Smart Roads Market Highlights:
The global smart roads market is rising continually, mainly due to the wonderful driving experience smart roads can provide. The smart road is a viable solution to counter all traffic-related issues. Substantial technological advances and the uptake of advanced solutions, such as ultrasonic sensors, light sensors, motion sensors, camera, and IoT devices drive the growth of the market.
According to Market Research Future (MRFR), the global smart roads market is forecasted to touch a valuation of approximately USD 39 BN by 2023. In its recently published analysis, MRFR also confirms that the market would register a CAGR over 16% throughout the assessment period (2016 – 2023). Increasing investments in R&D activities for the enhancements in sensor technology are impacting the market growth, positively.
Smart roads are considered as the future of roads. These roads can alert drivers well in time about the incidents taking place further ahead, such as traffic congestion, breakdowns, and proceeding repair works. Simultaneously, these roads can also keep the respective maintenance division updated for any uncertainties well before its occurrence. Sensors and GPS trackers are the major end-products being adopted during the construction of Smart Roads Marketand bridges.
As a result, there are huge investments made in the development of these solutions. Governments of countries, across the globe, are taking part in making roads safer by adopting advance technologies for smart roads. They are taking a number of initiatives to encourage the companies to come up with new innovative ideas, which in turn, is helping the service providing companies to claim the larger market share and stand out in the competitive industry.
Traffic Jam is a paramount concern across the globe and triggers the wastage of fuel and time. Subsequently, traffic blockages lead to increasing carbon footprints, noise pollution, and stress levels that could result in road accidents. To top it up, increased risk of uncertainty is making its way with the introduction of automated vehicles. These issues commutatively promote the demand for smart, efficient road systems.
Smart roads systems are effective in minimizing the number of accidents caused by over speeding. These systems offer solutions such as automatic gates & Tolls and automatic speeding tickets to control the roads traffic. Several researches and developments are taking place in order to present low-cost innovative technology for smart roads such as Smart traffic.
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Major Key Players:
Players leading the global smart roads market include Kapsch AG (Austria), Alcatel Lucent (France), Indra Sistemas, SA (Madrid), Siemens AG (Germany), LG CNS (South Korea), Cisco (US), Xerox Corporation (US), Kapsch TrafficCom (Austria), and Huawei (China), among others.
Smart Roads Market Segmentation:
The report is segmented into four key market dynamics to widen the scope of understanding,
- By Technology: Traffic Management System (GPS & Advanced Traffic Management System, others.) and Transportation & Communication Systems {Automatic Number Plate Recognition (ANPR), Lane Warning/Keeping Systems, and Wireless Radio Communication, others}.
- By Sensor: Accelerometers, Strain Gauges, Anemometers, Temperature Sensors, and Weigh-in-Motion Devices, among others.
- By Deployment: On-premise and On-cloud.
- By Regions: Asia Pacific,North America, Europe, and the Rest-of-the-World.
Smart Roads Market Regional Analysis:
North America dominates the global smart road market; majorly due to the vast technological advancement. The US and Canada are highly advanced countries in terms of technology. These countries pay great attention to road safety, and as a result, the smart road becomes a good option. Besides, the presence of a large number of intelligent road equipment manufacturers in these countries influences the growth of the regional market.
The smart road market in the European region takes the second lead, globally. The region would acquire a substantial market share, creating a considerable revenue pocket throughout the forecast period.
The Asia Pacific smart road market has emerged as a promising market, growing with a considerable CAGR. Countries like China and Japan, which are now paying high attention to road safety are working on various projects for the smart road.
Smart Roads Market Competitive Analysis:
Characterized by the presence of many well-established and small players, the smart roads market appears to be highly competitive. These players incorporate strategic initiatives, such as acquisition, collaboration, expansion, and product/technology launch in order to gain a competitive advantage in this market.
They invest heavily in research and development projects to develop state-of-the-art facilities and systems & processes. As the market is still in its development stage, small vendors with innovative solutions have the chances of being acquired by large players in the market.
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Industry/ Innovation/ Related News:
June 27, 2019 — Panasonic Corporation (Japan), a Japanese multinational electronics company announced that the Utah Department of Transportation (the US) has formed a partnership with it to work on two smart road projects. According to the partnership deal, Panasonic will enable streaming of the data from sensors in the smart roadways to a central cloud. Using an open software architecture called CIRRUS, the -party collaboration with other government departments, and even private companies will be made possible.
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