July 24, 2024
Smart Highway Market
Ict

The Global Smart Highway Market Is Estimated To Driven By Adoption Of Smart City Infrastructure

The smart highway market comprises roadways that are embedded with various types of sensors and digital technologies to collect real-time traffic and transportation data. Smart highways help monitor traffic conditions, detect congestion, prevent accidents, and enable connectivity between vehicles for self-driving capabilities. Traffic monitoring sensors installed along the roads help authorities detect incidents and automatically alert emergency services to improve response time. The use of intelligent transportation systems (ITS) such as digital signboards, smart traffic lights, toll booths, and surveillance cameras also enhance the commuting experience. Furthermore, integration of 5G connectivity facilitates high-speed data transmission between autonomous vehicles and the smart infrastructure for navigation assistance.

The global Smart Highway Market is estimated to be valued at US$ 52.5 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Advancements in connectivity technologies are enabling more efficient transportation systems. Growing deployment of 5G networks facilitates vehicle-to-everything (V2X) communication for real-time notifications. This allows autonomous vehicles to share traffic, road condition data and avoid collisions. Furthermore, integration of artificial intelligence and Internet of things (IoT) helps transport authorities analyze patterns from sensor data to improve road planning and disaster management. Adoption of green highway concepts also promotes the development of electric vehicle charging infrastructure and solar panels along roads to reduce carbon footprint. Focus on upgrading existing roadways with smart features in countries is expected to drive higher investments in smart highway projects worldwide over the coming years.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the smart highway market is moderate. High capital requirements for infrastructure development act as a barrier for new players.

Bargaining power of buyers: The bargaining power of buyers is high due to the presence of various established players offering innovative solutions. Buyers can negotiate on price and demand customized solutions.

Bargaining power of suppliers: The bargaining power of suppliers is moderate owing to the availability of alternatives. However, technology providers and OEMs playing in niche areas can exploit their position.

Threat of new substitutes: The threat of substitutes is low as there are limited alternatives to smart highway technologies that enable efficient traffic management and driver safety.

Competitive rivalry: The competitive rivalry is high due to the presence of global and regional players competing on the basis of technology, features, and pricing.

Key Takeaways

The Global Smart Highway Market Size is estimated to be valued at US$ 52.5 Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030.

The global smart highway market is expected to witness high growth over the forecast period supported by ongoing infrastructure development projects and the rising focus on road safety. The Asia Pacific region currently dominates the market and is expected to continue its lead through 2028. Countries like China, Japan, and South Korea are rapidly enhancing their road networks with advanced technologies.

Key players: Key players operating in the smart highway market are General Electric Company, Siemens AG, Andritz AG, Voith GmbH & Co. KGaA, China Yangtze Power Co. Ltd, PJSC RusHydro, Électricité de France SA (EDF), and Iberdrola SA. Major players are focusing on expansion, new product launches, and strategic partnerships to strengthen their market position. For instance, in 2022, Siemens Mobility and China State Construction Engineering Corporation collaborated to offer digital highway solutions in China.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it