 at a noteworthy CAGR of 16.7%.
Impact Analysis of COVID-19 on the Smart Pole Market
The majority of factories remained closed or were unable to reach full production capacity due to the COVID-19 outbreak, which resulted in a lack of staff and raw materials. The global smart pole market has suffered as a result of these actions. Government officials in developing countries, such as China, are developing effective policies in the midst of the COVID-19 chaos. The COVID-19 pandemic outbreak is expected to dampen market growth. Lockdowns imposed in various parts of the world to combat disease spread have slowed construction and infrastructure development projects. During the COVID 19 crisis, for example, the government announced the closure of construction sites employing more workers can affect the social distancing rule. As a result of the construction site shutdown, demand for smart poles has decreased.
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Global Smart Pole Market Analysis
The increasing demand for cellular network densification and wireless connectivity for the proper operation of cellular phones and Internet of Things (IoT) sensors is one of the primary factors driving global demand for smart poles. Moreover, the rising focus of governing agencies of numerous countries on upgrading city infrastructure to smart, connected areas is influencing the market growth. Apart from this, the growing acceptance of automated vehicles is encouraging the distribution of smart poles to help authorities’ traffic management and regulate vehicle parking, which is resulting in the reduction of congestion and emissions. These poles can also be used to alert officials about street flooding, monitor air quality, support Wi-Fi services, advance public safety, and various payment platforms. Moreover, the request for smart poles is anticipated to surge for delivering 5G wireless connectivity and improving mobile networks worldwide.
However, COVID-19 economic crisis, political risks, upcoming smart pole regulations, and the volatility of market price of virgin materials are some factors obstructing the global smart pole market growth.
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Energy consumption reduction and concern about the proliferation of environmental wastes are major motivators for the adoption of smart city solutions. Growing concerns about global warming and ozone depletion have accelerated governments' efforts to control their carbon footprint, with governments imposing strict regulations to limit emissions. Implementing intelligent infrastructure automation, smart grids, and controlling systems significantly reduces power consumption and carbon emissions, minimizing losses and optimizing operations. Several governments around the world are pursuing initiatives to provide Wi-Fi connectivity in public places, including the deployment of smart poles. For example, in February 2018, smart poles with Wi-Fi connectivity were installed in Kalaburagi, India, as part of efforts to provide free Wi-Fi connectivity to citizens in designated areas. Similarly, smart poles with cutting-edge technology were installed in Hampton, London, in February 2020, as part of the government's digital transformation project to provide Wi-Fi connectivity to citizens.
Global Smart Pole Market, Segmentation
The global smart pole market is segmented based on component, installation, hardware type, application, and region.
The component segment is further classified into hardware, software, and services. The software sub-segment is expected to have the fastest growing market share, with revenues exceeding $7,588.1 million by 2028, up from $2,148.2 million in 2020. The ongoing infrastructure development projects around the world are expected to drive the sub-segment's growth over the forecast period. Additionally, there are various sensors and software that are being used in order to increase the energy efficiency of the various devices such as lighting pole.
The installation is further classified into new installation and retrofit installations. The new installations sub-segment held a dominant market share of $3,973.4 million in 2020 and is anticipated to reach $10,555.3 million by 2028 Wi-Fi connectivity and the installation of digital signage on poles as part of smart city development are expected to drive the sub-segment's growth over the forecast period.
The hardware type is further divided into lighting lamp, pole bracket pole body, communication device, controller, and others. The lighting lamp sub-segment is expected to have a dominant market share of $7,122.1 million by 2028, up from $2,116.4 million in 2020. Government incentives and rebates for replacing traditional lamp poles with smart poles as part of smart city development projects are expected to drive sub-segment growth during the forecast period.
The application segment is further divided into highways roadways, public places, and railways harbors. The public places sub-segment will have a fastest growing market share and it is expected to surpass $7,573.6 million by 2028, up from $2,145.0 million in 2020. The increasing preference for public-private partnerships for Wi-Fi network deployment in public places is expected to drive the sub-segment's growth.
The Asia-Pacific smart pole market is projected to have the fastest growth rate of 18.3% and reach $4,178.9 million by 2028, growing from $1099.2 million in 2020.. In the coming years, the Asia-Pacific smart poles market is expected to expand rapidly. Government initiatives are driving the region’s adoption of smart city solutions to promote digital infrastructure. APAC is expected to be the fastest-growing market due to rapid economic development, globalization, digitalization, and the increased proliferation of smartphones.
Key Players in the Global Smart Pole Market
Some of the leading global smart pole market players are
- Philips Lighting Holding B.V.
- GE Lighting Co. Ltd
- Hubbell Incorporated
- Cree, Inc.
- Eaton Corporation
- Acuity Brands
- Sunna Design
- Mobile Pro Systems
- Goldspar Australia Pty Ltd.
- Virtual Extension Ltd.
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Smart Pole Market
Bargaining Power of Suppliers: Suppliers in the smart pole market are few, and product dependence, availability of raw materials, and pricing give suppliers significant bargaining power. As a result, the bargaining power of suppliers is high.
Bargaining Power of Buyers: The initial cost of smart pole necessitates large capital investments. As a result, the bargaining power of buyers is low.
Threat of New Entrants: Startups entering this market face high capital investment costs, labor costs, and must adhere to government regulations. As a result, the threat posed by new entrants is low.
Threat of Substitutes: The substitutes available in the market such as traditional lighting poles consume lot of electricity, in order to reduce the power consumption smart poles are being installed.Therefore, the threat of substitutes is low.
Competitive Rivalry in the Market: The competitive rivalry among industry leaders is intense, owing to the large number of players in the smart pole industry who are focused on improving efficiency, business expansion, and product innovation. As a result, the market's competitive rivalry is high.
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