New York, US, May 25, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), "Global Smart Highways Market By Technology (Intelligent Transportation Management System, Intelligent Traffic Management System), Service (Maintenance and Operations, Consultancy and Managed), Display (Variable Message Signs)- Global Forecast 2030”. Over recent years, the global smart highways market has been catching massive momentum and is expected to perceive substantial revenue growth during the next few years. Market Research Future (MRFR) states that the global smart highways market is expected to garner USD 92.38 billion by 2030, growing at an 18.7% CAGR throughout the assessment period (2021-2030).
Smart highways promote road safety and make driving safer & more efficient, aligning the whole driving experience with government objectives, using IoT devices combined with physical infrastructures with sensors, solar panels, and software like AI & big data. Smart road technologies are embedded in highways to improve visibility, generate energy, communicate with autonomous & connected vehicles, monitor road conditions, and more.
Smart road technologies have emerged as an essential platform for mobility innovation. The introduction of autonomous vehicles and increased risk of on-road accidents worldwide would create vast market demand. Besides, substantial investments by major players and government initiatives to promote advanced infrastructure escalate the market value. The electrically connected smart road is a major trend driving the market growth.
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Smart Highways Market Key Players:
Leading smart highways market players include
- LG CNS Corporation (South Korea),
- Cisco Systems (US)
- Alcatel-Lucent SA (France)
- Kapsch AG (Austria)
- Siemens AG (Germany)
- Indra Sistemas, SA (Madrid)
- IBM Corporation (US)
- Schneider Electric SE (France)
- TrafficCom (Austria)
- Huawei Technologies Co. Ltd. (China)
- Xerox Corporation (US)
Smart Highways Market Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | USD 92.38 Billion |
| CAGR during 2021-2030 | 18.7% |
| Base Year | 2021 |
| Forecast | 2021-2030 |
| Key Market Opportunities | Semi-self-sufficient and self-sufficient vehicles are seeing a rapid development with considerable mechanical progressions. |
| Key Market Drivers | The fruitful execution of Smart Highways Market arrangements vigorously relies upon the numerous aspects of innovations, like information correspondence, cloud, portability, and sensors that together structure the IoT design |
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Industry Trends:
The smart highway market is forecasted to grow rapidly over the assessment period due to the growing advances in technologies and increasing urban needs. Smart highway technology comprises a variety of computing solutions, such as sensors and smart monitoring systems. There is a constant rise in the global demand for smart road technology and high-tech roadways, which creates significant market opportunities.
Besides, growing government support for developing advanced transportation systems, intelligent highways, smart infrastructure, and high-tech roadways boosts the market size. Government initiatives to control growing pollution levels encourage technology providers to bring innovative solutions to the market.
The introduction of automated driving or autonomous vehicles positively impacts market growth. Additionally, the rise in traffic and traffic congestion concerns globally creates a vast demand for improved traffic management and road safety system. Also, the rising demand for advanced infrastructure for connected vehicles and roadside assistance boosts the market value.
Rapid 5G rollouts across the globe and technological advancements propel market growth. Furthermore, advances in technologies, such as ANPR, lane warning/keeping systems, and wireless radio communication, define the growing market dynamics. Also, government support and funding to develop smart cities accelerate the market shares.
Segments:
The market is segmented into components, technologies, deployments, and regions. The component segment is sub-segmented into hardware, software, and services. The technology segment comprises intelligent transportation management systems, intelligent management systems, communication systems, monitoring systems, and others. The deployment segment comprises on-premise and on-cloud. The region segment is sub-segmented into Asia Pacific, Europe, North America, and rest-of-the-world.
Regional Analysis:
North America leads the global smart highways market, with the largest market share. Rising government focus on road safety, with adept technologies and the growing demand for smart highways, drive the market growth. Moreover, rising traffic congestion concerns create a substantial market demand for efficient traffic and road management systems.
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Vast R&D investments to enhance wireless technology to provide interrelated solutions in the urban areas substantiate the region's market shares. With the large presence of smart road technology providers and device & equipment manufacturers, the US dominates the regional market, followed by Canada. Besides, the augmenting demand for road safety and comfort features increases the market size.
Europe is another lucrative market for smart highway solutions. The rapid adoption of connected highways and the number of smart city projects in this region act as key driving forces. Also, vast advancements in sensor technology and improved technical infrastructure push the market value. Additionally, the resurging economy fosters market revenues in the region, increasing the number of smart highways in major cities.
APAC is rapidly emerging as a profitable market for smart road technologies. Increasing numbers of smart city projects and the wide implementation of smart highways push regional market growth. Furthermore, the rapidly growing economy in this region increases the market's size, increasing consumer purchasing power.
Considerable advances in artificial intelligence (AI) and similar technologies, alongside the increasing focus on improving road safety, influence regional market growth. Also, various ongoing R&D projects to develop smart technologies for roads and highways push the market's growth. China, Japan, and India account for sizable shares in the APAC smart highways market.
Competitive Analysis:
The smart highways market appears highly competitive and fragmented, with several well-established players forming a competitive landscape. Industry players make vast investments in research and development activities and foster their expansion plans.
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These market players adopt approaches such as greater commercialization of their products, promotion initiatives through competitions & trade exhibitions, and increased collaboration. This market witnesses the implementation of several strategic deals, such as collaboration, mergers & acquisitions, product launches, and expansion.
For instance, on April 29, 2022, Integrated Roadways, a leading provider of smart infrastructure technology, announced receiving a $250M pilot project from Lenexa, Kansas. The project will include deploying Integrated Roadways' patented Smart Pavement technology at five key intersections within the city's central hub.
This public-private partnership would enable Integrated Roadways to make a significant step forward in smart infrastructure adoption in the City of Lenexa and Kiewit Engineering, making it the first city in the US to showcase the ability to wirelessly charge electric vehicles using Smart Pavement.
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