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

In today’s fast-paced world, the internet has become an essential part of our everyday lives, and we rely on it for a variety of activities such as work, entertainment, education, communication, and more. The demand for quick and dependable internet connectivity has grown more critical than ever due to the rapid development of technology and the rising use of digital gadgets. This is where the smart poles solution comes in.

Smart poles are a combination of conventional streetlight poles and numerous communication technologies like GPS, Wi-Fi, and environmental sensors. The smart poles market is concerned with the installation and deployment of intelligent and connected poles. These poles have various benefits, including lower maintenance costs, increased energy efficiency, and greater public safety. Smart poles are rapidly being utilized in smart cities and are gaining favor in urban areas because they enable high-speed Internet access, which is crucial for the proper functioning of smart city applications.

Recent Trends in the Smart Poles Market

The smart pole market has grown significantly in recent years. Smart poles are being utilized for storing wireless communication infrastructure, including Wi-Fi hotspots, 5G small cells, and smart sensors. This improves connections and enables the adoption of smart city systems. Moreover, smart poles are being installed with innovative IoT technology to enhance their operation and offer extra services such as traffic flow analysis, air quality monitoring, and parking spot management.

Newest Insights in the Smart Poles Market

As per a report by Research Dive, the global smart poles market is expected to grow at a CAGR of 17.9% and generate revenue of $35,921 million by 2031. The primary factors driving the growth of the market are the increasing demand for energy-efficient lighting, expanding government initiatives to construct smart cities, the integration of multiple technologies, and the expansion of infrastructure for smart city projects. However, advanced technology and a lack of labors with the necessary skills are expected to hinder the market growth.

The smart poles market in North America is expected to remain dominant in the coming years. The region's high revenue in 2021 was driven by growing urbanization, increased demand for smart city solutions, and a rise in renewable energy and smart grid technology. This has led to an increased demand for integrated and connected infrastructure, such as smart poles that provide a variety of services such as wireless communication, illumination, and environmental monitoring.

How are Market Players Responding to the Rising Demand for Smart Poles?

Market players are responding to the rising demand for smart poles by investing in research and development to create more advanced and efficient smart pole solutions. They are also focused on design and aesthetics to make smart poles visually appealing and to smoothly integrate them into urban landscapes.

In addition, market players are increasingly focusing on strategic partnerships and collaborations with other players in the industry to leverage their strengths and expand their reach. Some of the foremost players in the smart poles market are GE Lighting Co. Ltd., Hubbell Incorporated, Cree, Inc., Philips Lighting Holding B.V., Eaton Corporation, Sunna Design, Acuity Brands, Mobile Pro Systems, Virtual Extension Ltd., Goldspar Australia Pty Ltd., and others. These players are focused on implementing strategies such as mergers and acquisitions, novel developments, collaborations, and partnerships to reach a leading position in the global market. 

For instance:

• In February 2019, Hikvision, a business offering the best IoT solutions and video security systems, officially launched its Smart Poles for Smart Infrastructure solution. The system employs cutting-edge Hikvision technologies to secure people while keeping them linked when on the road for business or travel.
   
• In May 2022, The Virginia Smart Community Testbed, a business that develops novel solutions utilizing cutting-edge and intelligent technologies, launched a new pilot project for smart community solutions that includes an energy-efficient, broadband-connected smart pole.
   
• In January 2023, Iveda, the world's solution to AI-based cloud video and sensor technology, formally announced the start of a $1.5 million project for Utilis Smart Pole technology in Kaohsiung, Taiwan, providing the largest port city in the nation with vital IoT infrastructure for smart city deployments.

COVID-19 Impact on the Global Smart Poles Market

The COVID-19 pandemic had a moderate impact on the global smart poles market. During the pandemic period, supply chain disruptions, closures of manufacturing plants, and an economic slump in many countries reduced demand for smart poles. For example, in the construction business, some projects were delayed or cancelled due to a lack of raw supplies and labor, workers’ fear of getting the COVID-19 virus, and the implementation of travel restrictions.

Moreover, the pandemic had an impact on the manufacturing and shipping of smart pole components, which disrupted the supply chain and raised prices. This caused delays in the deployment of smart pole initiatives, as well as an increase in end-user expenses. However, the pandemic also created opportunities in the smart poles market. With the upsurge of online shopping and remote work, the need for reliable, high-speed Internet connectivity has increased. These factors had a significant impact on the smart poles market amidst the pandemic.