Transparency Market Research (TMR) has launched a detailed report on the global smart pole market. Various governments have started initiatives to transform their cities into a smart city. According to TMR with the adaptation of digital technology on a street level, street lights are experiencing a makeover and are being revamped into smart street lights. Multiple organizations are getting involved in various strategies to add value to their businesses. They are investing a huge amount in research and development to develop a smart pole to promote their smart city projects. Organizations such as Telensa Limited, Lumca Inc., Philips Lighting Holdings, and Sansi Technology Co. are trying to add various features such as better connectivity, real-time response, and effective monitoring into their smart poles.
The report gives great insight on the trends that governs the dynamics of global smart pole market. As per the report, the market of smart pole is likely to gross US$ 1000 million from 2017 to 2022. With implementation of technologies like artificial intelligence and machine leaning, global smart pole market tends to show a remarkable CAGR growth 13.7% in projected forecast period.
On the basis of component, the sensor segment is likely to dominate other segments in global smart pole market. The growth is attributed to necessity of sensor installation on every smart pole so as to monitor the traffic in real-time. Out every other segment, the sensor segment shall exhibit highest CAGR growth in the forecast period.
During the forecast period, the region of Asia Pacific shall excel in smart pole market. This is because of the major developments in countries like India and China to transform their cities into smart cities. Also, various undertaking by governments of APAC countries has brought down the energy consumption level by 40%. Looking at the advantages of installing smart poles, various other countries have also joined hands to evolve their cities into smart cities. This yet another reason that Asia Pacific region shall dominate the global smart pole market.
Risk of Road Accidents and Traffic Motoring Drive Global Smart Pole Market
With the installation of smart video cameras, and sensors in various regions, the global smart pole market shall experience a tremendous push during the forecast period. Owing to the attributes such as traffic monitoring in real-time, internet connectivity, and emergency help during accidents, various governments are inclining towards implementation of smart poles in their cities. This is yet again a crucial reason that drives the growth for global smart pole market. Also the adoption of smart city projects by backward countries in order to connect the user with developed countries shall also help global smart pole market to grow.
Various Opportunities to Help Global Smart Pole Market Overcome Major Challenges
Since smart poles are intelligent poles that can contribute significantly on energy consumption, many companies shall want to step into the market and leverage the benefits that growth offers. Also, the increased requirement of business automation shall also open doors of opportunities for the players of global smart pole market. Although, factors such as slow development in rural areas and unavailability of electricity in backward regions may hamper the growth, but with features like solar-powered and energy conservation in the smart poles, global smart pole market shall keep up the growth consistent during the forecast period.