Smart Highways: The Future of Transportation
Smart highways refer to the application of advanced technology and electronic systems to the transportation infrastructure. The aim is to improve safety, efficiency, and sustainability on the roads, using innovative solutions such as glow-in-the-dark road markings, wind-powered lights, solar-charging roads, and electric priority lanes.
The worldwide Smart Highways Market Growth is relied upon to develop at approx. USD 92.38 Billion by 2023, at 18.7% of CAGR somewhere in the range of 2021-2030.
The concept of smart highways is gaining more attention, as cities and countries seek to make their transportation infrastructure more intelligent and forward-thinking. Here are some ways Smart Highways are transforming the transportation industry:
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Smart highways are improving safety on the roads through innovations like glow-in-the-dark road markings that illuminate the roadway, interactive streetlights, and motion-sensor or wind-powered lights.
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With electric-powered priority lanes, smart highways are helping to reduce pollution and carbon emissions on the roads, creating a more sustainable transportation environment.
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Smart highways allow for the integration of connected vehicles and communication technologies, which can help to improve traffic flow, reduce congestion, and enhance roadway safety.
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By enabling energy-efficient and eco-friendly technologies like solar-charging roads and wind-powered lights, smart highways can contribute to the overall goal of reducing carbon footprint and mitigating the impact of climate change.
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Additionally, smart highways can reduce transportation costs and enhance the overall quality of life by improving access and commuting times to and from areas of heavy traffic.
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Segmentation:
The worldwide smart highways market can be classified on the grounds of technology, service, display system, deployment, and geography.
On the grounds of the display system, the worldwide smart highways market can be classified into Digital signage, Variable message signs, and others.
On the grounds of technology, the worldwide smart highways market can be classified into the intelligent transportation management system, communication system, intelligent monitoring system, traffic management system, and others.
On the grounds of deployment, the worldwide smart highways market can be segmented into On-premise and Cloud.
On the grounds of service, the worldwide smart highways market can be segmented into managed, maintenance and operation, consultancy, and others.
On the basis of geography, the worldwide smart highways market can be segmented into North America, Asia Pacific, Europe and Rest of the World (RoW).
Regional Analysis
An in-depth study of Asia Pacific, Europe, North America, and Rest of the World (RoW) has been carried out. As per the evaluation, the worldwide market is projected to expand significantly during the forecast period. As per the evaluation, the worldwide market is predicted to be led by North America. Among all nations, the U.S. is estimated to make the most substantial contribution in expanding the market. The most significant factor leading to the market establishment is the established and developed infrastructure which allows reliable connectivity.
On the other side, Asia-Pacific is speculated to be the swiftest expanding market during the assessment period. Among all, China, Korea, and Japan are speculated to make the most pivotal participation in actuating the market size. Besides, the governments of several countries have been taking initiatives to enable smart city projects, which is likely to propel the regional market further. In addition, the transportation companies are offering smart highway methods and services to deploy the smart city projects.
However, market dynamics are likely to change significantly during the review period. Several regions have been affected due to the spread of COVID-19. We will report on the aftermath of COVID-19 of the market.
Key Players
The distinguished competitors of the worldwide smart highways market are Xerox Corporation (U.S.), LG CNS Corporation (South Korea), Alcatel-Lucent S.A. (France), Siemens AG (Germany), Kapsch AG (Austria), Cisco Systems (U.S.), Indra Sistemas, S.A., IBM Corporation (U.S.), Schneider Electric S.E. (France), Huawei Technologies Co. Ltd. (China), TrafficCom (Austria), and a few others.
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Smart Highways Market, By Technology (Intelligent Transportation Management System, Intelligent Traffic Management System), Service (Maintenance and Operations, Consultancy and Managed), Display (Variable Message Signs)- Global Forecast 2030
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