Initiatives taken by the government in various countries has led to upsurge in demand for the global smart poles market. In addition, growing need for monitoring the roads and routes for traffic management is projected to impact growth of the global market of smart pole positively. According to Transparency Market Research, the global market of smart pole is projected to register a CAGR of 13.7% through 2022.
Growth of the global smart poles market is mainly bound to various micro-economic and macro-economic factors. Growing need to monitor the traffic and prevent accidents has led to an upsurge in demand for the smart poles. Manufacturers are increasingly installing the smart poles as they are equipped with smart cameras and enable traffic management conveniently. In addition, as the smart poles are equipped with features such as smart sensors, the end users can easily monitor the weather conditions and unprecedented accidents. Moreover, the smart poles are also equipped with announcement speakers, public charging points and internet connectivity, which is expected to rev up adoption of smart poles globally. These factors are expected to propel growth of the global market of smart pole during the forecast period.
Furthermore, government in developing countries are taking initiatives to implement the smart city plan, which is projected to fuel adoption of smart poles globally. Attributed to features such as access to the internet connectivity and sensors in these poles, various disconnected regions can conveniently connect with the developed regions. Smart poles mainly run on solar batteries and is energy efficient as compared to the conventional street light poles. Bound to these factors, government in various countries continue to encourage installation of smart poles. Several market players in the commercial industry can bank on the lucrative opportunity of offering their services in the disconnected regions in the commercial industry attributed to increasing internet connectivity. These factors will continue to rev up adoption of the smart poles in the global market during the forecast period.
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However, smart poles need increasing maintenance requirement as they operate on solar power. The conventional street light poles require comparatively low initial investment as they mainly function on electricity. Extreme climatic conditions such as moisture, dust and snow can disrupt the functioning of these poles. Attributed to these factors, sales of the smart poles is likely to dip in the backward region of the country. As the smart poles are mainly wireless, the risk of theft continues to remain high. These factors are projected to inhibit growth of the global market of smart pole throughout the forecast period.
Adoption of Sensors to Remain High in the Smart Poles
Growing need for traffic management, tracking weather conditions and on-road accidents has led to an upsurge in demand for sensors in the global market. By component, the sensor segment is projected to witness a relatively high growth in terms of revenue, accounting for more than US$ 1,000 Mn by 2022-end. Moreover, the sensor segment is projected to reflect a relatively high CAGR in the global market of smart pole through 2022.