DUBLIN--(BUSINESS WIRE)--The "Smart Highway Market Forecast to 2028 - COVID-19 Impact and Global Analysis" report has been added to ResearchAndMarkets.com's offering.
The smart highway market is expected to grow from US$ 24.8 billion in 2021 to US$ 81.3 billion by 2028; it is estimated to grow at a CAGR of 18.4% from 2021 to 2028.
The development of smart highways involves the integration of advanced technologies, such as IoT and connected devices, in current road transportation structures. Various governing bodies are actively planning to modify their existing routes, especially highways, to support the intelligent transportation systems infrastructure.
For instance, smart roads are critical elements in the EU "Cooperative Intelligent Transport Systems" (C-ITS) plan, meant to allow road users and traffic managers to share helpful information and coordinate their actions. To further substantiate the plan, in November 2016, the European Commission adopted a European Strategy for C-ITS to accelerate investments and regulatory framework upgrading across European countries.
The speeding implementation of information and communication systems is driving the deployment of intelligent transportation systems in smart highways, combining various technologies and services - such as transport management systems, monitoring systems, and automated tolling solutions - to optimize mobility and roadways management, leading to a safer, and more sustainable and efficient transportation sector.
The major stakeholders in the smart highway market include component providers, systems manufacturers, software developers, system integrator, and end users (ITS roadway operators, enforcement agencies and transportation departments). With a growing sales of vehicles across the world, the issues such as traffic congestion, are also rising, thereby highlighting the need for smart highway solutions.
Component suppliers provide ecosystems with the essential hardware components such as cameras, sensors, smart signals, and smart streetlights for the implementation of the physical infrastructure for smart highways. These hardware and software systems are then integrated together by the smart highway system integrators to create a complete comprehensive solution for efficient interaction between different components as well as the supporting software.
Siemens AG is one of the system integrator that engages in the complete setup and installation of different solutions for smart highways. Furthermore, the law enforcement agencies use smart highway system features for identifying and reporting violations of roadway regulations, including emissions, traffic violations, toll violations, etc. The major customers of these systems for smart highways include transportation departments and agencies implementing intelligent technologies to build a resilient smart highway infrastructure.
Key Market Dynamics
Key Market Drivers
- Augmenting Demands for Sustainable Highways to Reduce Traffic Issues
- Rising Integration of Traffic Control Centers and Route Guidance Systems
Key Market Restraints
- Lack of Supporting Infrastructure, Unawareness, and Unwillingness to Adopt New Ways
Key Market Opportunities
- Digital Reality and Mobility Innovation
- Advent of Smart City Concepts
Impact Analysis of Drivers And Restraints
Major Player Profiles
- Conduent, Inc.
- Huawei Technologies Co., Ltd.
- IBI Group
- Kapsch TrafficCom AG
- Nippon Koei Co., Ltd.
- Toshiba Infrastructure Systems & Solutions Corporation
For more information about this report visit https://www.researchandmarkets.com/r/pc96mi