Publication Month: Nov 2021 |
Report Code: TIPRE00005250
| No. of Pages:
| Category: Automotive and Transportation
| Status: Published
No. of Pages 164
Various developing and developed economies across the world have initiated multiple programs in designing and implementing smart cities. For instance, China has over 300 smart city projects in the pipeline with prominent involvement by crucial industries and government offices. Similarly, India allocates trillions in its budget every year to facilitate the building of over 100 smart cities. According to the Chinese national smart cities working group, smart cities bring a new concept and model, which facilitate planning, construction, management, and smart services of cities, with the help of IoT, cloud computing, Big Data, space-geographical information integration, and other modern technologies. The use of advanced transportation technologies, thus, becomes a dominant precursor in the successful implementation of smart cities. The purpose of implementing transportation, digitally enabled with info-communication technologies, is to solve the current problems of traffic jams, accidents, pollution, fuel cost, fuel scarcity, and high insurance costs. Smart transportation infrastructure, along with smart highways, includes smart roads, smart streetlights, smart or autonomous vehicles, and smart traffic signs. The emergence of various transportation technologies has led to the introduction of vehicle-to-vehicle communications, vehicular ad hoc networks, electrified roads, harvesting of energy from roads, smart road intersection, self-weighing roads, intelligent transportation systems, cooperative emergency rescue, methods to capture driving behavior, smart-street light, and wireless digital traffic signs.
|Market Size Value in||US$ 24,885.5 million in 2021|
|Market Size Value by||US$ 81,335.6 million by 2028|
|Growth rate||CAGR of 18.4% from 2021 to 2028|
|No. of Pages||164|
|No. of Tables||61|
|No. of Charts & Figures||72|
|Historical data available||Yes|
|Segments covered||Technology, and Component|
|Regional scope||North America; Europe; Asia Pacific; Latin America; MEA|
|Country scope||US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
The onset of the COVID-19 crisis in 2020 led to a grinding halt in infrastructure and construction activities worldwide. All the major regions considered for this market analysis suffered a significant downturn in workloads during the first half of 2020. The lowering economic growth and delayed highway projects had negative impact on the smart highway market in 2020. However, in 2021, the pandemic highlighted the importance for intelligent mobility and roadways solutions, especially in Europe, the US, and China. The UNDA project on “Transport and Trade Connectivity in the Age of Pandemics: Contactless, Seamless and Collaborative UN Solutions” supports the plan of significant economies to adopt information and communication technologies (ICTs) and intelligent transport systems. Major global smart highway market players have been implementing intelligent transport systems and traffic management solutions in various countries to create a supporting ecosystem complementing the development of future-ready connected, contactless, and safer mobility. For instance, around the onset of the pandemic at the end of 2019, Siemens Mobility launched the new Plus+ traffic control solution, which were installed under COVID-secure conditions in cities across the UK.
A sustainable highway enables societal development and economic growth, and reduces negative impacts on the environment. According to the Federal Highway Administration (FHWA), sustainable highways are an integral part of sustainable development that should be assessed throughout their lifecycle, from design through construction, operations, and maintenance. In addition to addressing environmental and natural resource needs, a sustainable highway caters to the demand for accessibility of transportation services, and safe and comfortable walking, cycling, and transit routes. Highway authorities in the US are addressing sustainability through intelligent transportation systems (ITS), recycling, planning, and environmental relations, along with an adherence to the National Environmental Policy Act (NEPA) requirements. There is an increasing demand for making roads interactive, using light, energy, and information reflecting traffic conditions. In 2015, the Indian government launched the Green Highways (Plantation, Transplantation, and Beautification & Maintenance) Policy, intending to promote the greening of highway corridors with the community, farmers, private sector, NGOs, and government institutions. The project also incorporates a robust monitoring mechanism using satellite systems. The Green Highway Policy is an initiative to make the country pollution-free and curtail the number of road accidents in it. Advancements in the eco-friendly national highway corridors with the collaboration of the private sectors and government institutions are anticipated to pave the way towards sustainable development.
Traffic management teams, civil engineers, and highway maintenance crews face many challenges to maintaining traffic flow and improving safety. Therefore, they are using a coordinated array of hardware, software, and cloud solutions to address these issues. Vendors are providing software platforms with core functionalities—including traffic management, tunnel management, management of equipment, video surveillance, video incident detection, SCADA integration, reporting engine, and alarm management empowered with fully automated scenario management for fast and reliable system response to incidents. Growing demands for consultancy service, maintenance and operation service, and managed service is further anticipated to bolster the growth of the smart highway market.
Note: The outer circle represents market size for 2028, and the inner circle represents market size for 2020.
Players operating in the smart highway market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below: