New York, US, May 25, 2022 (GLOBE NEWSWIRE) — Smart Roads Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Smart Roads Market” information By Technology, by Sensor, by Deployment and Region – Forecast to 2030” market is growing at a compound annual growth rate of 20.6% by 2030.
The global smart roads market has cached a massive momentum and is expected to create a substantial revenue pocket in the next few years. Smart roads promote road safety and make driving safer & more efficient, aligning the whole driving experience with government objectives, using IoT devices combined with physical infrastructures with sensors, solar panels, and software like AI and big data.
|Market Size||$110.5 Billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Technology, Sensor, Deployment|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Alcatel Lucent (France), Kapsch AG (Austria), Indra Sistemas, S.A. (Madrid), LG CNS (South Korea), Siemens AG (Germany), Cisco (U.S.), Kapsch TrafficCom (Austria), Xerox Corporation (U.S.), Huawei (China)|
|Key Market Opportunities||· Advanced infrastructure for the connected vehicles and roadside assistance.
· The rise in the global traffic marks.
|Key Market Drivers||· Heavy investment by major players.
· Government initiatives towards the promotion of the good infrastructure.
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Smart road technologies are embedded in roads and can improve visibility, generate energy, communicate with autonomous and connected vehicles, monitor road conditions, and more. Market Research Future (MRFR) states that the global smart roads market is expected to garner USD 39 BN by 2023, with approximately 16% CAGR throughout the assessment period (2017-2023).
The introduction of autonomous vehicles and increased risk of on-road accidents worldwide would create vast market demand. Besides, substantial investments by major players and government initiatives to promote advanced infrastructure escalate the market value. The electrically connected smart road is a major trend driving the market growth.
The introduction of automated driving or autonomous vehicles positively impacts smart roads market growth. Additionally, the rise in traffic and traffic congestion concerns globally creates a vast demand for improved traffic management and road safety system. Also, the rising demand for advanced infrastructure for connected vehicles and roadside assistance boosts the market value.
Rapid 5G rollouts across the globe and technological advancements propel smart roads market growth. Furthermore, advances in technologies, such as ANPR, lane warning/keeping systems, and wireless radio communication define the growing market dynamics. Also, government support and funding to develop smart cities accelerate the market shares.
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Smart Roads Market Segments
The smart roads market is segmented into technologies, sensors, deployments, and regions. The technology segment comprises transportation & communication systems (lane warning/keeping systems, wireless radio communication, ANPR- automatic number plate recognition, others), traffic management system (advanced traffic management systems, GPS, others), and others.
The sensor segment comprises anemometers, accelerometers, strain gauges, temperature sensors (strain gauges, anemometers, accelerometers, temperature sensors, weigh-in-motion devices other), and others. The deployment segment comprises on-premise and on-cloud. The region segment is sub-segmented into Asia Pacific, Europe, North America, and rest-of-the-world.
North America leads the global smart road market, with the largest market share. Rising government focus on road safety and the rising demand for smart roads with adept technologies by the public drive the market growth. Moreover, rising traffic congestion concerns create a substantial market demand for efficient traffic and road management systems.
Vast R&D investments to enhance wireless technology to provide interrelated solutions in the urban areas substantiate the region’s smart road market shares. With the large presence of smart road technology providers and device & equipment manufacturers, the US dominates the regional market, followed by Canada. Besides, the augmenting demand for road safety and comfort features increases the market size.
Europe is another lucrative market for smart road solutions. The rapid adoption of connected roads and the number of smart city projects in this region act like key driving forces. Also, vast advancements in sensor technology and improved technical infrastructure push the market value. Additionally, the resurging economy fosters market revenues in the region, increasing the number of smart highways in major cities.
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APAC is rapidly emerging as a profitable market for smart road technologies. Increasing numbers of smart city projects and the wide implementation of smart roads push the regional market growth. Furthermore, the rapidly growing economy in this region increases the market’s size, increasing consumer purchasing power.
Considerable advances in artificial intelligence (AI) and similar technologies, alongside the increasing focus on improving road safety, influence the regional market growth. Also, various ongoing R&D projects to develop smart technologies for roads and highways push the market’s growth. China, Japan, and India account for sizable shares in the APAC smart roads market.
Smart Roads Market Competitive Analysis
The smart roads market appears highly competitive and fragmented, with several well-established players forming a competitive landscape. Industry players make vast investments in research and development activities and foster their expansion plans. These market players adopt approaches such as greater commercialization of their products, promotion initiatives through competitions & trade exhibitions, and increased collaboration.
Dominant Key Players in Smart Roads Market Covered are:
- Alcatel Lucent (France)
- Kapsch AG (Austria)
- Indra Sistemas
- S.A. (Madrid)
- LG CNS (South Korea)
- Siemens AG (Germany)
- Cisco (U.S.)
- Kapsch TrafficCom (Austria)
- Xerox Corporation (U.S.)
- Huawei (China)
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Industry Recent Developments:
This market witnesses implementation of several strategic deals, such as collaboration, mergers & acquisitions, product launches, and expansion. For instance, on April 29, 2022, Integrated Roadways, a leading provider of smart infrastructure technology, announced receiving a $250M pilot project from Lenexa, Kansas.
The project will include deploying Integrated Roadways’ patented Smart Pavement technology at five key intersections within the city’s central hub. This public-private partnership would enable Integrated Roadways to make a significant step forward in smart infrastructure adoption in the City of Lenexa and Kiewit Engineering, making it the first city in the US to showcase the ability to wirelessly charge electric vehicles using Smart Pavement.
In another instance, on May 4, 2022, General Motors and INRIX announced their collaboration to provide safety data and insights to transportation officials. Companies would work together to develop a cloud-based application – The Safety View, to provide the transport department with data to help them measure the effectiveness of roadway safety projects and their impact on communities.
The collaborated data and technology can help cities make information-driven decisions about areas that need to be addressed and responded to. The new application can combine crashes, vehicles, and vulnerable road user information with US Census data to help them identify hazardous roadway concerns, assess the impact of Vision Zero plans and streamline the federal funding application process by providing required datasets and analytics tools.
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