The "Smart Highway Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering
DUBLIN--(BUSINESS WIRE)--Sep 22, 2022--
The smart highway market is expected to register a CAGR of 20.71% over the forecast period of 2021-2026. This growth may primarily be due to the growing trend of the adoption of smart cities, which include smart highways.
Owing to rapid urbanization, there is an increase in greenhouse gas (GHG) emissions contributing to an expanding carbon footprint and forcing the need for the adoption of clean and sustainable technology for intelligent transportation. This is aiding the smart highway market. The growing trend toward the adoption of smart cities is also expected to drive the growth prospects for the smart highway market.
The market is driven by many factors, such as reducing the number of accidents occurring on highways, providing safe and efficient transportation systems, and reducing the transportation time on highways connecting the major cities of a country. All these can be done through the implementation of smart technologies, which efficiently monitor traffic and helps in the proper functioning of highways while providing real-time information to the authorities.
The smart transport management systems use digital sensors which can acquire and record data in a landslide, poor weather conditions, and traffic congestions and can display forecasts and alerts on LED screens across the states and national highways.
The increasing need to manage the cities' assets, such as traffic, energy, roads, and water, led to the advent of the smart city concept that includes multiple information of communication technology (ICT) and the Internet of things (IoT). Several governments in developed economies, such as the United States, Germany, and the United Kingdom, have proactively focused on the deployment of various smart highway projects in a bid to overcome the various challenges faced by their populace and to renovate their infrastructure to stay ahead of the adoption curve.
However, the cost of installing all the technologies and components that make up the intelligent highway network is quite high, which, in turn, might challenge the market growth.
Smart Transportation Management System Offers Potential Opportunities
North America to Account for a Major Share
7.1.5 Infineon Technologies AG
7.1.6 Intelligent Highway Solutions Inc.
7.1.9 Schneider Electric SE
9 MARKET OPPORTUNITIES AND FUTURE TRENDS
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SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 09/22/2022 10:38 AM/DISC: 09/22/2022 10:38 AM
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