Smart Highways Industry with Highest growth in the near future by leading key players
The global Smart
Highways Market is
showing immense growth; mainly due to the growing need for congestion free,
reliable and improved travel experience among the end users. Smart highways
basically refer to incorporation of different technologies into the roads for
generating solar energy, for improving the operation of autonomous cars or for
lighting and monitoring the condition of the roads. Increasing need for better
and sustainable roads and highways is one major factor responsible for driving
the growth of smart highways market.
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According to a recent study report
published by Market Research Future, The global market of smart highways is
booming and expected to gain prominence over the forecast period. The market is
projected to demonstrate a spectacular growth by 2023 with a striking CAGR
during the anticipated period (2017 – 2023). Smart highways are gaining
popularity with growing need for reliable, safe and congestion free is driving
the growth of smart highways market. Technological advancements and economic
growth is influencing the industry dynamics. Also, increasing demand for smart
highways from medium and small enterprises is one major factor driving the
market growth. Increasing adoption of intelligent transport system (ITS) and
developing infrastructure are major factors expected to boost the growth of
smart highways market.
On the other hand,
lack of accurate driver information and inappropriate traffic flow due to poor
highway communication infrastructure are major factors hindering the growth
of smart highways market. Moreover, lack of technical knowledge among
drivers and lack of training about the smart highway rules, regulations and
technologies are other factors which may hamper the market growth.
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Key
Players:
Alcatel-Lucent (U.S.),
Indra Sistemas, S.A. (Spain), Siemens AG (Germany), Kapsch AG (Germany), LG CSN
(South Korea), CISCO Systems, Inc. (U.S.), Schneider Electric (France),
International Business Machine (IBM) (U.S.), Xerox Corporation (U.S.), Huawei
Technologies Co., Ltd. (China) are some of the prominent players profiled in
MRFR Analysis and are at the forefront of competition in the Global Smart
Highways Market.
Industry
News
December
2017 – LG has developed an LTE-based autonomous
driving technology as part of its ongoing effort to make a presence in the
next-generation vehicle market. The company wants to enable vehicle-to-vehicle
(V2V), vehicle-to-infrastructure (V2I) and vehicle-to-person (V2P)
communications at high speeds using long-term evolution (LTE) networks.
December
2017 – Siemens has unveiled a new range of
passively safe traffic signal poles which they say, offers customers longer
life passively safe poles in a wide variety of forms, finish and lengths from
2m to 6m. The new poles are CE marked with a unique specification label
confirming key features as required by BS EN 12899 including construction
material, corrosion resistance and strength characteristics.
December
2017 – Siemens has been awarded new ITS
contract in Northern Ireland. A new long-term contract to maintain traffic
management equipment throughout Northern Ireland for a minimum of four years
has been awarded to Siemens by the Department for Infrastructure (DfI), NI. The
principal objectives of the contract are to maintain a high level of equipment
availability and to respond and rectify any faults which may arise on the
equipment. Siemens will also carry out routine maintenance inspections and lamp
changes at the appropriate intervals to check they adhere to current standards.
Smart
Highways Global Market - Competitive Analysis
The market of smart
highways appears to be highly competitive. To maintain their market position
and to drive the market growth, various dynamic and diversified international
organizations, domestic organizations and as well as new entrants form a
competitive landscape. Market leaders are innovating continuously and
increasingly seeking market expansion through various strategic mergers and
acquisitions, innovation, increasing investments in research and development
and cost-effective product portfolio. Major players are investing on internal
R&D and, most of all, in acquiring other firms.
Smart
Highways Global Market - Segmentation
The smart highways
market can be classified into 5 key segments for the convenience of the report
and enhanced understanding;
Segmentation
by Technology: Comprises of
intelligent transportation management system, intelligent traffic management
system, communication system and monitoring system
Segmentation by Display: Comprises of variable message signs,
digital signage and others
Segmentation by Deployment: Comprises of cloud and on premise
Segmentation
by Service: Comprises of managed
service, maintenance and operation service and consultancy service
Segmentation
by Region: Comprises of Geographical regions -
North America, Europe, Asia Pacific and Rest of the World.
Smart
Highways Global Market - Regional Analysis
North America is expected to witness a significant
growth and hold the largest market share during the forecast period. U.S and
Canada are anticipated to drive the growth of the smart highways market in
North America owing to the presence of a large number of established key
players such as Alcatel-Lucent, CISCO Systems, Inc., International Business
Machine (IBM) and Xerox Corporation among others. Also, due to the growing
demand for improved travel experience in the region, the market is likely to
show immense growth in the coming future. Smart highways market in Asia
Pacific is expected to grow at a substantial CAGR during 2017 to 2023 due to
rise in IT technology and increasing adoption of upcoming technologies in the
transportation industry in the region. Whereas, the Europe market
for smart highways is expected to grow at a considerable CAGR (2017-2023).
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