(MENAFN- EIN Presswire) Smart Highway market Value
The global demand for better and more sustainable highways, as well as the need for safer roadways, fuel the market's expansion.
PORTLAND, PORTLAND, OR, UNITED STATES, March 17, 2023 /einpresswire.com / -- The global smart highway market was worth $23.67 billion in 2018 and is expected to be worth $92.38 billion by 2026, increasing at an 18.7% CAGR from 2019 to 2026.
Smart Highways are built to incorporate technology such as creating solar energy using photovoltaic pavements, improving transportation vehicle operation, and monitoring the state of the highway and roads.
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Key Trends in smart highway market:
.Intelligent Transportation Systems (ITS): ITS is a critical component of smart highways. ITS technologies, such as traffic management systems, electronic toll collection, and incident management systems, are being increasingly deployed to enhance transportation efficiency, improve road safety, and reduce traffic congestion.
.Connected and Autonomous Vehicles (CAVs): CAVs are a major trend in the smart highway market. CAVs are equipped with advanced technologies such as sensors, cameras, and GPS, which enable them to communicate with other vehicles and the infrastructure around them. This communication network is known as V2X (vehicle-to-everything) and it allows for real-time data exchange, enabling safer and more efficient driving.
.Smart Lighting: Smart lighting systems are also becoming a trend in the smart highway market. These systems use sensors and algorithms to adjust the lighting on highways based on traffic flow and weather conditions, resulting in reduced energy consumption and improved safety.
.Renewable Energy: Renewable energy sources such as solar power are being integrated into the smart highway infrastructure. This integration allows for the creation of self-sustaining highways that generate their own power and reduce their carbon footprint.
.Data Analytics: The smart highway market is also leveraging big data analytics to optimize transportation systems. By collecting and analyzing data from sensors and other sources, transportation agencies can identify patterns and trends, make informed decisions, and improve transportation efficiency.
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Opportunities for Players in Smart Highway Market:
.Infrastructure development: With the increasing demand for smart highways, there is a need for infrastructure development to support the deployment of smart transportation systems. This presents opportunities for companies specializing in construction, engineering, and project management.
.Technology innovation: The smart highway market is still in its nascent stage, which presents opportunities for technology innovators to develop new and more advanced technologies for smart highways. This includes sensors, communication networks, and other components of intelligent transportation systems.
.Partnerships and collaborations: Companies operating in the smart highway market can benefit from partnerships and collaborations with other industry players, such as transportation agencies, municipalities, and technology providers. Such partnerships can help companies gain access to new markets, technologies, and resources.
.Consulting and advisory services: As the smart highway market evolves, there is a need for consulting and advisory services to help transportation agencies and municipalities implement smart highway systems. Companies specializing in consulting and advisory services can help clients identify opportunities, design and implement smart transportation systems, and provide ongoing support and maintenance.
.Data analytics and management: With the increasing amount of data generated by smart highways, there is a need for companies specializing in data analytics and management. These companies can help transportation agencies and municipalities analyze and make sense of the vast amounts of data generated by smart highways, enabling them to make informed decisions and optimize transportation systems.
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North America dominated the smart highway market in 2018 and is likely to maintain its position over the forecast period. Growing demand for smart roads from numerous developed countries, as well as an increase in government financing for smart road development, are the primary drivers driving market expansion in this area. However, due to technological advancement and various government initiatives for smart highway projects, Asia-Pacific is predicted to experience the fastest growth rate over the projection period.
The key players profiled in the smart highway market analysis are ABB Ltd, ALE International, AT&T Inc., Cisco System Inc., IBM Corporation, Huawei Technologies Co. Ltd., LG CSN, Honeywell International Inc., Schneider Electric SE and Siemens AG. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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David Correa
Allied Analytics LLP
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