Worldwide Smart Roads and Bridges Market is expected to reach 2,660.0 million by 2022, growing at a CAGR of around 24.1% during the forecast period 2016-2022.
Increasing vehicle ownership, growing traffic congestion, unpredictable hazards due to natural calamities are forcing the governments to focus on the development of digital infrastructure. The worldwide increase in the road accidents is one of the major drivers for adopting smart technology in roads and bridges. There is an increased interest among the organizations and major companies are going after the potential in the smart roads and bridges market.
Sensors are the major end-products playing a primitive role in building smart roads and bridges. The sensors market will be further segmented into accelerometers, anemometers, temperature sensors, and others. Temperature sensors are having the majority of the market share and are expected to reach $751.2 million by 2022. A number of start-ups are entering the sensors market. Innovations in IoT and increasing R&D investments from big organizations for the enhancements in sensors are also contributing to the growth.
The introduction of automated vehicles has increased the risk of unpredictability in the smarter world - smart roads and bridges are the addressed solutions for these uncertainties. Smart roads are considered the future roads that assist drivers in understanding the incidents happening on the roads such as traffic congestion, breakdowns, and repair situations in advance. In the same way, smart bridges are those which are technologically advanced and alert the respectable maintenance department for any uncertainties prior to their occurrence.
The smart roads and bridges market is expected to become one of the emerging markets in the next 5 years. The sensors and GPS trackers are the major end-products being adopted during the construction of smart roads and bridges. This opportunity has resulted in the increase of sensor companies to hugely invest in the technological innovations in the sensor industry. As for now, there is an increased interest by governments for adopting smart technologies in building roads and bridges, offering companies to come up with new innovative ideas to grab the market share and stand out from the competitive industry.
Currently, transportation is having the major share of the market and is expected to reach $1,093.3 million by 2022, growing at a CAGR of 23.7% during the forecast period 2016-2022.
On-Going/Up-Coming Projects - Smart Roads and Bridges
- I-80 SMART Corridor Project, California, US
- I-5 North Coast Corridor Project, California, US
- Gordie Howe International Bridge, Canada
- Mersey Gateway Project, Cheshire, UK
- A160/A180 Port of Immingham Improvement Project, North East Lincolnshire, UK
- Hisingsbron Bridge, Gothenburg, Sweden
- Rohtang Tunnel at Lahaul-Spiti Valley, India
- Thompsons Road Upgrade Project, Melbourne, Australia
- Southport-Burleigh Road Network Improvement Project, Queensland, Australia
- Danjiang Bridge, Taipei, Taiwan
Key Topics Covered:
1 Industry Outlook
2 Report Outline
3 Market Snapshot
4 Market Outlook
5 Market Characteristics
6 Technology: Market Size and Analysis
7 Sensors: Market Size and Analysis
8 Deployment Model: Market Size and Analysis
9 Regions: Market Size and Analysis
10 On-Going/Up-Coming Projects - Smart Roads and Bridges
11 Market Attractiveness
12 Competitive Landscape
13 Vendor Profiles
14 Key Dominant Vendors
- Alcatel Lucent
- CTS Corporation
- General Electric
- Indra Sistemas.
- Kapsch TrafficCom
- LG CNS
For more information about this report visit http://www.researchandmarkets.com/research/ljn4jf/worldwide_smart
Laura Wood, Senior Manager
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SOURCE Research and Markets