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 2024.
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Application in Highways & Roads to Remain High
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 2024. This segment is expected to register the highest CAGR in the global smart pole market throughout the forecast period.
Competitive Tracking
Leading market players operating in the global smart poles market include Lumca, Inc, Telensa Limited, Philips Lighting Holding B.V, Acuity Brands Lighting, Inc., Neptun Light, Inc, Maven Systems Pvt. Ltd, Ericsson Inc, Streetscape International LLC, Shanghai Sansi technology Co., LTD and Sunna Design, SA.
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On the basis of application, the highways & roads segment is expected to represent the highest revenue growth, recording a value of over US$ 1,000 Mn by the end of 2024. On the other hand, the public places segment is expected to register the highest CAGR in the global market throughout 2024.
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