Installation of the smart poles is likely to digitally transform the definition of the public street lights. Government initiatives regarding implementation of the smart city plan has led the street light manufacturers to integrate enhanced technology and multifunctional features. As internet connectivity comprises an important part of the smart city plan, manufacturers of street poles are increasingly integrating the 4G LTE wireless technology. Smart poles are also equipped with announcement speakers and charging points for tourist. Moreover, growing need to monitor accidents, crime, parking and weather conditions has led the street light manufacturers to integrate the smart poles with cameras and sensors.
Transparency Market Research projects that the global smart pole market is expected to represent a value of over US$ 10,000 Mn by the end of 2022.
Equipped with sensors and smart video cameras, the smart poles help in reducing the traffic and congestion, which allows the drivers to drive conveniently and safely on the streets. Increasing preference for cab services among consumers continues to rev up demand for internet access for tracking the route. Smart poles will continue to witness significant demand globally as they are equipped with the internet services. Bound to these factors, the global smart pole market is expected to witness significant growth globally.
Further, government in various countries are increasingly taking initiatives to implement smart city plan in the disconnected regions. Adoption of the smart poles in the backwards regions of various countries can enable the end users to connect with the developing regions of the country and stay updated. Installation of the smart poles is also expected to unfurl growth opportunities for various industries in the backward regions of various countries.
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On the other hand, slow development in the backward regions of the country continue to discourage the market players to make investments. Compared to the conventional street lights, the solar street lights require high initial investment. These factors are likely to dip sales of the smart poles in the global market. Moreover, smart poles mainly operate on the solar energy and require constant maintenance in the extreme weather conditions. Extreme weather conditions can disrupt the functioning of the smart poles attributed to accumulation of dust, moisture and snow. Attributed to these factors, the smart poles are expected to inhibit growth of the global market during the forecast period.
With growing need to monitor the traffic, accidents and weather, adoption of sensors in the smart poles will continue to increase. On the basis of component, the sensor segment is expected to witness the highest revenue growth, recording a value of over US$ 1,000 Mn by the end of 2022. This segment is expected to register the highest CAGR in the global smart pole market throughout the forecast period.