According to the latest research report, the smart road market size 110.5 billion by 2030 and is expected to grow at a CAGR of 26.6% during 2020 to 2030. As a result of significant advancement of computer technologies, such as intelligent traffic technology and smart vehicle systems, which have improved the overall quality of transportation around the world, the smart road market is experiencing a significant increase in its valuation. One of the most important purposes of smart roads is intelligent transport management. Other functions include intelligent parking systems, electronic toll collecting (ETC), and automated traffic control. The development of infrastructure in developing markets is expected to contribute to the expansion of the smart road market in the coming years.
The world gets wiser as a result of technological advancement. The development of autonomous cars, on the other hand, has increased the likelihood of on-road accidents involving such vehicles. Smart roads direct drivers of cars away from any item that may be in front of the vehicle but which the driver is unable to notice because of poor visibility. The sensors installed in the car provide signals to the vehicle informing it of any potential incidents that may occur as well as any harm that could be caused to the vehicle and the driver. One of the primary drivers of the market is the high level of investment made by key companies, as well as government measures aimed at promoting excellent infrastructure development. The electrically linked smart roads are a significant trend in the smart roads industry, and they are expected to continue to grow. These roads, along with associated technology, attempt to decrease car emissions by determining the optimum and quickest path for each vehicle to take to reach its intended destination. The increase in global traffic volumes and the demand for a more effective traffic management system are providing an opportunity for the smart roads market demand to build an advanced digital road infrastructure for linked cars and towing.
This report contains all the information on the smart highway market scope and its strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the smart road market analysis and its forecast for 2023 is also included in the report.
Covid 19 Analysis
Smart roads market producers had to cope with several problems due to the outbreak of the covid 19, including a disrupted supply chain, attracting workers away from quarantines, obtaining the components required for production, and delivering completed products to customers.
The rising need for dependable and sustainable roadways, as well as the growing necessity for traffic congestion reduction, are the primary drivers driving the worldwide smart road market growth forward. The need for smart highways has substantially increased as a result of the increasing desire for efficient, healthier, and less time-consuming transportation. The growing public awareness of the advantages of smart roads, such as the reduction in traffic jams, is also helping to push this industry forward significantly in recent years.
The growing need for business travel, the expansion of policy measures, and the rising popularity of smart vehicles are all expected to contribute to the expansion of the worldwide smart highways market in the coming years. Furthermore, technology developments such as lane departure, automated number plate identification, and automated payment collection are anticipated to have a favorable impact on the demand for smart highways over the next several years, according to analysts.
Improved traffic management and capacity monitoring and management systems, as well as the integration of traffic control centers, access control, and route guiding systems, are among the features of smart traffic management systems that provide a variety of advantages to drivers. Cooperation between the United States Departments of Energy and Mobility was established in response to similar concerns to expedite the research and development of new smart transportation systems and alternate smart road technologies.
Installation costs are very expensive for all the technology and components that make up the smart highway network which in turn may be considered as a major restraint in the development of the industry.
Poor communication management, improper traffic flow, and a lack of technical awareness among customers may all provide challenges to the industry in the near future.
Cumulative Growth Analysis
building technology integration, healthcare monitoring for roads (highways and state roads), intelligent transport systems or linked car systems, solar pavement, wireless automobile traction batteries, and road markings are all implemented in types of smart roads. Photovoltaic pavements are a kind of pavement that generates energy by collecting solar radiation and converting it into power using photovoltaic technology. Photovoltaic materials such as these may be utilized in parking lots, sidewalks, roads, roadways, and highways, among other places. Smart roads are a critical component of a smart city's ability to function properly.
Value Chain Analysis
According to the reports, the smart roads market is segmented based on technology, sensor, deployment, and region. A technology-based segmentation of the market includes transportation and communication systems (ANPR- Automatic Number Plate Recognition, lane warning/keeping systems, wireless radio communication) and traffic management systems (traffic management system) (GPS and Advanced Traffic Management System). The smart road market is divided according to the kind of sensor used, which includes anemometers, strain gauges, accelerometers, weigh-in-motion devices, and temperature sensors, among others. Depending on how the software is deployed, the market is divided into two categories: on-premise and in the cloud.
The market is segmented based on oncology, sensor, deployment, and region. The smart roads market is expected to witness decent growth during the forecast period.
Based on the application, the market is segmented into anemometers, strain gauges, accelerometers, weigh-in-motion devices, and temperature sensors, among others.
Based on the propulsion types, the market is segmented into on-premise and in the cloud.
According to the reports, based on region, the smart roads market is divided into North America, Europe, Asia Pacific, and the rest of the world. The technical advancements in the smart road industry have propelled North America to the top of the global smart highway market rankings. The United States and Canada, two technologically sophisticated nations, are home to a large number of companies that are engaged in the production of the intelligent road equipment. Consequently, these nations place a high value on road safety, opening up many opportunities for businesses operating in the smart road industry in these countries. The state of Virginia in the United States has created the world's first smart road, which is now being tested by a variety of businesses. This road is fitted with a high-quality sensor and other technology, and it is anticipated that the smart road idea will soon become a reality in other nations. It is the Asia Pacific region that has surfaced as the fastest expanding smart road market share, with nations such as China and Japan, who are increasingly concerned about road safety, actively engaged in different initiatives for the intelligent transportation system (ITS).
The smart roads market is characterized by a competitive landscape that includes major players from a variety of sectors that have integrated their services and products. These major companies are continuously inventing and investing in r&d in order to maintain a cost-effective range of products. Because the smart roads industry is one of the largest sectors within the broader smart cities market, many start-ups and new entrants are attempting to break into this market in addition to the established companies.
Major Key Players
The following report comprises of –
Key Market Segments:
By Deployment Mode
|Market Size||110.5 Billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Technology, Sensor, Deployment|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Alcatel Lucent (France), Kapsch AG (Austria), Indra Sistemas, S.A. (Madrid), LG CNS (South Korea), Siemens AG (Germany), Cisco (U.S.), Kapsch TrafficCom (Austria), Xerox Corporation (U.S.), Huawei (China)|
|Key Market Opportunities||
|Key Market Drivers||
A major trend penetrating the global smart roads market refers to electrically connected smart roads. These types of roads coupled with the associated technologies help bring down vehicle emissions by analyzing the best and the shortest route for the vehicle to reach its destination.
The technology-based market segments covered in the report are transportation and communication system (Lane warning/keeping systems, ANPR- Automatic Number Plate Recognition and Wireless Radio Communication) as well as Traffic Management System (GPS & Advanced Traffic Management System).
Growth in traffic marks across the globe coupled with the rising need for an improved traffic management system can give rise several opportunities for the smart roads market to progress in the near future.
The competitive landscape of the global market for smart roads consists of several renowned companies belonging to different industries that integrate their services as well as products. These companies are always striving to innovate and invest in research and development for an affordable and appealing portfolio.
The Asia Pacific market can achieve the fastest growth rate during the review period.