Market Overview
The smart roads market is growing rapidly across the globe. This revenue growth majorly attributes to the introduction of autonomous vehicles with the increased risk of on-road accidents. Smart roads guide the drivers of vehicles against any obstacle on the way, which the driver may not be able to see. Moreover, substantial investments by major players and government initiatives to promote the advanced infrastructure escalate market growth.
According to Market Research Future (MRFR), the global Smart road industry is poised to reach approximately USD 39 BN by 2023, growing at 16% CAGR throughout the review period (2017-2023). ‘Electrically connected smart roads’ is a major trend proving significant impetus to the growth of the smart roads market. Also, smart roads and related technologies try to reduce vehicle emissions by identifying the best and shortest route for any vehicle to reach its destination.
Additionally, the rise in global traffic and traffic congestion concerns creates a vast demand for a better traffic management system and advanced infrastructure for connected vehicles and roadside assistance. The upcoming 5G revolution and other technological advances such as ANPR, lane warning/keeping systems, wireless radio communication, and others propel market growth. Also, financial, logistical, technical, and informational support from governments to develop smart cities boosts the market demand.
The Smart Highway Market research report provides a comprehensive examination of market drivers, restraints and opportunities. The drivers include need of better and sustainable highways, demand for safer roads and reduction in traffic congestion, and government initiatives. The restraints cover lack of governmental funding, underdeveloped infrastructures, and unwilling to adopt new ways of highways transportation. The opportunities include deployment of advanced technologies and huge investments in infrastructure developments.
This report majorly focuses on types of technology, displays and service which are provided in Smart Highway Market. The market has been broadly segmented by types of technology, service, displays, deployments and regions. This report focuses on the major drivers which have helped this market to gain foothold. This report also covers the latest upcoming technologies which are adding to smart highway ecosystem such as interactive wind-powered lights and wireless electric vehicle charging for advance highways.
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Global Smart Roads Market - Segmentation
The report is segmented into four dynamics;
By Technology: Transportation & Communication Systems (ANPR- automatic number plate recognition, lane warning/keeping systems, wireless radio communication, others), Traffic Management System (GPS, advanced traffic management system, others), and others.
By Sensor : Anemometers, Strain Gauges, Accelerometers, Temperature Sensors (anemometers, strain gauges, accelerometers, weigh-in-motion devices, temperature sensors, other), and others.
By Deployment: On-Premise and On-Cloud.
By Regions : Europe, Americas, Asia Pacific, and the Rest-of-the-World.
Global Smart Roads Market - Regional Analysis
North America dominates the global smart roads market. The largest market share attributes to the rising governmental focus on road safety and the rising demand for smart roads by the public. Besides, rising concerns about traffic congestion create a substantial market demand for an efficient traffic management system. Moreover, increased R&D investments to boost wireless technology to provide related solutions in the urban sectors create significant opportunities for market players.
The US smart roads market dominates the regional market, followed by Canada, due to the presence of many notable smart road equipment manufacturers and the availability of highly advanced technologies. Also, the augmenting demand for road safety and comfort features positively impacts the market growth in these regions.
Europe stands second in the global smart roads market. The market is driven by the rapidly increasing adoption of connected roads and growing numbers of smart city projects. Additionally, the vast advancements in sensor technology and improved technical infrastructure boost the regional market growth. Also, the resurging economy fosters regional market growth, increasing numbers of smart highways in major cities.
Countries such as U.K, Germany, Norway, and France account for leading shares in the regional market due to the presence of many major industry players such as Schneider Electric, Siemens AG (Germany), and others.
Smart Roads Market - Competitive Analysis
Highly competitive, the smart roads market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players incorporate strategic initiatives such as mergers & acquisitions, collaborations, expansion, and product/ technology launch.
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Major Players:
Players leading the global smart roads market include Kapsch AG (Austria), Alcatel Lucent (France), Indra Sistemas, SA (Madrid), Siemens AG (Germany), LG CNS (South Korea), Cisco (US), Xerox Corporation (US), Kapsch TrafficCom (Austria), and Huawei (China), among others.
About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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