May 21, 2020
According to the research report titled ‘Global Smart Highway Market Size study, by Product Technology ( Smart Transport Management System, Smart Traffic Management System, Communication System, Monitoring System, Other Product Technologies) by Services9 Consultancy Services, Maintenance and Operation Services, Managed Services) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global smart highway market was worth USD 27.81 billion in the year 2019 and is presumed to expand with a CAGR of 18% during 2020-2026.
For the record, smart highways comprise of advanced computing technologies, smart monitoring systems, and sensors that are unified to form a single monitoring unit. Smart highway systems help in traffic monitoring and preventing traffic congestion thereby allowing faster and smoother travel.
Growing demand for reliable and sustainable roads coupled with increasing number of vehicles are the key propellers for smart highway market growth. The International Organization of Motor Vehicle Manufacturers stated that automobile sales spiked to 95 million units in the year 2018 from 75 million in 2010.
Moreover, the market is expected to further expand owing to increasing awareness pertaining to the reduction in traffic injuries through the use of smart technologies. According to WHO, around 1.35 million people die each year due to traffic accidents globally. Components of smart highway system such as speed monitoring techniques, traffic management systems, and smart lighting solutions help in reducing accidents caused by traffic congestion.
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Additionally, development of smart vehicles and technological developments in transportation sector are stimulating the industry outlook. However, market analysts claim that high investment and maintenance cost may act as a restraining factor to smart highway market growth.
As per product technology, the market is split into monitoring systems, communication systems, smart traffic management system, smart transport management, and others. In terms of services, the industry is divided into managed services, maintenance & operation services, and consultancy services.
In terms of the geographical contribution, North America smart highway industry is predicted to grow substantially during the study period, primarily due to surging investments towards road infrastructure development and connected highway technologies. On the other hand, the smart highway market in Asia-Pacific is set to record momentous growth during the forecast period. Growing demand for advanced infrastructure coupled with increased pervasiveness of road accidents are favoring the market scenario in Asia-Pacific.
The prominent companies operating in global smart highway market are Siemens AG, Schneider Electric SE, LG CNS Co. Ltd., Kapsch AG, Intelligent Highway Solutions Inc., Infineon Technologies AG, Indra Sistemas SA, IBM Corp., Cisco Systems Inc., and Alcatel-Lucent S.A. among others.