Smart pole market size is expected to be valued at $16.65 billion by 2023 growing at a CAGR of 19.99% between 2017 and 2023 driven by the need for energy-efficient pole lighting systems fueled by increasing government initiatives for smart cities. It also is an added advantage in preventing traffic jams and accidents, while North America was the largest market size in 2016 and APAC to witness the highest CAGR during the forecast period according to ReportsnReports.com .
The smart pole market in APAC is expected to grow at the highest rate during the forecasted period 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 the street lights by 40%.
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).
The public places application expected to witness the highest smart pole market growth rate during the forecast period. Smart poles could provide various benefits such as internet connectivity, announcement speakers, and charging points to help tourists visiting the public places. It would help in reducing the infrastructure and installation cost for separate devices. Also, the use of solar-powered smart poles would enable the installation of smart poles in remote public places, such as architectural sites, without the extra cost of extending power supply to that location eventually leading to smart pole industry.
The smart pole system has various advantages over conventional street lights such as reduced maintenance costs, real-time reports and controllability, less environmental impact, and expendable infrastructure and scalability. The smart pole could be seen as a revolution in the street pole industry and would create ample opportunities for the players operating in the field of smart devices, street light systems, internet connectivity, and communication devices in the coming years. However, the higher upfront cost of smart poles compared to traditional poles is a restraint for the smart pole market.