Smart Roads Market:
A report published by Market Research Future (MRFR) stated the potential opportunities and the rising growth and development of the smart roads market worldwide. The market is expected to experience massive growth in the coming years of the forecast period and according to the report, the globular growth percentage is annually projected to stand at 16% during the forecast period between 2017 and 2023.
Smart Roads Market are designed and developed to keep us safe and sound by identifying the vehicle route as well as the condition of the road ahead. This way, it helps commuters to regulate the speed of their vehicle.
The potential of the market is slated to be ginormous in the near future with advancing technologies and growing investments. The proliferating speed of urbanization and the imperative need for safe roads are identified as some of the key factors driving the overall growth of the global market.
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The global smart roads market holds a number of prominent players, including Kapsch TrafficCom (Austria), Kapsch AG (Austria), LG CNS (South Korea), Cisco (U.S.), Alcatel Lucent (France), Indra Sistemas, S.A. (Madrid), Huawei (China), Siemens AG (Germany), Xerox Corporation (U.S.), and others. The players play a major role in driving the overall welfare of the global market.
April 16th, 2019, Smart Road Gotland consortium announced that it will be making a monumental 1 mile long road stretch in Sweeden that will boast one of the most unmatched capabilities. The road can be used to charge an electric truck and bus by using the technology named Electron. The USD 12.5 million project is funded primarily by the Swedish government.
The global smart road market is geographically distributed among the following key regions: North America, Europe, Asia Pacific, and the Rest of the World (RoW).
North America is the global leader in the smart road market, holding the maximum share percentage. The region is further reported to hold the dominant position in the coming years of the forecast period due to various key and noticeable factors. Among them, the advancing technological landscape herein makes the region one of the pioneers in the global landscape. The presence of two highly technologically superior and advanced countries, the US and the Canada, aids the dominance of the region significantly. The countries are home to multiple key players who excel in manufacturing smart road equipment. These players contribute to the growth of these countries and the overall expansion of the North American regional market. The countries pay dedicated attention to concerns related to road safety and because of which are one a continuous drive of creating a wide pool of opportunities for enterprise plying to enter into the market.
An example holding significant relevance is the 3.5 km long smart road built and developed in the Virginia, USA. The road is at present being tested by some of the major companies in the field. The road is equipped with a number of high class sensors and various other key equipment to aid the experience of the traveling consumers. The road acts as an inspiration for other countries to turn this concept into reality.
The Asia Pacific regional market has emerged into the global landscape with the potential to be the fastest growing market among the other mentioned regions. Both China and Japan contribute massively to the overall growth of the market as the governments and private companies herein are laying more and more focus upon the road safety of consumers.
The global smart roads market segmentation is based upon the following key dynamics: sensor, technology, and deployment.
- By technology, the market segments into communication system, traffic management system, and transportation system. The communication segment breaks down into Lane warning/keeping systems, ANPR- Automatic Number Plate Recognition, and Wireless Radio Communication. While, the traffic management system narrows down into GPS and Advanced Traffic Management System.
- By deployment, the market divides into on-premise and on-cloud deployment channels.
- BY sensor, the market comprises strain gauges, anemometers, temperature sensors, accelerometers, weigh-in-motion devices, and others.
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Table of Contents
1 Market Introduction
1.2 Scope of Study
1.2.1 Research objective
1.3 Market Structure
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