According to a new Grand View Research analysis, the worldwide smart pole market is estimated to reach USD 39.72 billion by 2030. The growing demand for smart city initiatives to replace current lighting infrastructure with energy-efficient lighting is one important reason driving the expansion. Moreover, rising pollution levels necessitate smart poles with air quality monitors and traffic cameras. This bodes well for the market’s growth.
Key Report Insights & Findings
In 2021, hardware ruled the market. Over the projected period, the segment’s growth will be driven by increased demand for traffic management and air quality monitoring cameras.
The controller segment dominated the market in 2021 and is predicted to rise rapidly over the forecast period. It is projected that the market will rise as a result of various government programmes to replace conventional lights with LED lights.
In 2021, retrofit installation dominated the market. Providing Wi-Fi and installing digital signage on existing poles as part of smart city development is likely to promote segment growth.
In 2021, the public venues segment dominated. The market is predicted to rise due to the increasing use of smart poles with cameras in public parks and beaches to monitor and avoid congestion.
The increasing usage of smart poles in emerging economies such as China and India is likely to drive the Asia Pacific smart pole market.