With the need of safe, congestion free, reliable, less travel time consuming and pollution free roads, companies have come up with new ideas of smart highways. A smart highway is deployed to fill the gap of inconvenience caused to the commuters. A smart highway is achieved by deploying innovative technologies like Electronic Toll Collection (ETC), Variable Message Signs, Lane departure warning System (LDW), Intelligent Transport Systems (ITS) etc. Smart highways usually involves sensors, smart monitoring systems and smart computing technologies all connected to a single monitoring unit. Moreover, smart highways are installed to incorporate technologies like utilizing solar energy, improving the operation of transport vehicle, and for monitoring the condition of the highway/roads. Smart highways also includes photovoltaic pavements which can collect solar energy and can light up the parking lots, foot paths, driveaways and side lanes of the highway. Smart highway also includes vehicle charging facilities for the solar and battery operated vehicles. Furthermore, smart highways provide frost melting and snow melting facilities to melt extra snow and frost from roads in colder regions.
Global Smart Highway Market: Segmentation
Global smart highway market can be segmented on the basis of technology, service, display, deployment and region. On the basis of technology, the global smart highway system can be segmented into intelligent transport management system, intelligent traffic management system, intelligent communication system and intelligent monitoring system. Intelligent transport management system further includes lane departure warning system, incident detection system, radio frequency identification and automatic number plate recognition system. Intelligent traffic management system includes electronic toll collection system, real time traffic management and global navigation satellite system. Communication system can be further sub-segmented into radio network and data network and monitoring system can be further sub-segmented into traffic measurement, video surveillance and weather management. On account of service, the global smart highway market can be segmented into maintenance and operation services, consultancy services and managed services. Considering deployment, the global smart highway market can be segmented into on-cloud and on-premise. By displays, the global smart highway market can be segmented into digital signage, variable signage and others. On the basis of region, the global smart highway market can be segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Middle East and Africa and Japan.
Global Smart Highway Market: Drivers
Need of better and sustainable roads and highways is a key element driving the growth of the global smart highway market. Demand for safer and securely guarded roads is another prime factor boosting the growth of the global smart highway market. Reduction in traffic congestion, government initiatives in deployment of smart roads/highways, dramatic technological changes and increasing demand of business travel, leisure travel and employment needs are some other crucial aspects fuelling the growth of the overall global smart highway market.
Global Smart Highway Market: Restraints
Inaccurate driver’s information and inappropriate traffic flow due to poor highway communication infrastructure are some of the vital challenges faced by the global smart highway market. Moreover, lack of technical knowledge among drivers, and lack of training about the smart highway rules, regulations and technologies are some other factors hindering the growth of the global smart highway market. Lack of governmental funding for the development of smart highways is another paramount factor pulling down the growth of the global smart highway market.