DUBLIN–(BUSINESS WIRE)–Added Smart Highways Market – Growth, Trends, Impact of COVID-19 and Forecasts (2022-2027) report ResearchAndMarkets.com Offer.
The intelligent highway market is expected to register a CAGR of 20.71% during the forecast period, 2021-2026. This growth may be primarily due to the increasing trend of adopting smart cities, which include smart highways.
Due to rapid urbanization, greenhouse gas (GHG) emissions are increasing, contributing to a growing carbon footprint and necessitating the adoption of clean and sustainable technologies for smart transportation. This supports the smart highway market. The growing trend of adopting smart cities is also expected to drive the growth prospects for the smart highway market.
The market is driven by many factors such as: B. Reducing the number of accidents on highways, providing safe and efficient transportation systems, and reducing travel time on highways connecting major cities in a country. All of this can be achieved through the implementation of intelligent technologies that efficiently monitor traffic and support the proper functioning of highways while providing real-time information to authorities.
The intelligent transportation management systems use digital sensors that can collect and record data during landslides, poor weather conditions, and traffic congestion, and display forecasts and warnings on LED screens at state and national highways.
The increasing need to manage cities’ resources such as transport, energy, roads and water led to the emergence of the smart city concept, which includes multiple information and communication technologies (ICT) and the Internet of Things (IoT). Several governments in developed economies like the United States, Germany, and the United Kingdom have proactively focused on launching various Smart Highway projects to address the various challenges faced by their populations and innovate their infrastructure to staying at the top of the adoption curve.
However, the cost of installing all the technologies and components that make up the intelligent highway network is quite high, which in turn might challenge the market growth.
Key Market Trends
Intelligent transportation management system offers potential opportunities
The main goal of the motorways is to enable the movement of people and goods in a sustainable, safe and cost-effective manner. Countries around the world are facing some major challenges in the transportation system, such as: B. Climate change, congestion, serious injury and death, unequal economic opportunities and deteriorating facilities. According to the Texas A&M Transportation Institute, congestion will cost the United States economy $101 billion by 2020.
The intelligent transport management systems include advanced traffic management and congestion monitoring and management systems with the integration of traffic control centers, access controls and route guidance systems that offer a number of advantages.
According to ITS (Intelligent Transportation Systems), the Republic of Korea Ministry of Transportation’s development strategy helps reduce fuel consumption and greenhouse gas emissions by reducing traffic congestion and preventing motor vehicles from idling. Addressing similar concerns, the US Departments of Energy and Transportation initiated a collaboration to accelerate research and development of innovative smart transportation solutions and alternative fuel technologies.
The benefits such technologies offer have already been recognized considering that in countries where ITS have been introduced (Europe, USA and Japan) and as reported by the European Commission, their application has resulted in travel time reductions of 15% to 15% 20% led, 12% less energy wastage and 10% less emissions. In addition, there was a 10% to 15% reduction in accidents and a 5% to 10% increase in road capacity and safety.
North America is said to make up a large proportion
North America is a world technology leader. Coupled with this strength, increased spending on construction and road infrastructure will provide further expansion opportunities for the region. According to the US Department of Transportation, public construction spending on highway and road projects in the United States is also very high at $92.5 billion in 2018.
The United States Department of Transportation implements various intelligent transportation systems to improve traffic 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 continue to contribute significantly to the growth of the market going forward. The Ray, an 18-mile interstate in the state of Georgia, is a contiguous highway that provides an interesting model for transportation planners and policy makers in the United States.
Main topics covered:
2 RESEARCH METHOD
4 MARKET INSIGHTS
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 Sistemas SA
7.1.5 Infineon Technologies AG
7.1.6 Intelligent Highway Solutions Inc.
7.1.7 Kapsch Ltd
7.1.8 LG CNS Co.Ltd
7.1.9 Schneider Electric SE
7.1.10 Siemens AG
7.1.11 Xerox Corporation
8 INVESTMENT ANALYSIS
9 MARKET OPPORTUNITIES AND FUTURE TRENDS
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