The Asia Pacific Smart Pole Market would witness market growth of 20.3% CAGR during the forecast period (2021-2027).
Countries all over the world are investing in smart city initiatives as a result of increasing urbanization and the necessity to manage infrastructure and assets. The smart pole market is driven by the growing infrastructure for smart city projects, as well as Internet of Things (IoT) systems to manage city infrastructures, manage traffic flows and parking, and monitor water and air quality. For example, the Union Government of India planned in February 2019 to install smart poles in all Smart Cities across the country. The smart pole will be equipped with smart LED lighting systems, CCTV cameras, and digital billboards, as well as environmental sensors that will provide data on temperature, pollution levels, and WiFi routers, among other things
Furthermore, as cities become more urbanized and the use of personal and public transportation increases, city traffic becomes increasingly congested, putting pressure on local governments and corporations to improve traffic management. In addition, one of the specific reasons for the low quality of life in cities is traffic congestion. As a result, smart poles are gaining popularity in cities as a means of reducing traffic congestion and preventing accidents, as they may provide traffic management with the following features: traffic monitoring, traffic guiding, car monitoring, and parking guidance.
The governments of a number of APAC countries are putting money into smart city projects. For example, India's Smart City Mission Program, which aims to install big data, cloud computing, IoT, and other smart systems by 2021, will cost USD 24.31 billion.
By 2025, the APAC region will account for 40% of the global addressable market growth for smart city initiatives, or USD 800 billion, according to UBS' Smart Cities: Shifting Asia report. Asian governments are putting money into smart city projects and collaborating with the corporate sector. For example, China's National Smart City Program invested CNY 500 billion, and there were 500 smart cities in various phases of development, utilizing Big Data, cloud computing, IoT, and other smart technology.
The China market dominated the Asia Pacific Smart Pole Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $1,889.9 million by 2027. The Japan market is poised to grow at a CAGR of 19.5% during (2021 - 2027). Additionally, The India market would exhibit a CAGR of 21% during (2021 - 2027).
Based on Application, the market is segmented into Public Places, Highways & Roadways, and Railways & Harbors. Based on Component, the market is segmented into Hardware, Software, and Services. Based on Hardware Type, the market is segmented into Controller, Lighting Lamp, Pole Bracket & Pole Body, Communication Device, and Others. Based on Installation Type, the market is segmented into Retrofit, and New. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Smart Pole Market is Projected to reach USD 20.7 Billion by 2027, at a CAGR of 18.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Eaton Corporation PLC, General Electric (GE) Co., Siemens AG, Signify N.V., Itron, Inc., Wipro Limited, Zumtobel Group AG, Acuity Brands Lighting, Inc., and Hubbell Incorporated.
By Application
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By Installation Type
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