SMART BRIDGE MARKET ANALYSIS

Smart Bridge MarketSize and Trends

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.

Market Trends

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 factors 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.