Smart Roads Market Overview:
Many integrated systems are applied in the smart roads such as vehicle infrastructure integration, structural health monitoring for roads (highways and state roads), intelligent transportation system or connected vehicle system, photovoltaic pavement, wireless vehicle charging system, and road markings. Photovoltaic pavements are a type of pavement that generate electricity by gathering solar radiations with photovoltaic. These photovoltaic materials can be used in parking lots, footpaths, driveways, streets and highways. Smart roads are a crucial component for a smart city to be operational.
Smart roads are the next important step in the realization of the smart cities concept. Market Research Future which focuses on market reports connected to Information and Communications Technology sector amongst others recently made available a report on this sector. The industry is expected to diversify at a robust pace while achieving high levels of revenue and growing at a complimenting CAGR per cent in the forecast.
Many integrated systems are applied in the smart roads such as vehicle infrastructure integration, structural health monitoring for roads (highways and state roads), intelligent transportation system or connected vehicle system, photovoltaic pavement, wireless vehicle charging system, and road markings. Photovoltaic pavements are a type of pavement that generate electricity by gathering solar radiations with photovoltaic. These photovoltaic materials can be used in parking lots, footpaths, driveways, streets and highways. Smart roads are a crucial component for a smart city to be operational.
Heightened level of focus from major industry players and governments around the world in terms of investments and initiatives have been instrumental for the growth of the sector. Increased traffic flow due to rise in the levels of vehicles on the road has also been considered as a driving factor for the development of the Smart Road Market. The need to regulate traffic is very urgent these days due to the high volumes and lack of manpower to regulate the market favorably. The innovations in the automobile sector such as smart cars have also been important factors for the development of the smart roads factors.
Major Key Players:
The key contenders in the industry for smart roads are Cisco (U.S.), Indra Sistemas, S.A. (Madrid), Kapsch AG (Austria), Alcatel Lucent (France), Siemens AG (Germany) and LG CNS (South Korea).
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Detailed Regional Analysis:
Between the regions covered for this market, the North American region is foremost sector owing to the degree of technological advancement. The nations in this region are highly progressive in the area of technology such as Canada and U.S. which comprise of many players that are making smart road equipment.
These nations are paying high emphasis on road safety and as a consequence they are creating extensive opportunities for enterprises pursuing in the market for smart roads. The Asia Pacific has appeared as the most rapidly growing market along with countries like Japan and China, which are now paying intensive attention to road safety and are simultaneously working on numerous projects for smart roads.
Industry Segments:
The smart roads market is divided into certain basis to enable easy understanding of the market. The segment is divided into Traffic Management System (GPS and Advanced Traffic Management System) and transportation and communication system (Wireless Radio Communication, Lane warning/keeping systems, ANPR- Automatic Number Plate Recognition,) on the basis of technology. The market is divided into accelerometers, strain gauges, anemometers, temperature sensors, weigh-in-motion devices, and others.On-premise and on-cloud are the divisions on the basis of deployment.
Competitive Analysis:
The stock that is on offer presently differs greatly owing to the reason of the robust pace of technological discoveries. This has elevated the opportunities for the imminent growth period. The companies in this industry space are joining their assets to accomplish their vision for attaining substantial portion of the business as early as possible.
This consequence is creative for firms so that they may uphold fiscal liquidity to take the best choices in terms of strategy implementation and formation. The lucrative prospects existing in this market are being utilized by contenders who are trying to spread their market coverage by centered growth which will prove to be ideal for the development of this business sector.
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Industry Updates:
Jan 2018 Carlo Ratti, a prominent Italian architect has recently revealed a smart road system concept, which integrates the addition of a swarm of drones that can be enabled to monitor traffic, deliver first aid and also detect accidents.
The proposed scheme was intended be unveiled as a part of a proposal valued at €30 million by the highways company ANAS, which was presented by them in late December 2017, to initiate the development a new infrastructure for smart roads around Italy’s existing roads as a part of the groundwork for the advent of self-driving vehicles.
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