Smart Bridge Market Size, Growth Opportunities, Current Trends, Forecast by 2026

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.

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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.

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.

Smart bridge Market Taxonomy

On the basis of technology, the smart bridge market is diversified into:
• Transportation and Communication Systems
• Condition Monitoring Systems

 On the basis of sensors type, the smart bridge market is diversified into
• Accelerometers
• Anemometer
• Temperature Sensors
• Strain Gauges
• Weigh In Motion Sensors
• Photonic Sensors
• Others

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This release was published on openPR.