Transit-Oriented Development Market – Overview
Transit-oriented development (TOD) is gaining acceptance as a tool to attain sustainable development across the globe. In order to ease the dependence on automobiles, it is required to manage regional and urban growth; renew centers and suburbs; and use the land with balanced transport. Transit-oriented development seeks to undertake these goals by developing compact and pedestrian-friendly areas around major public transport stations. The objective of the project is to bring TOD up to scale not only in name but also in terms of the effect it can have on cities, the communities and individual lives. Transit-oriented development is becoming an increasingly popular tool for cities to create more livable communities and lessen the urban stretch, which has several negative economic, cultural, environmental, and social consequences. In addition, transit-oriented development refers to sustainable urban development, sustainable communities, and transit modes in an integrated approach. Moreover, transit-oriented development helps cities to redefine and restructure themselves.
Transit-Oriented Development Market – Drivers and Restraints
Transit-oriented development (TOD) helps in the development of accessible and permeable urban areas that are designed by keeping in mind pedestrians’ convenience, reduction of car use, and a pollution-free or eco-friendly public realm. In addition, TOD offers easy access to the public transport for a large number of people. Transit-oriented development also helps in reducing degradation of the environment. It helps grow and redevelop the city in a compact manner, by minimizing sprawl, and save environmentally sensitive lands as well as virgin lands through high-density compact development. For instance, transit-oriented development in Portland has helped the city to attract new investments and jobs; enhance the city’s transport network; and improve residents’ quality of life. However, interest in transit oriented development has widened beyond the possibility of financial return. Increasing evidence states that transit-oriented development can yield many more benefits rather than only increasing land value.
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Transit-Oriented Development Market – Segmentation
The global transit-oriented development market can be segmented based on service, city, end-use application, and geography. In terms of service, the transit-oriented development market has been classified into consulting & planning, integration & implementation, and infrastructure monitoring & management. The consulting & planning segment is anticipated to expand at a maximum growth rate during the forecast period, as more and more number of cities are preferring to implement TOD. Based on city, the transit-oriented development market has been divided into metropolitan and rural. Based on end-use application, the transit-oriented development market has been segregated into smart utilities, smart transportation, smart public services, and smart buildings. The smart buildings segment is anticipated to hold the maximum market share during the forecast period.
Based on geography, the global transit-oriented development market can be segmented into North America, South America, Asia Pacific, Europe, and Middle East & Africa. The transit-oriented development market in North America is anticipated to expand at a substantial growth rate during the forecast period. This is attributable to technological advancements and high focus on smart growth techniques to achieve economic growth of countries in the region. For instance, Silver Spring, one of the oldest suburbs of Washington DC, has used transit-oriented development to redevelop the suburb. Asia Pacific is expected to be a lucrative market for transit-oriented development during the forecast period, as local governments in the region are trying to create high-quality place by area revitalization and redevelopment of commercial corridors with businesses and shops.
Transit-Oriented Development Market – Key Players
Key players operating in the global transit-oriented development market are focused on providing solutions as per the requirements such as implementation of different technologies, upgrade of existing systems, and expansion of existing systems. Major players compete with other players based on parameters such as product price and product quality. The global transit-oriented development market is characterized by presence of several key players including General Electric Company, ABB, and Honeywell International Inc.
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