Press release
Smart Highways: Paving the Future of Transportation with Innovation and Efficiency
Smart Highway Market
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Key Drivers of Smart Highway Market Growth
The growing focus on eco-friendly transportation and the need to reduce carbon emissions are major factors driving the expansion of the smart highway market. Smart highways are designed to minimize environmental impact through energy-efficient systems. By integrating renewable energy sources like solar panels into the road infrastructure, smart highways generate clean energy to power lighting and other systems, contributing to sustainability.
A key innovation in this space is the development of lanes that recharge electric vehicles (EVs) as they drive, encouraging the use of green transportation options. Additionally, the use of dynamic paints for road markings allows EVs to be charged using sunlight during the day while the markings illuminate the road at night, improving safety and visibility.
Innovative Technologies on Smart Highways
Smart highways use various technologies to enhance road safety and traffic management. For example, speed restrictions are controlled by sensors and cameras that adjust based on real-time conditions, improving traffic flow and reducing accidents. SmartLife poles, designed for dangerous roads, communicate with each other and alert drivers of approaching traffic, particularly on sharp turns and mountainous routes, making roads safer.
Another innovation includes the adoption of wind-powered lights, which harness energy from passing vehicles to generate electricity. These wind turbines, installed along highways, are a clean, renewable energy source, further enhancing the environmental sustainability of smart highways.
Challenges in the Smart Highway Market
Despite the many benefits, the high cost of installing smart road infrastructure presents a challenge to market growth. The sophisticated systems and technologies required for smart highways, such as sensors and controllers, often demand specialized labor for installation and maintenance. A shortage of skilled workers in the construction industry could slow the implementation of these technologies, making some projects financially unfeasible.
To overcome this challenge, companies are encouraged to offer competitive wages and focus on employee retention strategies. Additionally, addressing the labor shortage through improved workforce management can ensure that smart highway projects stay on track and deliver their intended benefits.
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Market Segmentation Highlights
Display Technology:
Variable Message Signboards (VMS): This segment dominated the smart highway market in 2022 due to its role in improving road safety. VMS provides real-time information about traffic conditions, rerouting options, and warnings about accidents or congestion, significantly enhancing driver awareness and reducing accidents.
Digital Signage: This segment is expected to grow steadily, driven by the need for efficient communication of traffic updates and safety messages. Digital signage displays content in various formats, including text, images, and videos, offering interactive features for dynamic traffic management.
Traffic Management Systems:
The Intelligent Traffic Management System (ITMS) is a major contributor to market growth, employing artificial intelligence and real-time data to optimize traffic flow and enhance safety. ITMS uses sensors, cameras, and GPS data to monitor traffic and adjust signals, reducing congestion and improving road safety.
Services:
Managed Services are expected to register the fastest growth, driven by the need for efficient operation and maintenance of smart highways. Managed services offer comprehensive solutions, including traffic monitoring, data collection, and system maintenance, ensuring the optimal performance of smart road infrastructure.
Consultancy Services play a crucial role in the development of smart highways by providing feasibility studies, project management, and detailed design reports, helping ensure the successful implementation of these advanced systems.
Smart Highway Top Companies and Competitive Landscape
The global smart highway market is fairly fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective smart highway solutions in the market.
Some major players included in the global smart highway market report are:
Swarco AG
LG CNS Corporation
Schneider Electric SE
AT&T Intellectual Property
Xerox Corporation
Siemens AG
SAP SE
Indra Sistemas S.A.
Panasonic Corporation
Honeywell International Inc.
Masstrans Technologiies Pvt. Ltd.
Kapsch AG
Infineon Technologies AG
ALE International, ALE USA Inc
Kapsch TrafficCom AG
Huawei Technologies Co., Ltd.
Cisco Systems Inc.
IBM Corporation
General Electric Company
ABB Ltd.
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Smart Highway Latest Industry Updates
On 8 December 2021, the Department of Highways (DOH) partnered with BGSR Joint Venture, a group comprising prominent Thai companies BTS, Gulf, STEC, and Ratch, to form a Public-Private Partnership (PPP) to transform Thailand's M6 and M81 highways through the implementation of ETC solutions. The aim of this collaboration is to facilitate the development of intelligent contactless highways. The BGSR Joint Venture intends to implement the efficient ETC system of FETC in Thailand by investing USD 3.09 billion in these two projects.
On 26 August 2020, Huawei introduced Open-Road Tolling (ORT) technology with the aim of simplifying the removal of expressway toll gates at provincial boundaries. This innovative approach has led to a substantial reduction in traffic congestion, lower transportation costs, and enhanced road travel convenience. ORT represents a significant advancement in transportation, increasing the progression of smart highways and digital transformation. Huawei uses AI, big data, cloud computing, and Internet of Things (IoT) to provide double assurance for the management and control of toll evasion and losses.
For the purpose of this report, Emergen Research has segmented the global smart highway market on the basis of display, technology, service, deployment, component, and region:
Display Outlook (Revenue, USD Billion; 2019-2032)
Variable Message Signs
Digital Signage
Others
Technology Outlook (Revenue, USD Billion; 2019-2032)
Intelligent Transportation Management System
Lane Departure Warning System (LDW)
Automatic Number Plate Recognition (ANPR)
Incident Detection System
Radio Frequency Identification (RFID)
Intelligent Traffic Management System
Electronic Toll Collection System
Global Navigation Satellite System (GNSS)/Global Positioning System (GPS)
Real-Time Traffic Management
Communication System
Radio Network
Emergency Network
Data Network
Monitoring System
Traffic Measurement
Weather Management
Video Surveillance
Others
Service Outlook (Revenue, USD Billion; 2019-2032)
Managed Service
Consultancy Service
Maintenance and Operation Service
Deployment Outlook (Revenue, USD Billion; 2019-2032)
Cloud-Based
On-Premises
Component Outlook (Revenue, USD Billion; 2019-2032)
Hardware
Software
Service
Regional Outlook (Revenue, USD Billion; 2019-2032)
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Benelux
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of Middle East & Africa
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Look Over transcripts provided by Emergen Research
Smart Highway Market Size@ https://www.emergenresearch.com/industry-report/smart-highway-market/market-size
Smart Highway Market Share@ https://www.emergenresearch.com/industry-report/smart-highway-market/market-share
Smart Highway Market Trends@ https://www.emergenresearch.com/industry-report/smart-highway-market/market-trends
Smart Highway Regional Market Demand@ https://www.emergenresearch.com/industry-report/smart-highway-market/regional-market-demand
Smart Highway Market Analysis@ https://www.emergenresearch.com/industry-report/smart-highway-market/market-analysis
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