Chicago, July 08, 2024 (GLOBE NEWSWIRE) -- The Smart Infrastructure Market is projected to grow from USD 923.0 billion in 2024 to USD 2,109.5 billion by 2029 at a CAGR of 18.0% during the forecast period. As more people move to cities, there's an increased demand for infrastructure that can efficiently support larger populations. Smart infrastructure solutions help cities manage resources and services more effectively.
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Smart Infrastructure Market Dynamics:
Drivers:
- Proliferation of IoT, AI, smart infrastructure, and connected devices
- Growing urbanization and demand for sustainable solutions
- Global shift toward sustainable energy transition
Restraints:
- High implementation costs
- Lack of standardized frameworks
Opportunities:
- Growing smart city initiatives
- Rising public and private investments
List of Top Companies in Smart Infrastructure Market:
- Siemens
- Cisco
- Honeywell
- Hitachi
- IBM
- Schneider Electric
- Microsoft
- Huawei
- ABB
- Johnson Controls
Concerns about climate change and environmental degradation are driving the adoption of smart infrastructure solutions that promote sustainability. These solutions include renewable energy integration, energy-efficient buildings, smart grids, and water management systems.
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By offering, the software segment is expected to grow with the highest CAGR during the forecast period
Using software in the smart infrastructure market is paramount for optimizing efficiency, improving functionality, and ensuring sustainability in modern urban environments. Software solutions are integral to smart grid management, enabling energy distribution monitoring, analysis, and optimization through demand forecasting, load balancing, and real-time monitoring. Building Automation Systems (BAS) leverage software for centralized control of HVAC, lighting, security, and access systems, facilitating remote monitoring, scheduling, and energy management. In intelligent transportation systems, software applications manage traffic flow, reduce congestion, and enhance safety through traffic signal optimization, dynamic routing, and real-time data analysis. Water and waste management benefit from software solutions that monitor distribution networks, optimize treatment processes, and manage waste collection routes, ensuring sustainable resource management. Smart lighting systems use software to adjust brightness and scheduling based on occupancy and daylight, enhancing energy efficiency and user comfort. Asset management software tracks infrastructure assets, schedules maintenance, and manages lifecycle processes, enabling predictive maintenance and extending asset lifespan.
By offering, the hardware segment is expected to hold the largest market size during the forecast period
The use of hardware in the smart infrastructure market is pivotal for developing efficient, connected, and sustainable urban and rural environments. Key components include sensors and IoT devices for monitoring environmental conditions, traffic flow, and utility usage, alongside surveillance cameras for security. Communication hardware, such as wireless network devices and 5G infrastructure, ensures data transmission and connectivity, while edge computing devices enable local data processing. Control systems, including smart grids and building management systems, optimize resource management and automate traffic systems to enhance transportation efficiency. Energy storage solutions like battery systems and energy management hardware support renewable energy integration. Smart lighting, EV chargers, smart parking, and automated toll systems further modernize infrastructure. Public safety benefits from advanced emergency communication and disaster management systems, while healthcare infrastructure is improved with remote monitoring and telemedicine equipment.
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Major players operating in this market ecosystem include Siemens (Germany), Cisco, (US), Honeywell (US), Hitachi (Japan), IBM (US), Schneider Electric (France), Microsoft (US), Huawei (China), ABB (Switzerland), Johnson Controls (Ireland), Intel (US), Oracle (US), TCS (India), Fujitsu (Japan), Itron (US), Accenture (Ireland), Sense (US), AppyWay (UK), Telensa (UK), Gaia (India), Panamax Infotech (India), Envelio (Germany), XENIUS (India), Anavision (Hong Kong), Enevo (US), Cubic Telecom (Ireland). These players not only have a comprehensive and diverse product portfolio but also have a strong geographic presence. These companies offer several product offerings and have operations worldwide. They rely on their R&D capabilities and diversified product and service portfolios to increase their market share. These companies focus on product launches, collaborations, acquisitions, contracts, and partnerships to strengthen their footprint through product innovations and extend their business reach.
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