SAN FRANCISCO , April 18, 2022 /PRNewswire/ — New market research published by Global Industry Analysts Inc., (GIA), the leading market research firm, today released its report titled “Smart Highway – Global Market Trajectory and Analysis”. The report presents new insights into the opportunities and challenges in a significantly transformed post COVID-19 market.
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Editing: 7; Published: February 2022
Executive Pool: 24228
Companies: 53 – Players covered include Alcatel-Lucent SA; Cisco Systems, Inc.; Huawei Technologies Co., Ltd. ; Indra Philippines; Kapsch AG; LG SNC; Schneider Electric SA; Siemens AG; Xerox Corporation and others.
Cover: All major geographies and key segments
segments: Technology (intelligent transport management, intelligent traffic management, communication, surveillance)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; UK; and rest of Europe); Asia Pacific; Rest of the world.
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Global smart highway market to reach $75.3 billion by 2026
Governments around the world are focused on building essential infrastructure for economic growth and societal progress. While governments in developed countries mainly invest in replacing and upgrading infrastructure, in developing countries investments are directed towards creating new infrastructure. The new budget focus on infrastructure comes at a time when infrastructure around the world is collapsing due to chronic underfunding of critical infrastructure. A key driver of optimism for larger transport development budgets in coming years is the global road infrastructure deficit of 8 trillion US dollars for the cumulative period 2016-2040, which remains the highest compared to 2 trillion US dollars for rail, 3 trillion US dollars for energy, US$1 trillion for water & 2 trillion US dollars for telecoms. Against this backdrop, the world’s highways will evolve and expand rapidly, backed by committed government support and initiatives to connect cities and countries for greater economic growth and gains. The importance given to the development of transport infrastructure can be put into perspective by the fact that more than 25% to 30% of the financial support of the World Bank to developing countries is intended for transport infrastructure projects, superior to health , education and social services.
Governments around the world are investing in transport infrastructure for a multitude of reasons, including a well-developed transport infrastructure that enables trade and reduces the cost of trading goods; increases the volume of goods transported; enables retail expansion; enables more equitable development of cities across the country; promotes imports and exports of goods; and increased productivity and economic growth. Governments are therefore building new roads and improving and upgrading existing roads in their countries to support urbanization; encouraging upward mobility of the population; improving access to employment, social, health and education services. A land of growth and diversity is a land where people and automobiles are allowed to cross a diverse range of lands so that they can reach their destination unimpeded. Well-connected cities, towns and villages within a country are the most fundamental prerequisite for economic growth.
Amid COVID-19 crisis, Global Smart Highway Market Estimated at US$41.9 billion in 2022, is expected to reach a revised size of US$75.3 billion by 2026, registering a compound annual growth rate (CAGR) of 15.9% over the analysis period. United States represents the largest regional market for Smart Highway, and is expected to reach 32 billion US dollars by 2026, growing at a CAGR of 17.5% over the analysis period.
The advent of smart roads that rely on successful communication and interaction between vehicles and smart infrastructure is expected to shape safe mobility in the years to come. Smart road infrastructure using Internet of Things (IoT), Intelligent Transport System (ITS), cloud computing and sensor-based road units capable of providing wireless access to automobiles traveling on the roads , and collecting and distributing relevant information in real time would play a central role in passenger safety. Smart roads provide real-time information to vehicle drivers about traffic conditions, icy surfaces, landslides, the presence of humans and wildlife, traffic jams and parking availability, and ensure an optimal route as well as traffic efficiency. The use of sensors such as temperature sensors, accelerometers, anemometers, strain gauges, weigh-in-motion devices in smart road applications also play a crucial role in monitoring transportation infrastructure such as bridges , tunnels or viaducts as damage to infrastructure. following natural disasters, corrosion or poor maintenance can prove fatal.
Wireless sensors are used to detect and monitor road surfaces for any irregularities such as potholes in a road, and remote sensors to measure humidity, temperature and various other similar parameters. Temperature sensors are also buried below the road surface to monitor and collect real-time information about the presence and appearance of ice patches. Additionally, several other real-time applications using wireless sensors are being developed to effectively monitor water levels on overpasses and prepare noise maps to monitor traffic congestion on roads. Smart sidewalks with smart tiles are also being developed to significantly improve motorist safety. These smart tiles interact with motorists’ mobile phones to provide real-time alerts related to road hazards and traffic. After
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SOURCE Global Industry Analysts, Inc.