Global Smart Pole Market Expected to Gather $20,739.1 Million

According to a new report, the global smart pole market is anticipated to garner a revenue of $20,739.1 million by 2028, growing at a healthy CAGR of 16.7% during the forecast period 2021-2028.

Development of the concept of 'Smart Cities' and 'Advanced Remote Control Systems' is expected to be the primary growth driver for the smart pole market. Additionally, the increasing adoption of 5G services to accelerate the 'Smart City' project is also expected to boost the growth of this market during the forecast period.

The onset of the Covid-19 pandemic has had a negative impact on the smart pole market. The lockdowns ordered by various governments altogether halted the 'Smart City' projects in these countries along with the reduction in expansion of 5G services. All these factors collectively reduced the demand for smart poles, which ultimately hampered the growth of the market.

By hardware type, lighting lamp sub-segment is projected to have the largest market share and surpass $7,122.1 million by 2028 due to increase in demand for LED streetlights with the rise of smart cities. These streetlights help to completely makeover the cities' aesthetic appearance as well as help in energy saving. These factors have helped the lighting lamp sub-segment to grow to such a great extent.