Smart Highway Market - Overview, Industry Growth, Size & Forecast
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 the TechSci Research report, “Smart Highway Market – 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 the 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 Components. Based on technology, the market is segmented into Smart Transport Management Systems, Smart Traffic Management Systems, 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 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.
In July 2021, Hitachi Transport System, Ltd. launched “SSCV-Safety” which 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, and 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 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.
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“Advancements in technology gave smart cities, smart transportation & smart highways along with them. This makes the 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.
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“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 the 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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