Dublin, Aug. 12, 2022 (GLOBE NEWSWIRE) -- The "Smart Highway - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Smart Highway Market to Reach $75.3 Billion by 2026
The global market for Smart Highway estimated at US$41.9 Billion in the year 2022, is projected to reach a revised size of US$75.3 Billion by 2026, registering a compounded annual growth rate (CAGR) of 15.9% over the analysis period.
A key driver of optimism for bigger transportation development budgets in the coming years, is the infrastructure gap in global roadways to the tune of US$8 trillion for the cumulative period 2016-2040, which remains the highest as compared to US$2 trillion for rail, US$3 trillion for energy, US$1 trillion for water & US$2 trillion for telecom.
Against this backdrop, world's highways will rapidly evolve and develop supported by committed government support and initiatives aimed at connecting cities and countries for better economic growth and gains. The importance attached to transportation infrastructure development can be put into perspective by the fact that over 25% to 30% of World Bank funding support to developing countries is purposed for transportation infrastructure projects, higher than health, education and social services.
Governments across the world are investing in transportation infrastructure for a multitude of reasons which include well developed transportation infrastructure enables trade and reduces the cost of trading goods; enhances the volume of goods transported; enables expansion of retail trade; enables more equitable development of cities across the country; promotes imports and exports of goods; and increased productivity and economic growth.
Governments are therefore building new roads and upgrading and modernizing existing roads within their countries to support urbanization; encourage upward mobility of the population; enhance access to employment, social, health and education services. A land of growth and diversity is a land where people and automobiles are allowed to traverse a diverse range of lands so that they can reach their destination without any hindrance. Well-connected cities, towns and villages within a country is the most basic prerequisite for economic growth.
The United States represents the largest regional market for Smart Highway, and is projected to reach US$32 Billion by 2026, growing at a CAGR of 17.5% over the analysis period. The advent of smart roads that rely on successful communication and interaction between the vehicles and smart infrastructure is expected to shape the safe mobility in the coming years.
Smart road infrastructure employing Internet of Things (IoT), Intelligent Transport System (ITS), cloud computing and sensor based road side units with capabilities to provide wireless access to automobiles plying on the roads, and gathering and distributing relevant real-time information would play a pivotal role in passenger safety.
Smart roads provide real-time information to the vehicle drivers regarding the traffic conditions, icy surfaces, landslides, presence of human beings and wildlife, traffic congestion and parking availability, and ensure optimal routing as well as traffic efficiency. The use sensors such as temperature sensors, accelerometers, anemometers, strain gauges, weigh-in-motion devices in the smart road applications also plays a crucial role in monitoring the transport infrastructures such as bridges, tunnels or viaducts as damages caused to the infrastructure due to natural disasters, corrosion or poor maintenance can prove fatal.
Wireless sensors are utilized to detect and monitor road surfaces for any irregularities such as potholes in a road, and remote sensors to measure humidity, temperature, and various other similar parameters. Temperature sensors are also buried under the road surface to monitor and collect real-time information about the presence and appearance of ice plates.
Additionally, several other real-time applications employing wireless sensors are being developed to effectively monitor water levels on viaducts, and preparing noise maps to monitor roads for traffic congestion. Smart pavements with smart slabs are also developed to significantly improve safety of motorists. These smart slabs interact with motorists` cellphones to offer real-time alerts related to road hazards and traffic.
What`s New for 2022?
- Global competitiveness and key competitor percentage market shares
- Market presence across multiple geographies - Strong/Active/Niche/Trivial
- Online interactive peer-to-peer collaborative bespoke updates
- Access to the digital archives
- Complimentary updates for one year
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Rise in Smart City Initiatives, the Cornerstone for the Growth of Smart Transportation
- Robust Investments in Smart City ICT Technologies Provides the Foundation for the Growth of Smart Highways in Smart City Enablement
- Growing Investments in Infrastructure Development, Especially Roads & Highways, Drives Demand for a Broad Array of ITS Technologies
- The Growing Need to Bridge Infrastructure Gap Which is the Highest for Roadways Promises Robust Opportunity for Smart Highways: Global Cumulative Investments in Roadways Vs Actual Need for the Period 2016-2040 (In US$ Billion)
- Continuous Development of World's Highways to Expand Market Opportunities for Intelligent Transportation Systems (ITS) & Allied Markets
- Proliferation of Smart Cars & Allied Enabling Technologies Preps the Smart Highway Market for Growth
- The Unprecedented Rise of Connected Cars as the Future of Driving Fuels the Viability of Smart Highway
- Vehicle Telematics Plays a Huge Role in Advancing the Concept of Smart Highways & Smart Roads
- Telematics Plays a Huge Role in Automating Highways & Improving Safety on Roads, Which are the Primary Goals of Smart Highways
- Smart Highway - Global Key Competitors Percentage Market Share in 2022
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022
- Impact of Covid-19 and a Looming Global Recession
2. FOCUS ON SELECT PLAYERS (Total 53 Featured)
- Alcatel-Lucent SA
- Cisco Systems, Inc.
- Huawei Technologies Co., Ltd.
- Indra Philippines
- Kapsch AG
- LG CNS
- Schneider Electric SA
- Siemens AG
- Xerox Corporation
3. MARKET TRENDS & DRIVERS
- Focus on Road User Charging as the Only Sustainable Way to Fund Road Infrastructure Development Drives Investments in ETC Systems
- Migration from Manual Toll Gates to Electronic Toll Gates Gains Momentum
- In a World Where Time is Money, the Rising Economic Cost of Excess Travel/Transit Delays Strengthens the Business Case for Electronic Tolling to Manage Vehicular Congestion: Breakdown of Annual Hours of Delay Due to Traffic Congestions in Select Countries & Cities Worldwide
- IoT & Cloud Computing Emerge as Linchpin Holding the Smart Highway Concept Together
- Cloud Computing, the Workhorse of Data Analysis for Smart Highway Services
- Smart Roads Embedded with Sensors Make Road Infrastructure Monitoring Easy & Cost Effective
- Smart Parking Emerges as a Solution to Traffic Woes
- Developments in Advanced Intelligent Video Surveillance System (AIVSS) to Benefit Intelligent Traffic Surveillance
- GIS and GPS/GNSS Technology, Vital for Successful Smart Highway Deployment
- Special Focus on Multi-Constellation GNSS
- Wireless Communication Technologies Crucial to Market Growth
- DSRC (Dedicated Short Range Communications), as a Superior Technology to RFID Gains in Prominence
- Automatic Traffic Control & Congestion Monitoring Systems Grow for Emissions Reduction
- China Emerges over the Horizon, With the World's Most Ambitious Smart Highway Plans
- China Mobile to Become a Pioneer in Setting up the World's First 5G Smart Highway in Wuhan
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/1bgcnh
