Pune, India, Nov. 06, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Smart Highway Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Technology (Smart Transport Management System, Smart Traffic Management System, Communication System, Monitoring System, and Others), Component (Hardware and Software), and Geography,” the market is projected to grow from US$ 24.88 billion in 2021 to US$ 81.33 billion by 2028; it is estimated to grow at a CAGR of 18.4% from 2021 to 2028.
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Smart Highway Market: Competitive Landscape and Key Developments
Cisco Systems, Inc; Huawei Technologies Co., Ltd; and Kapsch TrafficCom AG are among key players profiled during the study of the smart highway market. In addition, several other essential market players were also studied and analyzed to get a holistic view of the market and its ecosystem.
In 2021, Siemens Mobility and Continental AG collaborated for the development and production of pantographs, current collectors for trucks, aiming at the electrification of key sections of the highway network across Europe with an overhead line system to reduce CO2 emission from trucks. This partnership marks the companies’ commitment toward environmental protection and creates a huge market for them in the region.
Global Smart Highway Market Scope:
| Market Size Value in | USD 24.88 Billion in 2021 |
| Market Size Value by | USD 81.33 Billion by 2028 |
| Growth rate | CAGR of 18.4% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| Segments covered | Technology, Component |
| Regional scope | North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Advent of Smart City Concepts to Propel Smart Highway Market Growth in Coming Years
The “Smart city” is an emerging concept, where urban areas are integrated with extensive sensor networks to promote ease of traffic flow and connectivity. Cities and towns around the world are undergoing significant changes to make the lives of the citizens better, more efficient, and eco-friendly. Innovations such as smart city construction are anticipated to bolster the market for smart highways significantly in the years to come. With projects from both the public and private sector, New York City is currently undergoing digital transformation with cutting-edge technology offered by the Internet of Things and connected devices. Singapore has a reputation for being one of the smartest cities around. Its 2014 Smart Nation program involved the installation of high-end sensors that collects and analyses a massive amount of information about their citizens' activities to provide the government a real-time look at what's happening in the city. London's Office of Technology is working on multiple projects to support innovation and technology in making London a smart city. London's Smart City Plan includes strategies for implementing technology to cater to the demands of its growing population. Toronto is currently being used as a real-life testing lab for some of Google's most advanced smart city technology through their parent company Alphabet. Tokyo is working on implementing technology that will help make the city more efficient and environmentally friendly. That includes local power storage and the use of electric vehicles. The Government of India launched the Smart Cities Mission in June 2015 to promote sustainable cities that provide core infrastructure and give a decent quality of life to its citizens. In line with the Saudi Vision 2030 objective, Saudi authorities planned to start the implementation of the smart city project in 10 cities across the region.
Smart Highway Market: Technology Overview
Based on Technology, the global smart highway market is segmented into smart transport management system, smart traffic management system, communication system, monitoring system, and others. The smart traffic management solutions enable quick and cost-effective improvements in safety and traffic flow on city streets. A smart traffic management system usually comprises electronic toll collection (ETC) system, Global Navigation Satellite System (GNSS), Global Positioning System (GPS), and real-time traffic management system, among others. Growing demands for the upgrades in the existing intelligent traffic management systems to create efficiencies and enable cost savings is massively improving the segmental market growth. Smart traffic management systems utilize sensors, cameras, and cellular routers to automatically direct traffic and reduce congestion. In a smart traffic management, centrally-controlled traffic signals and sensors regulate the flow of traffic. The UK has recently incorporated some elements of a smart traffic management system by upgrading and integrating signals on the main roads in the city to reduce congestion, smoothen traffic flows, and prioritize traffic in response to demand in real time. Kapsch TrafficCom AG’s highway traffic management solution analyzes changes in traffic conditions and implement measures to optimize flow and reduce congestion across entire roadway networks. The smart traffic management solutions also enable installing monitoring and communication equipment to collect detailed traffic and journey data. Increase in investments to create a new state-of-the-art suite for monitoring and controlling traffic, and advancements in devices such as traffic lights, weather sensors, and cameras to optimize traffic flow, monitor road conditions, and detect violations will bolster the growth of the market for the smart traffic management segment during the forecast period.
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Based on technology, the smart highway market is further segmented into smart transport management system, smart traffic management system, communication system, monitoring system, and others. Smart transport management systems consist of solutions such as lane departure warning (LDW) system, automatic number plate recognition (ANPR), incident detection system (IDS), digital signages or displays, and radio frequency identification (RFID) systems that help reduce the number and severity of crashes and injuries, provides faster incident response through real-time insights, aids visibility into field devices, assists in remote management, provide real time weather updates, and enables traffic-related alerts. Key players in the global smart highway market are offering transport management software that can be incorporated in the existing transport frameworks for dealing with the transportation needs. Smart transport management systems let the consumers choose the best carrier for their commute and best-suited route to have speedy and efficient transportation, drive business and provide better logistics services to customers. The smart transport management systems reduce freight expenses by providing valuable information through analytics and real-time location details, improving warehouse efficiency and productivity, and enhancing supply chain efficiencies, among others. Growing demands for safe and efficient transportation systems have encouraged the implementation of smart technologies to ensure the proper functioning of highways with the help of real-time information. Increasing need to manage traffic and roads is bolstering the incorporation of information and communications technology (ICT), and the Internet of things (IoT). Developed economies such as the US, Germany, and the UK are proactively focusing on the deployment of various smart transportation systems to renovate their infrastructure and overcome the challenges faced by populations.
North America dominated the smart highway market in 2020. Europe is the second-largest contributor to the market, followed by APAC. The growing reliance of North American countries on cars and a rapidly aging highway infrastructure with compromised safety and efficiency, and high-degree congestion are paving the way for deploying smart highway infrastructure solutions. Escalating global trade and growing intercity travel add to traffic on highways. Thus, governments are encouraging the construction of smart highways to reduce the travel time and highway burden. Intelligent transportation systems (ITS) offer the best solutions to a broad range of problems; these solutions help control the flow of information among vehicles and the infrastructure, maximize safety, and relieve congestion and associated costs. Other benefits offered by the ITS include collision detection and warning, guidance devices, electronic brakes, and electronically controlled steering. Governments in the US and Canada are is investing actively in the optimum use of existing roadways, construction of new highways, reduction in traffic accidents, and conservation of energy resources. The US Department of Energy & Transportation is promoting R&D to help develop innovative smart transportation solutions and alternative fuel technologies. The government, industrial players, and academic institutes have collaborated on the Automated Highway System (AHS) program to improve the safety, mobility, and quality of highway travel in the US with the use of automated control technologies. The growing incorporation of intelligent systems in a highway setting and on vehicles is promoting the AHS's objectives and bolstering the smart highway market growth in North America.
Go through further research published by The Insight Partners:
Highway Driving Assist Market- Global Analysis and Forecast to 2030
Off-Highway Vehicle Telematics Market - Global Analysis and Forecast to 2028
Off-Highway Electric Vehicle Market - Global Analysis and Forecast to 2030
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