Global Smart Highway Market Report 2022: Market to Surpass $75 Billion by 2026 - Proliferation of Smart Cars & Allied Enabling Technologies Preps the Smart Highway Market for Growth
DUBLIN, Aug. 11, 2022 /PRNewswire/ -- The "Smart Highway - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Smart Highway Market to Reach $75.3 Billion by 2026
The global market for Smart Highway estimated at US$41.9 Billion in the year 2022, is projected to reach a revised size of US$75.3 Billion by 2026, registering a compounded annual growth rate (CAGR) of 15.9% over the analysis period.
A key driver of optimism for bigger transportation development budgets in the coming years, is the infrastructure gap in global roadways to the tune of US$8 trillion for the cumulative period 2016-2040, which remains the highest as compared to US$2 trillion for rail, US$3 trillion for energy, US$1 trillion for water & US$2 trillion for telecom.
Against this backdrop, world's highways will rapidly evolve and develop supported by committed government support and initiatives aimed at connecting cities and countries for better economic growth and gains. The importance attached to transportation infrastructure development can be put into perspective by the fact that over 25% to 30% of World Bank funding support to developing countries is purposed for transportation infrastructure projects, higher than health, education and social services.
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.
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 distribuing 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 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.
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. These smart slabs interact with motorists` cellphones to offer real-time alerts related to road hazards and traffic.
What`s New for 2022?
Key Topics Covered:
2. FOCUS ON SELECT PLAYERS (Total 53 Featured)
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/ia2675
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SOURCE Research and Markets