The Global Smart Highway Market is estimated to be valued at US$ 52.5 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Smart highway involves integration of advanced technologies in highways for effective traffic management and transportation. It aids in real-time traffic management and traveller safety.
Market key trends:
One of the key trends in the smart highway market is the deployment of sensors for traffic management. Sensors such as infrared sensors, radar sensors, thermal sensors help in real-time traffic monitoring. They provide traffic speed analysis, vehicle counting, incident detection and density heat maps. This data helps authorities to effectively manage traffic flow and tackle congestions. Further, emergence of 5G technology will enable high-speed data transmission between vehicles and infrastructure leading to autonomous and connected driving experiences.
SWOT Analysis
Strength: Smart highways are more efficient and safer than traditional highways as they incorporate advanced technologies like sensors, radar and CCTV cameras for real-time traffic monitoring. They also enable features like smart tolling and incident detection.
Weakness: Setting up a fully functional smart highway requires high initial investments in hardware infrastructure and network connectivity. Upgrading existing highways also needs substantial capital expenditure. Data privacy and security are also major concerns for such connected systems.
Opportunity: Growing urbanization and traffic congestion levels in major cities provide huge opportunities for deployment of smart highway projects for better traffic management. There is also scope for integrating additional smart mobility solutions like connected vehicles.
Threats: Technical glitches or network failures can disrupt smart highway operations. Dependence on telecom networks poses risks from intermittent connectivity issues. Long-term maintenance of advanced sensor and ICT systems integrated into highways needs careful planning.
Key Takeaways
The Global Smart Highway Market is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing adoption of intelligent transportation systems and IoT technologies for digitalization of road infrastructure.
Regional analysis: North America dominates the global market currently due to large-scale smart highway projects underway in countries like the US. However, Asia Pacific is expected to emerge as the fastest growing regional market led by government initiatives in countries such as China, India and South Korea to build smart expressways.
Key players operating in the smart highway market are Xerox Corporation, Alcatel-Lucent Enterprise (Nokia Corporation), Siemens AG, Cisco Systems Inc., Schneider Electric SE, IBM Corporation, LG CNS Co. Ltd (LG Electronics Inc.), Indra Sistemas SA, Kapsch AG, Infineon Technologies AG, and Huawei Technologies Co. Ltd. Major players are focusing on integrating technologies like edge computing, AI and 5G networks with highway assets. They are also forming strategic partnerships with construction firms and technology startups to strengthen their smart infrastructure solutions portfolios.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
