Global Smart Infrastructure Market 2023-2030

Global Smart Infrastructure Market 2023-2030

Global Smart Infrastructure Market Size, Share & Trends Analysis Report by Component (Smart Energy Management Systems, Smart Parking Management Solutions, Smart Safety and security Systems, Smart Waste Management Solutions, and Others), and by End-User (Utility, Transport, and Communication), Forecast Period (2024-2031)

The global smart infrastructure market is anticipated to grow at a CAGR of 12.1% during the forecast period (2024-2031). The growing adoption of energy storage infrastructure systems distributed photovoltaic power generation, and electric vehicle charging integrated into the smart energy management system is the key factor supporting the growth of the market globally. The smart infrastructure uses artificial intelligence algorithms and advanced optimization to manage energy efficiently. The market players are also focusing on introducing smart energy management infrastructure solutions that further bolster the market growth.For instance, in April 2021, Repsol introduced a smart energy management system that improves customer efficiency. This technological product marks an advance in Repsol’s customer-centered strategy and offers a unique and differential value proposal that is tailored to customer needs and contributes to more efficient energy use.

Segmental Outlook

The global smart infrastructure market is segmented on the component and end user. Based on the components, the market is sub-segmented into smart energy management systems, smart parking management solutions, smart safety & and security systems, smart waste management solutions, and others (smart healthcare solutions). Further, based on end-user, the market is sub-segmented into utility, transport, and communication. Among the end users, the utility sub-segment is anticipated to hold a considerable share of the market owing to the rise in the development of IoT-enabled sensors to monitor electricity consumption in real-time.

The Smart Energy Management Systems Sub-Segment is Anticipated to Hold a Considerable Share of the Global Smart Infrastructure Market

Among the components, the smart energy management systems sub-segment is expected to hold a considerable share of the global smart infrastructure market. The segmental growth is attributed to the increasingly massive data gathering from sensors spread across several locations, which make electric grids smarter. For instance, in February 2023, Sateliot and Sentrisense launched new space technology to turn power lines infrastructure smart. The first 5G satellite connectivity to IoT electric grid sensors attached to electric towers and power lines, Sentrisense’s devices are capable of connecting seamlessly to cellular towers and satellite networks.

Regional Outlook

The global smart infrastructure market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America. Among these, Asia-Pacific is anticipated to hold a prominent share of the market across the globe, owing to the growing adoption of the increased consumption of resources and increased development of smart cities to obtain sustainable solutions with improving the environmental hazards.

The North American region is Expected to Grow at a Significant CAGR in the Global Smart Infrastructure Market

Among all regions, the North American region is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to the growing adoption of smart infrastructure including the Internet of thing (IoT), Wireless Sensor Networks (WSN), and cloud computing that drive the growth of the market. Various smart connected infrastructure certification program provides utilities with a foundation for assessing network interoperability and cybersecurity safeguards by offering proven security and performance best practices. For instance, in June 2023, CTIA Certification and Ericsson announced their collaboration on a new Internet of Things (IoT) device certification program specifically designed for utilities. The Smart Connected Infrastructure certification program develops a set of standards to guarantee the security and dependability of these devices in response to the growing need for advanced IoT deployments for utilities.

Market Players Outlook

The major companies serving the smart infrastructure market include ABB Ltd., Cisco Systems, Inc., Honeywell International, Inc., Huawei Technologies Co., Ltd., Siemens AG, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in November 2022, Qualcomm Technologies, Inc. and Siemens Smart Infrastructure collaborated to build automation by applying a 5G private network (PN), based on the Snapdragon® X55 5G Modem-RF System in America.

The Report Covers

Market value data analysis of 2023 and forecast to 2031.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global smart infrastructure market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.