The global smart infrastructure market size was USD XX Mn in 2022 and is likely to reach USD XX Mn by 2031, expanding at a CAGR of XX% during 2023–2031. The growth of the market is attributed to the rising need for intelligent infrastructure systems to build a smart urban system that caters to the demands of the rising population in an organized and efficient manner.
Technological advancements and innovations in every aspects of a consumer’s life are reshaping the economy, lifestyle, and society. Industrialization is considered a driver of economic growth. The pace of industrialization is significantly high in urban areas. Rise in population due to industrialization creates enormous pressure on city infrastructure.
Smart infrastructure provides concrete and actionable solutions to address complexities and challenges in urban infrastructure. The regulators leverage advanced technologies to improve city operations and address key issues such as mobility, communication, basic amenities, and sustainability in an urban setup. The urban infrastructure needs advanced multi-modal public transit systems, integrated basic services, and security services to support population growth.
Urban communities face complex challenges such as infrastructure upkeep and sustainability issues. Smart infrastructure is a system that uses data to formulate strategies for efficiently organizing resources and energy in an urban setup. Smart infrastructure system uses data to efficiently organize water supply network, energy grids, transportation network, and safety mechanisms with the help of information & communication technology (ICT). To achieve sustainable development goals, urban planners develop city structures by leveraging data for optimized resources and energy use.
Smart Infrastructure Market Dynamics
Drivers
Expansion of telecom infrastructure and technological advancements in telecommunications networks are anticipated to drive the market. Smart infrastructure needs a comprehensive and robust telecom network as a base. With the advent of wireless sensor networks, the Internet of Things (IoT), and cloud computing, smart infrastructure operations are fast-paced to enhance the quality of life.
Increasing focus on meeting the sustainable development goals prescribed by policymakers is expected to drive the market. The depletion of natural resources in the urban landscape and its associated effect on the atmosphere have encouraged policymakers to adopt sustainable solutions to reduce the environmental footprint. Smart infrastructure helps urban administrators reduce carbon footprint by decreasing greenhouse emissions with the help of IOT and wireless sensor networks.
Restraints
Security vulnerabilities in the telecom and data networks are likely to hinder the market. Telecom networks comprise multiple layers of operations and are often exposed to cyberattacks. The concern about IoT security and privacy in smart infrastructure affects the quality of data and decision-making in operational strategies.
Opportunities
Smart IoT technologies, Green buildings, 5G infrastructure networks, and smart utilities are likely to create significant opportunities in the market. The growth of the infrastructure sector is linked to the rise in population and industrialization. Disruptive technologies help city administrators to implement effective strategies with the help of insights generated by data availed through IoT technologies.
Scope of the Smart Infrastructure Market Report
The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
|
Details
|
Report Title
|
Smart Infrastructure Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
|
Base Year
|
2022
|
Historic Data
|
2016–2021
|
Forecast Period
|
2023–2031
|
Segmentation
|
End-user (Built Environment, Communications, Transport, and Utilities), and Type (Intelligent Buildings, Intelligent Transportation Network, Smart Water Work, and Smart Grid)
|
Regional Scope
|
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
|
Report Coverage
|
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
|
Key Players Covered in the Report
|
Siemens; Koninklijke Philips N.V.; Schneider Electric; Indra Sistemas, S.A.; Sensus; Aclara Technologies LLC.; Topcon; and Renesas Electronics Corporation
|
Market Segment Insights
Based on end-user, the smart infrastructure market is divided into built environment, communications, transport, and utilities. The built environment segment is expected to expand at a significant pace during the projection period owing to the wide variety of structures included in the built environment. The built environment comprises industrial, commercial, and residential structures.
On the basis of type, the global market is segregated into intelligent buildings, intelligent transportation network, smart water work, and smart grid. The smart grid segment is projected to register a considerable CAGR during the forecast period owing to a reduction in electricity losses, theft, and cost. A smart grid identifies variations in power usage and regulates the distribution automatically.
In terms of region, the global smart infrastructure market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projection period owing to the rising adoption of smart technologies and government initiatives to promote smart cities for an efficient urban transformation. The policymakers in the region are rapidly integrating digital technologies to address the metropolitan challenges.
Segments
The smart infrastructure market has been segmented on the basis of
End-user
- Built Environment
- Communications
- Transport
- Utilities
Type
- Intelligent Buildings
- Intelligent Transportation Network
- Smart Water Work
- Smart Grid
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Siemens
- Koninklijke Philips N.V.
- Schneider Electric
- Indra Sistemas, S.A.
- Sensus
- Aclara Technologies LLC.
- Topcon
- Renesas Electronics Corporation
Competitive Landscape
Major players in the global smart infrastructure market include Siemens; Koninklijke Philips N.V.; Schneider Electric; Indra Sistemas, S.A.; Sensus; Aclara Technologies LLC.; Topcon; and Renesas Electronics Corporation. These companies are adopting strategies such as mergers, acquisitions, partnerships, collaboration, product launches, and production expansion to expand their consumers worldwide. For instance,
- In April 2023, Renesas Electronics Corporation announced that it has introduced a firmware, ZMOD digital gas sensors for autonomous monitoring of air quality. These sensors can monitor and identify harmful elements present in the air in the outdoor space.