Smart Pole Market Size

Smart Pole Market Analysis

The smart pole market is expected to register a CAGR of 19.4% during the forecast period. The increasing need for reducing traffic jams and preventing accidents and growing initiatives by various governments for smart cities is expected to drive the market's growth.

• Government programs supporting the development of smart cities and the growing demand for energy-efficient streetlights are expected to aid the growth of the Smart Pole market globally. In addition, the rising need to avert traffic jams and avoid accidents is projected to be a pivotal contributor to adopting smart poles during the study period.
• To capitalize on the existing trend, key players in the market are engaged in developing smart poles with the integration of advanced technology, such as security cameras, traffic management systems, wireless sensor networks, and other facilities. Such new and innovative solutions by the companies in the market are also expected to increase the demand for smart poles globally during the forecast period.
• Moreover, the rising infrastructure for smart city projects and Internet of Things platforms to monitor city infrastructure, manage traffic flows, and parking water and air quality is driving the market growth. The growing urbanization and rising use of personal and public vehicles make the city traffic-congested and push municipalities for better traffic management around the cities.
• Additionally, traffic congestion has been a specifically cited reason for the city's poor quality of life. Thus, to reduce traffic jams and prevent accidents, smart poles are gaining traction in the cities, as they can provide traffic management with the following attributes: traffic monitoring, traffic guidance, vehicle monitoring, and parking guidance.
• According to the Ministry of Road Transport and Highways, Government of India (GOI), approximately 35 to 40% of total accidents occur at traffic junctions. To resolve such a challenge, smart cities look to Mobility-as-a-Service (MaaS) (integration of different forms of transport into a single service, which can be accessed on-demand) solutions to reduce the number of vehicles on the road. Smart poles embedded with cameras can observe road conditions. With constant smart pole traffic monitoring, municipalities with valuable data can help improve traffic flows, guide maintenance decisions, and facilitate emergency crew deployment. Furthermore, tracking data can monetize street traffic for private commercial development and other city planning applications.
• However, the high initial costs of smart poles are challenging the market's growth over the forecast period. The requirement of green energy to run smart poles is a major factor contributing to the high initial cost of installing smart poles. In addition, smart poles require constant maintenance in harsh weather conditions. Due to the high initial costs, government authorities mostly take up smart pole projects.