DUBLIN--(BUSINESS WIRE)--The "Smart Highway Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.
The smart highway market is expected to register a CAGR of 20.71% over the forecast period of 2021-2026. This growth may primarily be due to the growing trend of the adoption of smart cities, which include smart highways.
Key Highlights
- Owing to rapid urbanization, there is an increase in greenhouse gas (GHG) emissions contributing to an expanding carbon footprint and forcing the need for the adoption of clean and sustainable technology for intelligent transportation. This is aiding the smart highway market. The growing trend toward the adoption of smart cities is also expected to drive the growth prospects for the smart highway market.
- The market is driven by many factors, such as reducing the number of accidents occurring on highways, providing safe and efficient transportation systems, and reducing the transportation time on highways connecting the major cities of a country. All these can be done through the implementation of smart technologies, which efficiently monitor traffic and helps in the proper functioning of highways while providing real-time information to the authorities.
- The smart transport management systems use digital sensors which can acquire and record data in a landslide, poor weather conditions, and traffic congestions and can display forecasts and alerts on LED screens across the states and national highways.
- The increasing need to manage the cities' assets, such as traffic, energy, roads, and water, led to the advent of the smart city concept that includes multiple information of communication technology (ICT) and the Internet of things (IoT). Several governments in developed economies, such as the United States, Germany, and the United Kingdom, have proactively focused on the deployment of various smart highway projects in a bid to overcome the various challenges faced by their populace and to renovate their infrastructure to stay ahead of the adoption curve.
- However, the cost of installing all the technologies and components that make up the intelligent highway network is quite high, which, in turn, might challenge the market growth.
Key Market Trends
Smart Transportation Management System Offers Potential Opportunities
- The primary goal of the highways is to sustainably, safely, and cost-effectively facilitate the movement of people and goods. Countries around the world face some major challenges in the transportation system, such as climate change, congestion, major injuries and fatalities, unequal economic opportunity, and deteriorating facilities. According to Texas A&M Transportation Institute, congestion will cost USD 101 billion to the economy of the United States in 2020.
- The smart transportation management systems include advanced traffic management and congestion monitoring and management systems, with the integration of traffic control centers, access control, and route guidance systems that offer a range of benefits.
- According to the ITS (Intelligent Transportation Systems), the development strategy of the Department of Transport in the Republic of Korea contributes to decreasing fuel consumption and greenhouse gas emissions by reducing traffic congestion and preventing motor vehicles from idling. Owing to similar concerns, the US Department of Energy and Transportation initiated a collaboration to accelerate the R&D of innovative smart transportation solutions and alternative fuel technologies.
- The benefits offered by such technologies have already been acknowledged, considering that in countries where ITSs were implemented (Europe, USA, and Japan) and as reported by the European Commission, their application resulted in 15% to 20% travel time reduction, 12% less energy waste, and emissions decreased by 10%. Moreover, there was a 10% to 15% reduction in accidents and a 5% to 10% network capacity increase in roadway capacity and safety.
North America to Account for a Major Share
- North America is a global technological leader. Coupled with this strength, the increased spending on construction and road infrastructure will offer more opportunities for the region to expand. Also, the public construction spending on the highway and street projects in the United States is very high, with USD 92.5 billion in 2018, according to the US Department of Transportation.
- The United States Department of Transportations implements various intelligent transportation systems to improve transportation safety and mobility and enhance American productivity by integrating advanced communication technologies into vehicles and infrastructure.
- Moreover, investments in connected highway technology in the region will also significantly contribute to the growth of the market in the future. The Ray, an 18 mile stretch of interstate in the state of Georgia, is a connected highway that offers an interesting model for transport planners and policymakers across the United States.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
5 MARKET DYNAMICS
6 MARKET SEGMENTATION
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Alcatel-Lucent S.A
7.1.2 Cisco Systems Inc.
7.1.3 IBM Corporation
7.1.4 Indra Sistemas SA
7.1.5 Infineon Technologies AG
7.1.6 Intelligent Highway Solutions Inc.
7.1.7 Kapsch AG
7.1.8 LG CNS Co. Ltd
7.1.9 Schneider Electric SE
7.1.10 Siemens AG
7.1.11 Xerox Corporation
8 INVESTMENT ANALYSIS
9 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/cbkwu9
