Smart Poles Market to Reach $35.9 Billion, Globally, by 2031
The rise in the need for a well-established and resilient infrastructure for proper traffic management, an increase in the use of connected devices and cutting-edge technologies, the ability of smart poles to lessen collisions and traffic congestion, and the rising demand for energy-efficient lighting propel the smart poles market. However, privacy concerns and the high cost of installation and maintenance associated with smart poles are likely to hinder the market growth during the forecast period. On the other hand, an increase in smart city initiatives will present new growth opportunities for the global market in the coming years.
Based on products, the hardware segment grabbed the highest share of nearly half of the overall smart poles market in 2021 and is expected to dominate the market during the forecast period. Many smart poles are equipped with hardware such as air quality sensors to track rising pollution levels. In addition, the CCTV cameras can also be attached to smart poles. However, the software segment is projected to witness the fastest CAGR of 18.4% from 2022 to 2031. Real-time data from smart poles software can enhance parking and traffic management, resulting in less traffic and pollution.
Based on application, the highways and roadways segment grabbed the highest share of nearly half of the overall smart poles market in 2021 and is expected to dominate the market during the forecast period. One of the key drivers projected to fuel the segment's growth is the rise in the number of smart roads being constructed globally. However, the public places segment is projected to witness the fastest CAGR of 18.4% from 2022 to 2031. Smart poles can help wireless operators rapidly and easily densify their network coverage and enhance capacity in congested public spaces.
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