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Global Smart Highway Market to Reach $54.1 Billion by 2024SAN FRANCISCO, Aug. 13, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Smart Highway - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE Complimentary Project Preview - This is an ongoing global program. Preview our research program before you make a purchase decision. We are offering a complimentary access to qualified executives driving strategy, business development, sales & marketing, and product management roles at featured companies. Previews provide deep insider access to business trends; competitive brands; domain expert profiles; and market data templates and much more. You may also build your own bespoke report using our MarketGlass™ Platform which offers thousands of data bytes without an obligation to purchase our report. Preview Registry ABSTRACT- Global Smart Highway Market to Reach $54.1 Billion by 2024 Governments across the world are investing in transportation infrastructure for a multitude of reasons which include well developed transportation infrastructure enables trade and reduces the cost of trading goods; enhances the volume of goods transported; enables expansion of retail trade; enables more equitable development of cities across the country; promotes imports and exports of goods; and increased productivity and economic growth. Governments are therefore building new roads and upgrading and modernizing existing roads within their countries to support urbanization; encourage upward mobility of the population; enhance access to employment, social, health and education services. A land of growth and diversity is a land where people and automobiles are allowed to traverse a diverse range of lands so that they can reach their destination without any hindrance. Well-connected cities, towns and villages within a country is the most basic prerequisite for economic growth. Amid the COVID-19 crisis, the global market for Smart Highway is projected to reach US$64.1 Billion by 2024, registering a compounded annual growth rate (CAGR) of 16.8% over the analysis period. The United States represents the largest regional market for Smart Highway, accounting for an estimated 40.7% share of the global total. The market is projected to reach US$27.5 Billion by the close of the analysis period. The United States is forecast to emerge as the fastest growing regional market with a CAGR of 18.2% over the analysis period. The advent of smart roads that rely on successful communication and interaction between the vehicles and smart infrastructure is expected to shape the safe mobility in the coming years. Smart road infrastructure employing Internet of Things (IoT), Intelligent Transport System (ITS), cloud computing and sensor based road side units with capabilities to provide wireless access to automobiles plying on the roads, and gathering and distributing relevant real-time information would play a pivotal role in passenger safety. Smart roads provide real-time information to the vehicle drivers regarding the traffic conditions, icy surfaces, landslides, presence of human beings and wildlife, traffic congestion and parking availability, and ensure optimal routing as well as traffic efficiency. The use of sensors such as temperature sensors, accelerometers, anemometers, strain gauges, weigh-in-motion devices in the smart road applications also plays a crucial role in monitoring the transport infrastructures such as bridges, tunnels or viaducts as damages caused to the infrastructure due to natural disasters, corrosion or poor maintenance can prove fatal. In 2007, a bridge in Minneapolis collapsed resulting in death of 13 people and injuring 145. The bridge was re-built employing sensors in 2008 to gather data pertaining to corrosion and structural behavior. Wireless sensors are utilized to detect and monitor road surfaces for any irregularities such as potholes in a road, and remote sensors to measure humidity, temperature, and various other similar parameters. Temperature sensors are also buried under the road surface to monitor and collect real-time information about the presence and appearance of ice plates. Additionally, several other real-time applications employing wireless sensors are being developed to effectively monitor water levels on viaducts, and preparing noise maps to monitor roads for traffic congestion. Smart pavements with smart slabs are also developed to significantly improve safety of motorists. More MarketGlass™ Platform Our platform is free for qualified executives and is accessible from our website www.StrategyR.com or via our just released mobile application on iOS or Android About Global Industry Analysts, Inc. & StrategyR™ CONTACTS: LINKS
SOURCE Global Industry Analysts, Inc. 
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