The global Smart Infrastructure Market size was valued at USD 82 billion in 2021 and is projected to reach USD 370 billion by 2028, growing at a CAGR of 24 % during the forecast period.
Smart infrastructure is referred to as a smart system that generally uses a data feedback loop to take better decisions regarding the smart grid, smart water network, intelligent transportation network, intelligent buildings, and others. Multiple operators from various industries including public transportation, energy, and public safety are focusing on adopting smart infrastructures through data-controlled machinery that communicates with the real environment. Smart infrastructure helps in forming a smart community that incorporates digital technology like the adoption of information & communication technology (ICT) to present self-monitoring values and precision in decision-making for improving sustainability. Factors such as the growing need for efficient management of resource usage, increasing concern for public safety, and rising urbanization and industrialization are several key factors that are burgeoning the market demand. The growing need for an environment with efficient energy utilization also plays a significant role in market expansion around the world.
COVID-19 Impact Analysis
Due to the COVID-19 outbreak, many governments and local authorities announced the imposition of strict lockdowns, social distancing norms, and the closure of our brick-and-mortar stores to reduce the spread of coronavirus. Additionally, there were disruptions in the supply chain for smart infrastructure maintenance and limited transportation operations. However, a significant decline was observed because of the suspension of planned smart infrastructure maintenance in a few countries owing to the unavailability of resources and workforce. Thus, these factors are expected to decline the market growth in the short run. Moreover, the smart infrastructure market is anticipated to attract high traction for long-run outlook due to the exponential demand for maintenance management solutions, and growing digitalization during the wake of COVID-19. Thus, the market is substantially growing owing to the high adoption of smart infrastructure to make improved decisions about the smart grid, intelligent transportation network, smart water network, intelligent buildings, and many other sectors.
The global Smart Infrastructure Market is segmented based on type (Smart Grid, Smart Water Network, Intelligent Transportation Network, Intelligent Buildings, Others), the basis of End-use (Utilities, Transport, Communications, The built environment)
Based on type, the market is segmented into Smart Grid, Smart Water Networks, Intelligent Transportation Networks, Intelligent Buildings, and Others. The smart grid segment dominated the market and accounted for the largest revenue share in 2021. The smart grid automatically responds without human intervention to changes in local power usage, which offers various benefits compared to traditional distribution systems including lower rates of electricity theft, losses, meter reading costs, and low sustained outages. Also, it lower restoration costs, reduce equipment failures and decreases levels of carbon dioxide, Sulphur dioxide, and nitric oxide emissions into the atmosphere, which helps in maintaining a green and sustainable environment. Factors such as the growing awareness of environmental conservation, the rising number of government initiatives, and the high demand for commercial building infrastructure are contributing to the segment growth across the globe.
Drivers:
The rapidly growing urbanization has to lead a rising focus on sustainability and a shift moving to green energy mediums. The significance of green energies and carbon regulation has been accelerated due to the high threat posed by global warming and carbon emissions, which stimulated several difficulties for smart cities, in attaining maintainable solutions and refining environmental danger, which prompted smart cities to achieve sustainable solutions and reduce environmental risk. For instance, in Israel, the ministry of energy announced an initiative on April 19, 2021, to reduce the effects of greenhouse gas emissions by 80%. This strategy includes shutting down coal-fired power plants, improving power grid technology, and increasing the amount of electricity produced by renewable sources. Accordingly, governments from various regions recognized smart infrastructure as being similar to smart city development projects, as they focus on providing improvements to operations, sustainability, experience, and business vitality. Also, this development enhances positivity to the urban development and national economy and increases the quality of life of the entire population responding to comprehensive challenges of sustainability. The innovative smart building and smart city technologies allow users to overcome the challenges of efficient management and streamlined various operations. Leveraging these smart city services and solution further helps to promote economic development and help to maintain ecological stability, which, in turn, stipulates market growth shortly.
Regional Analysis:
North America is expected to account for the largest market size in 2021 owing to the high adoption of new technologies and solutions, along with the presence of developed economies such as the United States and Canada. In addition, the rapid-paced industrialization and growing digitalization, as well as the development of the ICT sector are attributed to the regional market growth. Moreover, many business sectors, including government, communications, and finance, among others, are constantly undergoing digital transformation, which is also fuelling market growth. For instance, in Chicago, the Array of Things (AoT) project was introduced to enhance the living experience by collecting real-time data. Likewise, the City of San Jose and Intel entered into a strategic collaboration to deploy Intel’s IoT smart city demonstration platform for City’s green vision initiative by forming environmental sustainability and improving the life quality. Therefore, the rising number of smart city initiatives across the region is presenting various growth opportunities for the smart infrastructure market during the estimated years.
Key Market Players and Competitive Landscape
The Beyond Market Insights research has segmented the Global Smart Infrastructure Market report based on Type, End User, and region
Smart Infrastructure Market Report Scope | |
Report Attribute | Details |
Market size value in 2022 | USD 102 billion |
Revenue forecast in 2028 | USD 370 billion |
Growth Rate | CAGR of 24 % from 2022 to 2028 |
Base year for estimation | 2021 |
Historical Data | 2017 – 2021 |
Forecast Years | 2022 – 2028 |
Quantitative Units | Revenue in USD million and CAGR from 2022 to 2030 |
Report Coverage | Revenue forecast, company ranking, Trends |
Segments Covered | Type, End-User, Applications, Region |
Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico and Others |
Key companies profiled | Accenture, Echelon, Schneider Electric, Aclara, Black and Veatch, Cityzenith, Holophane, Indra, Cree, Philips, Siemens, Topcon, Sensus, LSI, and Others |
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