Smart Highway Market — Global Industry Analysis, Growth, Share, Size, Trends, and Forecast | Growth Market Reports
The global smart highway market size is estimated to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the growing trend toward development of smart cities.
Smart road refers to incorporation of technologies into road and improving the connection between two or more autonomous vehicles running on the same track, and to monitor the road closely. It is employed for traffic lights & street lighting, monitoring the condition of the road, and traffic levels & the speed of vehicles.
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Numerous benefits of smart roads include improving mass transit systems and traveller safety and reducing driving time and accidents on the roads. The main purpose of smart roads is to reduce the traveller’s time and lower pollution level on highways. Smart roads are built to create a smooth flow of traffic, which lead to improved fuel efficiency.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing greenhouse gas (GHG) emissions contributing to the expanding carbon footprint and growing requirement for the adoption of clean & sustainable technology for intelligent transportation are projected to boost the market growth.
- Rising requirement to manage the city assets such as traffic, energy, roads, and water led to the advent of smart city concept that includes technologies such as multiple information of communication technology (ICT) and the Internet of things (IoT), driving the growth of the market.
- Growing government support to the vendors through investments and subsidies is expected to fuel the market growth.
- High cost of installing components to develop intelligent highway network can hinder the market growth.
- Operating the highway infrastructures has become difficult to connect various sub-segments with the consistent communications network, which can restrict the market expansion during the forecast period.
- Increasing R&D investment and ongoing technological advancement in the infrastructure industry are estimated to offer lucrative opportunities for the market players.
Market Segment Insights
Smart transport management systems segment to hold a large market share
On the basis of product technologies, the market is segmented into smart transport management systems, smart traffic management systems, communication systems, monitoring systems, and others. The smart transport management systems segment is expected to account for a key market share during the forecast period owing to increasing number of advanced traffic management and congestion monitoring systems, along with the integration of traffic control centers, access control, and route guidance system.
The emergence of electronic toll control, smart transport systems are expected to drive the market growth. Smart transport management systems use digital sensors that can acquire and record data in a landslide, poor weather conditions, and traffic congestions. These systems can display forecasts and alerts on LED screens across the states and national highways.
Maintenance & operation services segment is expected to expand at a significant pace
Based on services, the market is divided into consultancy services, maintenance & operation services, and managed services. The maintenance & operation services segment is expected to expand at a rapid pace in the coming years due to increasing investments and rising government support for the development of smart highway system.
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Regional Outlook
On the basis of regions, the market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market during the forecast period. The regional market growth can be attributed to the increased spending on construction and road infrastructure. Additionally, rising penetration of solar panels, sustainable landscaping, and Internet of Things (IoT) is expected to proliferate the growth of the market in the region.
Competitive Landscape
Key players competing in the smart highway market include Cisco Systems Inc., Siemens AG, IBM Corporation, Schneider Electric SE, and Xerox Corporation.
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