Smart Highway Market to be Dominated by Smart Transport Management System Through 2028.
Investment in Smart Cities and Increasing
Technologies in Transport Systems are the major factors driving the Global
Smart Highway market during the forecast period 2024-2028.
According
to TechSci Research report, “Smart Highway - Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F”, the
Global Smart Highway Market is
expected to register robust growth during the forecast period, 2024-2028. Various developing and developed
countries around the world have launched multiple programs to design and
implement smart cities. For example, China has more than 300 smart city
projects planned, with significant involvement of major industries and government
agencies. Similarly, India allocates trillions of dollars in budget each year
to facilitate the construction of over 100 smart cities. Smart cities use IoT,
cloud computing, big data, space-geographic integration, and other modern
technologies to bring new concepts and models to facilitate urban planning,
construction, management, and smart services. The use of advanced
transportation technology is, therefore, becoming a major precursor to
successful smart city implementations. The aim is to realize digitized means of
transportation through information and communication technology in order to
solve current problems such as traffic congestion, accidents, pollution, fuel
costs, fuel shortages, and rising insurance premiums. Smart traffic
infrastructure includes smart roads, smart street lighting, smart or
self-driving cars, and smart traffic signs, in addition to smart highways. The
advent of various transport technologies has introduced vehicle-to-vehicle
communication, vehicle ad-hoc networks, electrified roads, road energy
harvesting, smart road crossings, automatically metered roads, smart transport
systems, joint emergency rescue, and driving behavior.
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The Global
Smart Highway Market is segmented into Technology and Component. Based on
technology, the market is segmented into Smart
Transport Management System, Smart Traffic Management System and Others. The primary purpose of highways is to
facilitate the movement of people and goods in a sustainable, safe, and
cost-effective manner. Countries around the world face some major
transportation system challenges, including climate change, congestion, serious
injuries and deaths, inequality of economic opportunity, and deterioration of
facilities. According to the Inrix Global Transportation Scorecard report, the
United States is one of the top countries in terms of time lost due to traffic
jams. The smart transportation management system includes an advanced traffic
management and a congestion monitoring and management system that integrates
the traffic control center, access control and route guidance system, and has
many advantages. Given this advantage, governments and providers around the
world are increasing their investment in smart technology to keep their highway
infrastructure modern and safe. From July 2021, Hitachi Transport System, Ltd.
launched “SSCV-Safety” that supports safe transportation management. The
launched product is part of the company's SSCV (Smart & Safety Connected
Vehicle) digital transportation platform.
Based on
region, the market is segmented into APAC, North America, Europe, South
America, MEA. North America is expected to dominate the lead-acid battery
market during the forecast period. North America is the world leader in
technology. This strength coupled with increased spending on construction and
road infrastructure, provides the region with opportunities for further
expansion. Public construction spending on US highway and road projects is also
very high. The U.S. Department of Transportation is implementing a range of
smart transportation systems to improve road safety and mobility and improve
America's productivity by integrating advanced communications technology into
vehicles and infrastructure. Moreover, investments in connected highway
technology in the region will continue to contribute significantly to the
market growth in the future. For example, the scope of the US 550 – US 160
Connection South Freeway project includes the construction of a new 1.1-mile
four-lane section of US 550 north of La Plata County Road 220, with
construction expected to be completed in 2023.
Key market players in the Global
Smart Highway Market are:
- Alcatel-Lucent Enterprise (Nokia Corporation)
- Cisco Systems Inc.
- IBM Corporation
- Indra Sistemas SA
- Infineon Technologies AG
- Huawei Technologies Co. Ltd.
- Kapsch AG
- LG CNS Co. Ltd (LG Electronics Inc.)
- Schneider Electric SE
- Siemens AG
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"Advancements in technology gave smart cities, smart transportation
& smart highways along with them. This makes use of IoT & AI an
important factor in growing the market during the forecast period. North America is expected to be the dominating
region during the forecast period to its upgradation of technologies and
existing infrastructure.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“Smart
Highway Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast. 2018-2028F. Segmented By Technology (Smart Transport Management
System, Smart Traffic Management System and Others) By Component (Hardware,
Software), By Region” has evaluated the future growth potential of Global Smart Highway Market and provides statistics
& information on market size, structure, and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Smart
Highway Market.
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