Market Research Report
Global Smart Highways Market - 2019-2026
|Published by||DataM Intelligence||Product code||950555|
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|Global Smart Highways Market - 2019-2026|
|Published: July 18, 2020||Content info:||
Smart highways are the type of roadway that consists of technological integration for the improvement of the current transportation. The smart highways have significant usage to avoid the road accidents. The main function of current transportation roadways includes generating power through solar panels, integration with the help of self-driving, establishing the traffic and street lights. The smart technology in highway enables to monitor the condition of road, speed of vehicles and traffic levels. Some of the advantage of smart highways includes it can provide intelligent parking systems, electronic toll collection (ETC), intelligent transport management, and automatic traffic control. The main goal of the smart highways is to promote the zero carbon emission by implementation of electric vehicles on roads, and with the help of solar panel based street lights. The global smart highways market valued USD XX million in 2018 and it is expected to grow at a CAGR of XX% to reach USD XX million by 2026.
The market is driven by the rising demand for smart highways for traffic management with traffic jams, accidents, pollution, and fuel scarcity due to growing population. The increase in the number of vehicles users with surge in population in urban area and have added to number of accidents, and traffic congestion. Hence, there are several advancements using the smart highways technique to manage the traffic has made huge demand to manage and control these problems for sustainable growth. According to the Association for Safe International Road Travel, there are around 1.35 million people die in road crashes annually due to road traffic, and many other reasons Hence the smart highways helps to curb the road accidents by installation of systems like traffic control system, street lights, road glowing lights which helps to prevent the road accidents.
There is a rise in the launch of new innovative next generation technology like 5G, cloud computing, Internet of Things and artificial intelligence for navigation, traffic control and management worldwide may create huge opportunity for this market. For instance, on 13th Feb 2019, China has been launched its first 5G smart highway project in Hubei province. Furthermore on 8th Jan 2020, the China's Company Xinjiang has planned to build 5G base stations with an investment of around 282 million. The Company has completed over 3364 5G base stations in China. The Company uses the next-generation technology, such as cloud computing, big data and AI for smart highway project in China.
The global Smart highways market is segmented based on component, deployment model, technology, and region.
In terms of component the global smart highways marker is bifurcated into software, hardware and services. Among this hardware segment has highest share in 2019 owing to increasing demand for the traffic control to avoid the accidents for safety and precise working of the traffic control systems. As the hardware components including traffic lights, field equipment, acoustic detectors, inductive loop detectors, magnetic detectors, video imaging cameras has tremendous demand to prevent the road accidents. According to the World Health Organization, Sustainable Development Goal (SDG) target includes safe, accessible, affordable, and transport development and installation of hardware component on highways can reduce up to 50% of number of road traffic deaths by 2020.
Similarly, software and services segments are also increasing at fastest pace owing to surge in the adoption for advanced technology through sensors and intelligent software integrated into the infrastructure. For instance on 18th Dec 2019, the Continental Company had been launched Smart City Transportation and Mobility Hub for Safer and Smarter Cities. Thus the Company had launched intelligent software which has the ability to improve traffic flow, reduce pollution and add convenience with safety by communicating hidden dangers to coming towards the connected vehicles and pedestrians.
Depending on the deployment model, the global Smart highways are segmented into cloud and on-premise. Among this, on-premises segment has the highest market share in 2019. This growth is anticipated due rise in deployment of softwares on the computers by vendors in traffic control stations due to increasing population around the world.
Similarly, the cloud based segment is increasing at faster pace owing to surge in the smart infrastructure development projects with launching the advanced technology of using cloud based for building the smart highways around the globe. For instance on 10th April 2019, HERE the leading cloud-based service provider had been launched cloud-based software XYZ to get map and data management.
In terms of technology the global smart highways market is divided into Intelligent Transportation Management System, communication system, Traffic management system, monitoring system and others. Among this traffic management system segment has the highest share in 2019, owing to increasing the prevalence of traffic injuries due to traffic jam.
Furthermore, into intelligent transportation management system, communication system, and monitoring system are also growing at faster pace owing to increasing the global investment for development of smart highways projects with government initiatives for sustainable growth. For instance according to the India Brand Equity Foundation, the Government of India has been invested to around USD 22.73 billion to build 10,000 km national highway in 2019.
By region, the global smart highways market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. Among all of the regions, North America dominated the global Smart highways market and expected to grow at the highest CAGR during the forecasted period due to presence of advanced technology along with raising the government investment for sustainable development with growing traffic followed by Europe region. According to the Urban Institute of Brooking Institution Tax Policy Center Organization in 2017, the United States state and local governments have been spent around USD 181 billion that approximately 6 percent of direct general spending, on roads and highways development which includes smart devices and software expenditure.
Asia Pacific is the fastest growing region for the smart highways market, owing to rising government projects investments with surge in traffic due to presence of huge the population. Furthermore in this region, China leads for the smart highways market owing to increasing the development of government of highways with renewable energy source projects like using solar street lights, and integrated glowing systems for roads to avoid road fatalities. According to International Energy Agency (IEA), China has installed around 34.5 gigawatts of solar energy becoming the leader in solar power production around the world in 2018. This includes solar panel installation for residential, street lights and other industrial purpose.
The global Smart highways market is highly competitive with the presence of several international and local markets. Product diversification, revenue generation, and opportunities intensify the market competition. Cisco Systems, Siemens AG, Kapsch AG, ABB Ltd, Honeywell International, ALE International, AT&T , IBM Corporation, Huawei Technologies Co., LG CSN, and Schneider Electric SE are the leading market players with significant market share.
Major players are receiving launching new advanced technology lie glowing lines on highways has been attracted the demand all over the world. For instance 30th April 2019, the Smart highway lighting project has been developed in Netherland using the glowing lightings which is attracting worldwide and is growing at rapid pace. Furthermore, in June 2019, the BMW Company had launched the lighting smart city projects in different cities from US, Canada, and Middle East.
Companies are entering into the collaborations, acquisitions, mergers, and licensing for increasing their market penetration. For instance, on 3rd March 2020, ABB Company has completed acquisition of Cylon Controls for enhancing its smart buildings portfolio.