According to our new research study on “Smart Highway Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Technology (Smart Transport Management System, Smart Traffic Management System, Communication System, Monitoring System, and Others) and Component (Hardware and Software)” The smart highway market is expected to grow from US$ 24,885.5 million in 2021 to US$ 81,335.6 million by 2028; it is estimated to grow at a CAGR of 18.4% from 2021 to 2028.
The development of smart highways involves the integration of advanced technologies, such as IoT and connected devices, in current road transportation structures. Various governing bodies are actively planning to modify their existing routes, especially highways, to support the intelligent transportation systems infrastructure. For instance, smart roads are critical elements in the EU “Cooperative Intelligent Transport Systems” (C-ITS) plan, meant to allow road users and traffic managers to share helpful information and coordinate their actions. To further substantiate the plan, in November 2016, the European Commission adopted a European Strategy for C-ITS to accelerate investments and regulatory framework upgrading across European countries. The speeding implementation of information and communication systems is driving the deployment of intelligent transportation systems in smart highways, combining various technologies and services—such as transport management systems, monitoring systems, and automated tolling solutions—to optimize mobility and roadways management, leading to a safer, and more sustainable and efficient transportation sector.
Sample PDF showcases the content structure and the nature of the information included in the report which presents a qualitative and quantitative analysis – https://www.theinsightpartners.com/sample/TIPRE00005250/
Companies Profiled in this report includes: Cisco Systems, Inc; Huawei Technologies Co., Ltd; Kapsch TrafficCom AG; Nokia Corporation; Siemens AG; Telegra; Conduent, Inc.; Toshiba Corporation; Nippon Koei Co., Ltd.; and IBI Group.
Impact of COVID-19 Pandemic on Smart Highway Market
The onset of the COVID-19 crisis in 2020 led to a grinding halt in infrastructure and construction activities worldwide. All the major regions considered for this market analysis suffered a significant downturn in workloads during the first half of 2020. The lowering economic growth and delayed highway projects had negative impact on the smart highway market in 2020. However, in 2021, the pandemic highlighted the importance for intelligent mobility and roadways solutions, especially in Europe, the US, and China. The UNDA project on “Transport and Trade Connectivity in the Age of Pandemics: Contactless, Seamless and Collaborative UN Solutions” supports the plan of significant economies to adopt information and communication technologies (ICTs) and intelligent transport systems. Major global smart highway market players have been implementing intelligent transport systems and traffic management solutions in various countries to create a supporting ecosystem complementing the development of future-ready connected, contactless, and safer mobility. For instance, around the onset of the pandemic at the end of 2019, Siemens Mobility launched the new Plus+ traffic control solution, which were installed under COVID-secure conditions in cities across the UK.
Have a 15-minute-long discussion with the lead analyst and author of the report in a time slot decided by you. You will be briefed about the contents of the report and queries regarding the scope of the document will be addressed as well – https://www.theinsightpartners.com/speak-to-analyst/TIPRE00005250
Smart Highway Market Insights
Augmenting Demands for Sustainable Highways to Reduce Traffic Issues Boost Smart Highway Market Growth
A sustainable highway enables societal development and economic growth, and reduces negative impacts on the environment. According to the Federal Highway Administration (FHWA), sustainable highways are an integral part of sustainable development that should be assessed throughout their lifecycle, from design through construction, operations, and maintenance. In addition to addressing environmental and natural resource needs, a sustainable highway caters to the demand for accessibility of transportation services, and safe and comfortable walking, cycling, and transit routes. Highway authorities in the US are addressing sustainability through intelligent transportation systems (ITS), recycling, planning, and environmental relations, along with an adherence to the National Environmental Policy Act (NEPA) requirements. There is an increasing demand for making roads interactive, using light, energy, and information reflecting traffic conditions. In 2015, the Indian government launched the Green Highways (Plantation, Transplantation, and Beautification & Maintenance) Policy, intending to promote the greening of highway corridors with the community, farmers, private sector, NGOs, and government institutions. The project also incorporates a robust monitoring mechanism using satellite systems. The Green Highway Policy is an initiative to make the country pollution-free and curtail the number of road accidents in it. Advancements in the eco-friendly national highway corridors with the collaboration of the private sectors and government institutions are anticipated to pave the way towards sustainable development.
The global Smart Highway Market has been segmented as follows:
Smart Highway Market – by Technology
o Smart Transport Management System
o Smart Traffic Management System
o Communication System
o Monitoring System
o Others
Smart Highway Market – by Component
o Hardware
o Software
Immediate delivery of our off-the-shelf reports and prebooking of upcoming studies, through flexible and convenient payment methods – https://www.theinsightpartners.com/buy/TIPRE00005250/
About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
Contact Us:
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Sameer Joshi
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876
