DUBLIN–(BUSINESS WIRE)–The “Smart Highways Market – Growth, Trends, Impact of COVID-19, and Forecast (2022-2027)” report has been added to from ResearchAndMarkets.com offer.
The smart highway market is expected to register a CAGR of 20.71% over the forecast period 2021-2026. This growth may be mainly due to the growing trend in the adoption of smart cities, which includes smart highways.
Due to rapid urbanization, there is an increase in greenhouse gas (GHG) emissions contributing to a growing carbon footprint and forcing the need to adopt clean and sustainable technology for smart transportation. This helps the smart highway market. The growing trend in the adoption of smart cities is also expected to boost the growth prospects of the smart highway market.
The market is driven by many factors, such as reduction in the number of accidents on highways, provision of safe and efficient transportation systems, and reduction in transportation time on highways connecting major cities in a country. All of this can be done through the implementation of smart technologies, which effectively monitor traffic and help highways run smoothly while providing real-time information to authorities.
Intelligent transportation management systems use digital sensors that can acquire and record data in the event of landslides, bad weather and traffic jams and can display forecasts and alerts on LED screens across states and national highways.
The growing need to manage city assets, such as traffic, energy, roads and water, has led to the advent of the smart city concept which includes multiple communication information technologies ( ICT) and the Internet of Things (IoT). Several governments of developed economies, such as the United States, Germany, and the United Kingdom, have proactively focused on rolling out various smart highway projects with the aim of overcoming the various challenges their people are facing. faced and to renovate their infrastructures to stay ahead. of the adoption curve.
However, the cost of installing all the technologies and components that make up the smart highway network is quite high, which, in turn, might challenge the growth of the market.
Main market trends
The intelligent transport management system offers potential opportunities
The main purpose of motorways is to facilitate the movement of people and goods in a sustainable, safe and cost-effective manner. Countries around the world face major challenges in the transportation system, such as climate change, congestion, serious injuries and fatalities, unequal economic opportunity, and deteriorating facilities. According to the Texas A&M Transportation Institute, congestion will cost the US economy $101 billion in 2020.
Intelligent transport management systems include advanced traffic management and congestion monitoring and management systems, with the integration of traffic control centers, access control and route guidance systems that provide range of benefits.
According to ITS (Intelligent Transportation Systems), the development strategy of the Republic of Korea Department of Transportation helps reduce fuel consumption and greenhouse gas emissions by reducing traffic congestion and preventing motor vehicles to idle. Due to similar concerns, the US Department of Energy and Transportation has launched a collaboration to accelerate R&D of innovative smart transportation solutions and alternative fuel technologies.
The benefits offered by these technologies have already been recognized, given that in countries where ITS have been implemented (Europe, USA and Japan) and as reported by the European Commission, their application has resulted in a reduction of 15 % to 20% in travel time, 12% less energy waste and emissions reduced by 10%. Additionally, there was a 10% to 15% reduction in accidents and a 5% to 10% increase in network capacity in terms of pavement capacity and safety.
North America will account for a large share
North America is a global technology leader. Coupled with this strength, increased spending on construction and road infrastructure will provide more opportunities for expansion in the region. Additionally, public construction spending for highway and street projects in the United States is very high, at $92.5 billion in 2018, according to the U.S. Department of Transportation.
The United States Department of Transportation implements various intelligent transportation systems to improve transportation safety and mobility and increase American productivity by integrating advanced communication technologies into vehicles and infrastructure.
Additionally, investments in connected highway technology in the region will also contribute significantly to the growth of the market in the future. The Ray, an 18-mile stretch of freeway in the state of Georgia, is a connected highway that provides an interesting model for transportation planners and policy makers across the United States.
Main topics covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
5 MARKET DYNAMICS
6 MARKET SEGMENTATION
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Alcatel-Lucent SA
7.1.2 Cisco Systems Inc.
7.1.3 IBM Corporation
7.1.4 Indra Systems SA
7.1.5 Infineon Technologies SA
7.1.6 Intelligent Highway Solutions Inc.
7.1.7 Kapsch AG
7.1.8 LG CNS Co.Ltd
7.1.9 Schneider Electric SE
7.1.10 Siemens AG
7.1.11 Xerox Company
8 INVESTMENT ANALYSIS
9 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information on this report, visit https://www.researchandmarkets.com/r/cbkwu9