Global Smart Highway Market Is Anticipated To Witness Significant Growth Owing To Rapid Urbanization And Increasing Greenhouse Gas (GHG) Emissions

 

Smart Highway Market

Overview:

Smart Technology is making its way out of the laboratory and onto the roads. It is delivering significant improvements, such as fewer traffic accidents; less road deterioration; better energy use; more predictable travel times and less congestion, and even lower pollution levels. The smart highway is an emerging concept that reshapes existing physical infrastructures, incorporating digital and intelligent technologies to support the ultimate goal of future smart cities. It will serve as the brain, nerves, and hands of a city by providing advanced capabilities to its inhabitants, businesses, and traffic operators. Other examples of smart highway technology include lane markings that are illuminated when vehicles are approaching—think glow-in-the-dark paint—and light displays that turn on automatically, allowing drivers to stay safer at night. Cities can also use WiFi signals to monitor roadways and streetlights, which can then send data back to cars that display information like air quality and weather updates.

The Global Smart Highway Market Size Is Estimated To Be Valued At US$ 43.23 Million In 2021 And Is Expected To Exhibit A CAGR Of 10.2% Between 2022 And 2028.

Market Dynamics:

Rising product launches are estimated to augment growth of the global Smart Highway Market during the forecast period. For instance, a startup T.net, unveiled an innovative system Smart Road 4.0, in October 2021. This is an innovative system that is capable of improving road safety and mobility in a smart road. Moreover, high cost and lack of technical expertise is anticipated to hamper growth of the global smart highway market during the forecast period.

Impact of COVID-19:

Growth of many sectors globally was disrupted by the pandemic. Several nations had to impose strict restrictions for avoiding the spread of the virus. These restrictions resulted in suspending the transportation services globally. There were disruptions in supply chains and travel bans were impose din many areas. Several sectors had to halt their manufacturing activities, owing to shortage of raw materials. Thus, the growth of the global smart highway market was hindered during the pandemic. However, as the restriction have been eased the market is estimated to witness growth.

Key Takeaways:

The global Smart Highway Market is expected to witness significant growth, exhibiting CAGR of 10.2 % during the forecast period, due to increasing partnerships among key players. For instance, Nokia and China Mobile entered a strategic agreement in May 2020, for offering landslide monitoring early warning systems to the Guangxi Beibu Gulf Investment Group Co. Ltd.

 

North America is anticipated to witness growth in the global smart highway market during the forecast period, due to growing spending on construction and road infrastructure.

Major players operating in the global smart highway market are ABB, TrafficCom, General Electric, LG CNS Corporation, IBM, Schneider Electric, Cisco Systems Inc., Alcatel-Lucent S.A., Huawei Technologies Co. Ltd., Xerox Corporation, ALE International, Siemens, Honeywell International Inc., SAP SE, Panasonic Corporation, and Indra Sistemas S.A.