DUBLIN, July 11, 2022 /PRNewswire/ — The “Smart Poles Market – Forecast 2022 to 2027” report has been added to from ResearchAndMarkets.com offer.
Smart poles are advanced street poles with many technologies and smart lighting, creating sustainability and better living conditions. Smart poles have many additional features such as cameras, air quality sensors, Wi-Fi facilities, a call button with an interactive screen and an EV charger.
The market is expected to grow at a steady rate owing to rising living standards, increased investment in smart cities, and increased usage of electric vehicles. In addition, technological innovation in the industry is expected to further expand market prospects.
Based on geography, the smart pole market is segmented into North America, South America, Europethe Middle East and Africaand the Asia Pacific. The North American and European smart pole markets are expected to hold a leading share of smart poles owing to the wider adoption of electric vehicles. IEA data shows that the number of electric cars in the United States has increased from 0.2 million in 2015 to 1.1 million in 2020.
In the European region, electric car volumes reached 1.8 million in 2020, up from 0.2 million in 2015. The growing adoption of electric vehicles is expected to increase at a lucrative rate in the European region, thereby expanding the market. Moreover, the development of smart cities is also expected to increase the demand for smart hubs. In Portugal, for example, the government has announced the installation of smart poles in the city of Algarve, which will have smart lighting, artificial intelligence sensors and other facilities. In North Americainnovation and product launches in the electric vehicle sector are expected to create demand for charging stations and therefore demand for smart poles.
Infrastructure development and construction of smart cities are expected to be the main reasons that will encourage the adoption of smart hubs in the Asia Pacific Region. countries like China, Australia, India, Japanand South Korea are in the process of modernizing the infrastructure. The government has sanctioned and invested heavily in building smart cities, creating market opportunities for smart hubs.
In India, for example, the government has recognized 91 cities that have the capacity to be converted into smart cities and therefore infested accordingly. In Vadodara City, Vadodara Smart City Development Limited collaborated with Indus Towers to install 220 smart poles in the city. The company has also collaborated with the New Delhi Municipal Corporation (NDMC) to install 72 smart poles in the nation’s capital. Dehradun, another potential smart city in the country, has sanctioned the installation of 60 smart hubs for better residential living and tourist stay experience.
In China, the emerging adoption of electric vehicles is expected to create robust demand. The Japanese government, in June 2020has reached an agreement with Sumitomo Corporation to install smart poles with 5G technology across Tokyo town.
Growing Electric Vehicle Industry Supports Smart Pole Market
One of the major reasons for the growth of the smart pole market is the growing demand for electronic vehicles. Rising climate concerns and an increase in global warming, along with a reduction in natural fuel reserves and demand for sustainable opportunities, have supported the market adoption of electric vehicles, thereby creating the demand for smart poles.
Innovation and the launch of new products are also expanding the electric vehicle industry, supporting the market. IEA data shows that in 2020, 82,000 new electric buses were registered, a 10% increase from the previous year. Registration of electric trucks increased further to 7,400 units during the year. It is further predicted that by 2030, 85% of 2- and 3-wheel vehicles, 25% of heavy goods vehicles and 55% of buses circulating in the world will be electric.
The rise of smart city building
Another key factor supporting the smart hub market is the boom in infrastructure development, which has led to an increase in the construction of smart cities, especially in the Asia Pacific Region. In China, the government has implemented many projects, such as Made in China 2025 and Chinese standard 2035 plans, which support the development of smart cities in the country. In Indiathe government has invested significantly in developing 91 cities into smart cities. Australia is another flagship country that has notably invested in the development of smart cities. Therefore, it is expected that the construction of smart cities will create notable opportunities for the market.
Information on COVID-19
The coronavirus pandemic has hampered the growth of the smart poles market, reducing the growth potential. Global lockdowns put in place to contain the spread of the virus have constrained the construction industry, thereby delaying the installation of smart poles and reducing market growth prospects. In addition, project delays due to reduced operational capacity are also an obstacle. However, government support and investment in the sector is expected to boost the market post-COVID.
Main topics covered:
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1. Market factors
4.2. Market constraints
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining power of suppliers
4.3.2. The bargaining power of buyers
4.3.3. The threat of new entrants
4.3.4. The threat of substitutes
4.3.5. Competitive rivalry in the industry
4.4. Industry Value Chain Analysis
5. SMART POLES MARKET, BY COMPONENT
6. SMART POOL MARKET, BY INSTALLATIONS
6.3. EV charging
6.5. Air quality sensors
7. SMART POOL MARKET, BY GEOGRAPHY
7.2. North America
7.2.1. UNITED STATES
7.3. South America
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.5.2. United Arab Emirates
7.6. Asia Pacific
7.6.4. South Korea
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Key Players and Strategic Analysis
8.2. Emerging players and market profitability
8.3. Mergers, acquisitions, agreements and collaborations
8.4. Supplier Competitiveness Matrix
9. COMPANY PROFILES
9.1. Elko EP
9.2. Jaquard lighting
9.3. Valmont Industries Inc.
9.4. Indus Towers
9.5. Sumitomo Company
9.6. Norsk Hydro ASA
9.7. Fastlane Americas Inc.
9.8. iRam Technologies
9.9. SafePro Video Security Research Labs
For more information on this report, visit https://www.researchandmarkets.com/r/in978c
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