Global Smart Poles Market Expected to Grow Substantially Owing to Rising Need for Energy

Jan 04, 2024

The global smart poles market is expected to grow primarily due to increasing need for energy-efficient lighting. Lighting lamp sub-segment is expected to flourish immensely. The North America region is predicted to grow at a high CAGR by 2031

NEW YORK, May 31, 2023 /PRNewswire/ -- Global Smart Poles Market Forecast Analysis:

As per the report published by Research Dive, the global smart poles market is expected to register a revenue of $35,921 million by 2031 at a CAGR of 17.9% during the forecast period 2022-2031.

Segments of the Smart Poles Market

The report has divided the smart poles market into the following segments:

Type of Hardware: lighting lamp, pole bracket and pole body, communication device, controller, and others

Products: hardware, software, services

Installation: new installation and retrofit

Application: highways and roadways, public places, and railways and harbours

Region: North America, Europe, Asia-Pacific, and LAMEA

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Dynamics of the Global Smart Poles Market

The growing need for energy-efficient lighting across the metropolitan cities of the world is expected to help the smart poles market to garner a significant revenue during the forecast period. Additionally, increasing installation of smart poles due to their ability to help in preventing accidents and traffic jams is predicted to propel the market forward. However, according to market analysts, limited skillset among laborers might become a restraint in the growth of the market.

Rapid technological advancements in smart poles with implementation of Internet of Things is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, rising government initiatives for the development of smart cities is expected to help the smart poles market to surge ahead in the forecast timeframe.

COVID-19 Impact on the Global Smart Poles Market

The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The smart poles market, too, was negatively impacted due to the pandemic. Disruptions in global supply chains virtually halted the manufacturing of smart poles which ultimately brought down the growth rate of the market in the pandemic period.

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Key Players of the Global Smart Poles Market

The major players of the smart poles market include

Philips Lighting Holding B.V.

Eaton Corporation

Mobile Pro Systems

GE Lighting Co. Ltd

Acuity Brands

Goldspar Australia Pty Ltd.

Hubbell Incorporated

Sunna Design

Virtual Extension Ltd.

Cree Inc.

These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain market growth.

For instance, in March 2021, Nokia, a leading telecommunications company, announced a partnership with ClearWorld, a solar street light provider. Under this partnership agreement, both the companies will come together to supply major US cities with smart street lighting solutions. The collaboration will help both the companies to integrate their resources and achieve their intended partnership agreement targets smoothly.

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What the Report Covers

Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)

More about Smart Poles Market:

Smart Poles: The Key Enablers of Autonomous Vehicle Infrastructure

Global Smart Poles Market to Experience Noteworthy Growth by 2031 Due to a Rise in the Smart City Projects Worldwide

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About Research Dive

Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.

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