Smart Bridge Market to Witness Robust Expansion by 2025
Smart bridges are technically advance bridges, which alerts the maintenance department for any uncertainties such as issues with the structure, which could reduce the risk of collapsing, prior to their occurrence. Real-time monitoring and inspection system for bridge health condition is one of the major factors for growth of the smart bridge market. Increasing investment for smart cities is one of the major factor for growth of the market.
For instance, according to the Indian government Union Budget 2018-19, the government has selected 99 cities under the smart city mission and will provide a fund of US$ 3.1billion for the development of the cities. Hence, this increasing funding for smart cities have also accelerated growth of the smart bridges market. Furthermore, increasing incidence of bridge collapsing is also one of the major factors, leading to increasing demand for smart bridges. With integration of smart sensors in these bridges, it has reduced the need for inspection and increased reliability of the diagnostic process, which has led to increasing life span of bridges, thus reducing risk of collapsing incidences. For instance, Troja footbridge (Czech Republic), Sigiri Bridge (Kenya), Sanvordem River Bridge (India), I-85N Atlanta (U.S.), Pfeiffer Canyon Bridge (U.S.), Camerano overpass (Italy) are some of the major bridges that collapsed in 2017.
Request For Customization of this Report @ https://www.coherentmarketinsights.com/insight/request-customization/1550
Increasing sales of electric vehicle plays a major role in growth of the smart bridge market
Increasing sales of electric vehicle is one of the factors for growth of the smart bridge market. According to Coherent Market Insights’ analysis, around 962 thousand units of electric cars have been sold, globally in 2017 up from 695 thousand units in 2016. This increasing sale of electric cars has led to high demand for charging these vehicles while driving. This has led to high demand for smart roads and smart bridges. For instance, Sweden is the world’s first country that has constructed an electric road in 2016, a two kilometer strip on the E16 motorway near Gavle city in central Sweden. Similarly, Israel has also started testing of wireless charging roads and bridges for electric vehicles.
Based on technology, condition monitoring systems segment held the dominant position in the market
Condition monitoring systems segment held the dominant position in the smart bridge market in 2017 and is projected to retain its dominance throughout the forecast period. Increasing demand for reducing maintenance and testing cost without compromising the structural integrity of the bridge is expected to be a factor for growth of the segment. Moreover, transportation & communication systems segment is projected to exhibit the highest CAGR in the forecast period. Increasing vehicle traffic is one of the major factor for growth of the transportation & communication system segment. According to International Organization of Motor Vehicle Manufacturers, 1.3 billion units of vehicles were in use as of 2015.
Based on sensor type, temperature sensors segment held the dominant position in the market
On the basis of sensor type, temperature sensors segment held the dominant position in the market and is projected to retain its dominance throughout the forecast period. Due to various advantages such as high sensitivity, low cost, fast response, small size, enhanced accuracy, and offering real-time data have led to growth of this segment in the market.
North America smart bridge market is estimated to hold its dominant position in 2018
On the basis of geography, the global smart bridge market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America held the dominant position in the market in 2017 and is projected to retain its dominance throughout the forecast period. The U.S. and Canada are growth engines in this region. Due to trend of early adoption of various technologies and high presence of market players in this region are factors leading to growth of this regions. International Business Machines Corporation, Honeywell International Inc., and Cisco Systems, Inc. are some of the U.S.-based companies.
Furthermore, Asia Pacific is projected to exhibit the highest CAGR over the forecast period. India, China, and Japan are some of the major countries, in this region. Increasing investment in smart cities by governments is a major factor for growth of the smart bridge market in Asia Pacific. For instance, in 2014, the Chinese Ministry of Industry and Information Technology, announced funding of US$ 8.05 billion (50 billion yuan) for the development of smart city traffic systems and internet of things (IoT).
Request Sample Copy of this Report @ https://www.coherentmarketinsights.com/insight/request-sample/1550
Key Companies – Global Smart bridge Market
Some of the major companies in the global smart bridge market are Siemens AG, International Business Machines Corporation, Honeywell International Inc., Cisco Systems, Inc., Kapsch TrafficCom AG, Huawei Technologies Co., Ltd, Alcatel Lucent S.A., Indra Sistemas, S.A, and LORD Corporation.
You may be interested
New Study Reveals Link between Toothpaste Ingredient and Colon CancerMohit Joshi - September 22, 2018
Recent study reported that common compound found in soaps and toothpaste called triclosan can potentially increase risk for developing colon inflammation and cancer Study highlighted effect of…
Hormone Replacement Therapy Market – Latest Advancements & Outlook 2018 to 2026, Global Top Players : Novartis, Abbott, Mylan, Merck KgaA, Bayer, Pfizer, Novo Nordisk, QuatRx, Teva Pharma., Amgen, Eli LillyAlex Mathew - September 22, 2018
According to a new market research study titled Hormone Replacement Therapy Market to 2026 Global Analysis and Forecasts by Material Composition, Industries and End Products, The…
Corporate Wellness Market Segmentation Application Technology & Market Analysis Report, Global Top Players : EXOS, Hooper Holmes, Wellness Corporate Solutions, ComPsych, United Health Group, Sodexo, BupaWellnessAlbert R - September 22, 2018
According to a new market research study titled Corporate Wellness Market to 2026 Global Analysis and Forecasts by Material Composition, Industries and End Products, The report…