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Smart Street Furniture Market - Forecast(2024 - 2030)
Smart Street Furniture Overview
The Smart Street Furniture Market size is forecast to reach $365.5 million by 2027, growing at a CAGR of 12.4% from 2022 to 2027. Smart furniture is just like conventional furniture such as chair, desk, tables, and benches but more in contemporary designs for public places, streets, tech parks and office lobbies. Further, the smart street furniture is equipped with intelligent technology system which is adopted in smart city projects for public services. Some advantages of smart street furniture are they have self-powered rechargeable docks for smart phones or other electronic devices, information screens, public lighting, free Wireless Fidelity etc. They can be used to collect big data, offering opportunities to improve various public services. The smart cities are increasingly adopting smart street furniture because they provide public services, information and connectivity. It helps optimize the management of public infrastructure in a much-reduced cost. This is a key factor driving the market. In July 2022, Hindustan Times announced that Varanasi will have a night market under the Lahartara-Chowkaghat flyover which will showcase the art and culture of Varanasi. The estimated cost of developing facilities for the night market was around Rs10crore. For public convenience smart street furniture such as bench kiosks, dustbin, light poles and bus stops have been installed. Smart Cities mission was launched in 2015 at the capital city Delhi by the Government of India. Varanasi is one of the 100 cities to be equipped with smart facilities. Preserving, repairing and beautification of lanes of kasi is one such project under which the smart street furniture with embedding technology are used. Smart city Mission is using smart street furniture which consists of information technology, artificial intelligence to enhance the safety, security, quality of life and liveability of citizen hence contributing to the smart street furniture market size growth. More projects like this is expected to drive the growth of the Smart Street Furniture market share.
Report Coverage
The report: “Smart Street Furniture Industry Outlook – Forecast (2022-2027)”, by
IndustryARC covers an in-depth analysis of the following segments in the Smart
Street Furniture Industry.
Key Takeaways
- The smart bench segment in the smart street furniture market by product type, held the largest market share of 36%, in 2021. Smart benches are the most preferred form of smart street furniture, further availability of the latest features due to attached force sensors in the smart street bench helps in monitoring data like air quality, noise levels, and traffic conditions. Further, the smart bench also has integrated SOS button, the above mentioned features has resulted in the high revenue in Smart Street furniture market share.
- The commercial segement held the largest market share of 55% in the smart street furniture market by End Users, in 2021. Various initivatives by goverment sectors in collaboration with the private sector to enhance public services and safety are contributing to the higher share for the segment.
- Asia pacific region is expected to witness a lucrative CAGR of 15.2% during the forecast period 2022-2027. The countries in APAC region such as India, China, South Korea etc are investing on smart street furniture in the smart city projects as per the Smart Street Furniture market report by Smart Street Furniture top 10 companies. Construction of smart road and smart bus stops, installation of large solar system setup for smart benches, upgradation of connectivity to 5g for better Wireless Fidelity are some of the factors which resulted in the high CAGR growth rate for the region.
- The adoption of eco-friendly smart street furniture is an ongoing trend and a step towards sustainable development globally. The potential of the smart solar urban furniture which will help in building a sustainable future is prompting the government to adopt smart street furniture leading to the market size growth.
Global Smart Street Furniture Market Value Share, By Region, 2021 (%)
Smart Street Furniture Market Segment Analysis- By Product Type
The
Smart Street furniture can be segmented by product type into smart tables,
smart chairs, smart desk and smart benches. The smart bench segement held the largest market share of
36% in the smart street furniture market by product type, in 2021. The integration of technology with
the smart benches helps the space look attractive social able, inclusive and
safer. The smart bench embedding technology provides facilities such as providing real- time ETA (expected
time of arrival) of transport system and street lights that dim or brighten in
response to foot traffic with help of Force sensors. The most important feature of smart bench is SOS button
connected directly to the emergency system 112 ensuring the safety and security
of the citizens. These are some of the factors resulting in the high market
share for the smart street benches in the smart street furniture industry
outlook. The advanced smart street furniture is developed to provide digital
signage solutions creating a new mode of advertisement and delivery of
information to citizens on screen are driving the market size growth. In July 2022, Bizcommunity mentioned
that agencies are opting for use of smart street furniture for advertising in
suburban areas. Smart benches are effective and affordable advertising Out Of
Home (OOH) platform. They are supreme in suburbs making it ideal OOH format
leading to the growth of smart street furniture market.
Smart Street Furniture Market Segment Analysis- By End User
The
smart street furniture market can be segmented by end users into residential
& commercial. The commercial segement held
the largest market share of 55% in the smart street furniture market by End
Users, in 2021. Various initivatives by the private sector to enhance public
services and safety are contributing to the smart street furnitrure industry.
The smart street furnitures are being installed by private sectors at smart
streets, public parks etc in smart city projects. In June 2019, Forbes stated
that Serbia’s Strawbwrry energy expanded their smart benches in the middle East
and London. The Strawberry Energy products are already present in 17
countries and its clients include London's Canary Wharf, the United Nations
Development Programme, Orange and Ford. The Strawberry Energy with its smart
street furniture is set to play a small, but sensible role in policies to
combat air pollution as smart city technology. Strawberry Energy
launched a new product last September – the Smart Bench 2. The Smart Bench 2 is in huge demand is contributing to the smart street furniture market
growth.
Smart Street Furniture Market Segment Analysis- By Geography
The Smart Street Furniture can be segmented by geography into North America, South America, Europe, APAC & RoW. Asia pacific region is expected to witness a lucrative CAGR of 15.2% during the forecast period 2022-2027. The countries in APAC region such as India, China, South Korea etc are investing on smart street furniture in the smart city projects. Construction of smart road and smart bus stops, installation of large solar system setup for smart benches, upgradation of connectivity to 5g are some of the projects which is driving the smart street furniture market growth. In June 2022, The Times of India announced that the smart city corporation limited in its 14th board meeting passed 31 projects worth USD1billion. The government of India started smart cities mission in 100 cities all over the country starting from 2015. The government setup smart city corporation which includes representatives of central government, state government and municipality for proper functioning. It will ensure best possible use of ICC (Integrated Command and Control Centre) and artificial intelligence for providing better public services. Construction of smart road, installation of large solar system setup, construction & development of smart bus stops are some of the projects cleared by the board members. These kinds of projects are also adopted in various countries such as China, South Korea, UAE etc which will contribute to smart street furniture market growth.
Smart Street Furniture Market Drivers
The rapid modernisation and adoption of sustainable technologies globally is contributing to smart street furniture market.
The
adoption of eco-friendly smart street furniture is an ongoing trend and a step
towards sustainable development globally. The Smart solar urban furniture are
in demand as they save energy that would otherwise be consumed by the electric
powered street furniture (energy provided by the city) or in private
household/companies (charging of electronic devices)- thus leading to lower cost.
The potential of the
smart solar urban furniture which will help in building a sustainable future is
prompting the government to adopt smart street furniture leading to the market growth. In Feb 2020,
ASA (Architectural Science Association) announced Smart solar urban furniture
is stated as the best environment friendly solution for smart cities. The
installation of new solar street furniture on KAUST campus in Saudi Arabia
completed in 2020. These
are simple benches made of steel and timber with a solar panel installed in the
middle. It is a circular outdoor seating,
incorporating flexible, lightweight and transparent solar technologies
developed by King Abdullah University of Science and Technology Solar centre. Facilities such as charging points,
free Wi-Fi, data on air quality, noise level or traffic conditions are provided
which is helping the people as well as government to keep track of various data
leading to the smart street furniture market growth.
Upgraded lifestyle and Tourism with the development of smart cities leading to Smart Street furniture market growth.
The
current generation is too much dependent on IoT (Internet of things) devices in
every aspect. The smart street furniture will improve the communication,
tourism system etc throughout the country. The smart street furniture is
helping in attaining the goal of future sustainability and providing better
public services. In May 2022, Yahoo!finance announced that JCDecaux wins
15-year exclusive advertising street furniture contract with Dresden in
Germany, with a strong commitment on sustainable development and better
services to the public. Dresden, the capital city of Saxony is an important
economic hub and a famous tourist destination attracting more than two million
visitors yearly. The contract effective from January 1, 2023 includes
installation & maintenance of 850 bus shelters embedding technology and up to 450 free standing city light
poster displays including 70 digital screens are driving the smart street
furniture market size growth.
The government’s initiatives to spread the use of smart technologies leading to growth of smart street furniture industry.
The smart
street furniture such as smart bench is adopted in growing number of cities and
communities throughout the world. The smart street furniture are self-powered
products which is making life easier for
citizens, visitors and helping to optimize the management of public
infrastructure or to provide connectivity such as free Wi-Fi. The
public and private sectors are coming up together to set up smart street
furniture at various public places. In Feb 2022, telecom stated that UK
government moves to improve telecommunication access to smart street furniture.
This includes the smart bus stops, smart benches, streetlights, CCTV poles etc.
The smart street furniture will be doubled as towers for enterprising mobile
network operators. A total of 8 projects have been decided to work on. Another
article in Jan 2022, by The Times of India stated that the Delhi government is
redesigning 540km of roads around 250 stretches in city according to European
standards. The first stretch work starting on 800km Ring Road. It will include
installation of information kiosks with solar panel roofs leading to growth in Smart Street Furniture market share.
Smart Street Furniture Market Challenges
The huge cost of setup of smart street furniture in developing countries acts as a barrier towards the growth of smart street furniture market.
The developing countries with under
developed economies and more rural areas lack funds to install the expensive
IoT devices. The consumers will prefer traditional furniture as they have very
less exposure to the technologies; will be hesitant to adopt new technologies. In March 2022, The Economic Times Industry stated that the
Trai (Telecom Regulatory Authority of India) had submitted a consultation paper
regarding deployment of more base station with 5g services for the instalment
and proper functioning of smart street furniture. The Department of Telecommunication is
considering an affordable annual fee for use of smart street furniture for
deployment of 5g infrastructure. The objective is to use various municipality
buildings, post offices, bus and railway station for deployment of
infrastructure which is critical to the success and adoption of 5g on large
scale. The 5g services are essential for proper functioning of the smart street
furniture. The setup of proper telecom system plays a key role in the adoption
of smart street furniture in developing countries which will act as a barrier
towards the market growth.
The security concerns raised due to the use of smart street furniture can delay the market growth.
The smart
street furniture enhances the public places and revitalize ageing
infrastructure. Despite these benefits the data collection and impact on public
space have created some controversy delaying the adoption of smart street
furniture. In June 2021, The Conversation stated that in New York City, the
replacement of phone booths by LinkNYC digital
kiosks has given rise to protest about data
ownership and sharing and surveillance
through built-in security cameras.
Other sources of tension are the kiosk’s physical
footprint, visual impact and use for outdoor advertising with its double-sided
140cm digital displays. In Australia, Telstra has been fighting a long court
case against the cities of Sydney, Melbourne and
Brisbane over plans to convert its phone booths into smart hubs equipped with
digital advertising. Councils objected to these on the basis that they required
local planning approval. Telstra argued the hubs were exempt as “low-impact
facilities”, but has had to delay installation acting as barrier
to market growth.
Smart Street Furniture Market Landscape
Product launches, collaborations, and R&D activities are key
strategies adopted by players in the Smart Street Furniture Market. The Smart Street
Furniture top 10 companies include:
- Inter IKEA System B.V
- SOBRO
- Nitz Engineering GmbH
- Destronik LLC
- Steelcase Inc.
- Milano Smart Living
- Ori Inc.
- Storebound LLC
- Herman Miller Inc.
Recent Developments
- In March 2022, an article by The Economic times Industry has stated that the Trai (Telecom Regulatory Authority of India) had submitted a consultation paper regarding deployment of more base station with 5g services for the installment and proper functioning of smart street furniture as smart city technology. This will help in faster adoption of smart street furniture and better public services.
- In June 2021, an article by Strawberry energy stated the Barcelona’s smart bus stops with embedding technology and Force sensors offer free Wi-Fi, phone chargers, real time traffic data etc. It also offers detailed tourist information and maps making the lives of people easier in every way and promoting stress-free tourism.
- In June 2021, an article by The Conversation stated that Australia is on the process of switching to the smart furniture to take examples from early adopters such as strawberry smart benches in London and InLinkUK kiosks in Glasgow. The smart street furniture report from these areas will help in better implementation to new places.. This smart street furniture enabled young people, students and gig workers to stay digitally connected. They used the maximum facilities like charging their phones and making free calls. (The InLinkUK kiosks offered free calls to any handset or landline in the UK)
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