Sensors are the major end-products playing a primitive role in building smart roads and bridges. The sensors market will be further segmented into accelerometers, anemometers, temperature sensors, and others. Temperature sensors are having the majority of the market share and are expected to reach USD751.2 million by 2022. A number of start-ups are entering the sensors market. Innovations in IoT and increasing R&D investments from big organizations for the enhancements in sensors are also contributing to the growth. According to this research, the "Worldwide Smart Roads and Bridges Market" is expected to reach USD2,660 million by 2022, growing at a CAGR of around 24.1 percent during the forecast period 2016-2022. The worldwide increase in the road accidents is one of the major drivers for adopting smart technology in roads and bridges. There is an increased interest among the organizations and major companies are going after the potential in the smart roads and bridges market.
Technology plays a key role in building smart infrastructure. The major technology players are offering innovative solutions for building the most efficient and enhanced roads and bridges for the future. New players are entering the market and key players are acquiring new players who are coming up with innovative technology offerings for the betterment of their product portfolio. The technology market is further segmented into transportation management system, communication system, traffic management system and monitoring system. At present, North America is having the majority of the market share mainly due to advancements in technology and its adoption. The market is in the stagnant state in countries such as the US and Canada. Europe is spending hugely in R&D especially on raw materials and their use. The separation of the UK from the European Union will significantly influence the growth of the market in the region. Developing region such as APAC will be boosting the market growth. Regional government initiatives for developing smart city projects in the region are the main factors contributing to the market growth. MEA region is expected to invest more than USD100 billion for maintaining the existing and to build new and enhanced infrastructure to serve the developing cities and communities in the region.
