Global Smart Poles Market (2022 to 2027) – Growing Electric Vehicle Industry Supports the Market for Smart Poles – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Smart Poles Market – Forecasts from 2022 to 2027” report has been added to ResearchAndMarkets.com’s offering.
Smart poles are advanced street poles that have numerous technologies and smart lightning, creating sustainability and better living facilities. The smart poles have numerous add-on features such as cameras, air-quality sensors, Wi-Fi facilities, a call button with an interactive display, and an EV charger.
The market is expected to grow at a healthy rate due to growing living standards, more investment in smart cities, and increased usage of electric vehicles. Furthermore, technological innovation in the industry is forecasted to further expand the market prospects.
Based on geography, the smart pole market is segmented into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. The North American and European markets for smart poles are anticipated to hold a dominating share of smart poles owing to the wider adoption of electric vehicles. Data from the IEA shows that the number of electric cars in the US surged from 0.2 million in the year 2015 to 1.1 million in 2020.
In the European region, electric car volumes reached 1.8 million in 2020, from 0.2 million in 2015. It is forecasted that the surging adoption of electric vehicles will grow at a lucrative rate in the European region, thus expanding the market. Moreover, the development of smart cities is also expected to increase the demand for smart poles. In Portugal, for instance, the government announced the installation of smart poles across the city of Algarve, which will have smart lighting, AI sensors, and other facilities. In North America, innovation and product launches in the EV sector are expected to create demand for charging points and hence demand for smart poles.
Infrastructure development and the construction of smart cities are expected to be the prime reasons that will encourage the adoption of smart poles in the Asia-Pacific region. Countries like China, Australia, India, Japan, and South Korea are undergoing infrastructure upgradation. The government has sanctioned and invested heavily in the construction of smart cities, creating market opportunities for smart poles.
Growth Factors
The growing electric vehicle industry supports the market for smart poles
One of the prime reasons supporting the growth in the smart pole market is the rising demand for electronic vehicles. Increasing climate concerns and a surge in global warming, along with a reduction in natural fuel reserves and demand for sustainable opportunities, have supported the market adoption of electric vehicles, hence creating the demand for smart poles.
Innovation and the launch of new products also expand the EV industry, supporting the market. Data from the IEA shows that in 2020, 82,000 new electric buses were registered, an increase of 10% from the previous year. Electric truck registration further surged to 7.400 units in the year. It is further expected that by 2030, 85% of 2- and 3- wheelers, 25% of heavy trucks, and 55% of buses operating globally will be electric.
The surge in the construction of smart cities
Another key factor that supports the market for smart poles is a surge in infrastructure development, which has led to a rise in the construction of smart cities, especially in the Asia-Pacific region. In China, the government has implemented numerous projects, such as the Made in China 2025 and China Standard 2035 plans, which support the development of smart cities in the country. In India, the government has invested significantly in developing 91 cities into smart cities. Australia is another prime country that has notably invested in the development of smart cities. Hence, it is forecasted that smart city construction will create notable opportunities for the market.
COVID-19 Insights
The coronavirus pandemic hampered the market growth of smart poles, lowering the growth potential. The global lockdowns implemented to contain the spread of the virus constrained the construction industry, thus delaying the installation of smart poles and reducing the market growth prospects. Furthermore, delays in projects owing to lower operational capacity also act as a hindrance. However, government support and investment in the sector are expected to drive the market post COVID.
Companies Mentioned
- Elko EP
- Jaquar Lighting
- Valmont Industries Inc.
- Indus Towers
- Sumitomo Corporation
- Norsk Hydro ASA
- Fastlane Americas Inc.
- iRam Technologies
- SafePro Video Security Research Labs
- Lumca
Market Segmentation:
By Component
- Hardware
- Software
- Services
By Facilities
- Wi-Fi
- EV Charging
- Cameras
- Air Quality Sensors
- Others
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- Germany
- France
- United Kingdom
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- UAE
- Israel
- Others
- Asia Pacific
- China
- India
- Japan
- South Korea
- Others
For more information about this report visit https://www.researchandmarkets.com/r/h1wtc5
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