Smart Bridge Market, By Technology (Transportation & Communication Systems and Condition Monitoring Systems), By Sensors Type (Accelerometers, Anemometer, Temperature Sensors, Strain Gauges, Weigh In Motion Sensors, Photonic Sensors, and Others), and by Geography - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026

  • To Be Published : Jul 2019 |
  • Format : CMI Insight PPT Format CMI Insight PDF Format

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.

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).

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.

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

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

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Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.
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Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization:

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

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