Smart Bridges Market Estimated to Reach USD 1,783.06 Million by 2023

Increasing infrastructure investments coupled with the increasing number of bridge modernization activities especially in developed economies have been stimulating the demand for these types of bridges.

According to the latest report “Smart Bridges Market: By Solution Type (Hardware, Accelerometers, Anemometers, Others, Software and Services); By Technology (Transportation and Communication System, Condition Monitoring System) & By Region (Europe, Americas, Asia-Pacific, RoW) – Forecast (2017-2023)” Published by IndustryARC, the market to reach $1,783.06m by 2023

Browse 21 Market Tables, 120 Figures spread through 138 slides and an in-depth TOC on “Smart Bridges Market (2017 – 2023)” –

According to a recent study from IndustryARC, smart bridge market is estimated to reach $1,783.06m by 2023 and is expected to grow at a CAGR of 24.63% during the forecast period. The growth in the market is primarily attributed to increasing bridge collapse incidents, growth of IoT sector, low cost of deployment and rising number of automotive are among some of the major factors impacting the growth of the market.

Smart bridge market is largely dominated by the conditional monitoring technology with a market share nearly about 55% of the total market. With the increasing bridges collapse incidences since past decade and the increasing the demand for reduction in maintenance and testing cost without compromising the structural integrity of the bridge is set to drive the market during the forecast period from 2017 to 2023. In terms of hardware type, strain gauges is estimated to be the fastest growing segment with market value of $100.3m by 2023. Rising traffic congestions, increase in vehicles equipped with wireless technologies, initiatives by government to improve people safety and launch of projects for development of monitoring system for smart bridges will result in to the growth of the smart bridge market across the globe.

Americas is set to dominate the global smart bridge market with a value share of 39% in 2015. APAC is estimated to grow prominently by CAGR 27.52% during 2017-2023 owing to the increasing number of smart city implementations in the future.

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The Major Players in this Market Include

  • IBM corp. (U.S.)

  • Siemens AG (Germany)

  • Honeywell International (U.S.)

  • Kapsch trafficom (Austria)

  • Cisco systems (U.S.)

The smart bridge service providers have made extensive investments into R&D and have utilized product launches, acquisitions, and collaborations to enhance core competencies through additions to product portfolio as well as leveraging capabilities of acquired companies to gain a foothold in the emerging markets.

The smart bridge market study across Hardwaretype and technology is incorporated in the Report:

  • Hardware type

    • Accelerometers

    • Anemometers

    • Temperature sensors

    • Weigh-in-motion devices

    • Strain gauges

    • Photonic Sensors

    • Others

  • Technology

    • Transportation and communication system

    • Condition monitoring

The overall market is also presented from the perspective of different geographic regions and the key countries for this industry. Competitive landscape for each of the product types is highlighted and market players are profiled.

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