What Has Been The Evolution of the Smart Highway Construction Market in Recent Years?
The smart highway construction market has seen considerable growth due to a variety of factors.
• The size of the smart highway construction market has considerably expanded in the recent past. The market, which is projected to grow from $30.26 billion in 2024 to $35.09 billion in 2025, boasts a compound annual growth rate (CAGR) of 16.0%.
Factors such as increased governmental initiatives, heightened urbanization, growing traffic gridlock, escalating environmental worries, and a surge in infrastructure investments are accountable for the growth witnessed in the historical period.
How Will the Smart Highway Construction Market?
The smart highway construction market is expected to maintain its strong growth trajectory in upcoming years.
• Rapid expansion is anticipated in the smart highway construction market size over the next few years. This market is predicted to amplify upto $62.98 billion in 2029, growing at a compound annual growth rate (CAGR) of 15.7%.
The rise throughout the forecast period can be credited to the amalgamation of smart technology, growing demand for effectiveness, government contributions, escalating traffic volume, and enhancements to urban structures. The forecast period will see significant trends such as a surge in the use of AI, an upswing in the adoption of green initiatives, increasing requirements for smart infrastructure, growth in IoT applications, and a heightened focus on sustainability.
Which Factors Are Boosting Growth In The Smart Highway Construction Market?
The growth of the smart highway construction market is expected to be fueled by the increasing number of vehicles. This rise in vehicle usage is due to factors such as growing urbanization, increased disposable incomes, and developments in automotive technology. Vehicles leverage smart highway construction through improved connectivity and data sharing, leading to real-time traffic management and enhanced navigation. For example, a report released by the Belgium-based European Automobile Manufacturers Association in May 2023 revealed that worldwide production of motor vehicles hit 85.4 million units in 2022. As a result, the surge in the number of vehicles is stimulating the expansion of the smart highway construction market.
What Key Areas Define The Segmentation Of The Global Smart Highway Construction Market?
The smart highway constructionmarket covered in this report is segmented –
1) By Type: Photovoltaic Pavement, Wireless Vehicle Charging, Frost Protection And Melting Snow Ice, Road Markings, Other Types
2) By Source Of Energy: Solar, Wind, Vibration
3) By Application: Government Funding, Other Fundings
Subsegments:
1) Photovoltaic Pavement: Solar Road Panels, Integrated Solar Systems, Energy Harvesting Pavements
2) Wireless Vehicle Charging: Inductive Charging Systems, Dynamic Wireless Charging, Stationary Wireless Charging
3) Frost Protection And Melting Snow Ice: Heating Systems, De-icing Solutions, Embedded Heating Cables
4) Road Markings: Smart Traffic Lines, Thermoplastic Markings, Reflective Markings
5) Other Types: Intelligent Traffic Management Systems, Smart Roadside Infrastructure, Connected Vehicle Technologies
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How Are Emerging Trends Reshaping The Dynamics Of The Smart Highway Construction Market?
Major corporations involved in the smart highway construction sector are prioritizing strategic alliances to fuel innovation and increase infrastructure effectiveness. These alliances involve merging resources and expertise between companies to accomplish common objectives and spur innovation. For example, in May 2023, China's Huawei Technologies Co. Ltd., an ICT infrastructure and smart devices provider, established the APAC Smart Road, Waterway, and Port Alliance as part of its Asia-Pacific Partners initiative. The goal of this alliance is to intensify cooperation among partners in the Asia-Pacific to create and adopt intelligent transport solutions (ITS) that back smart highway projects. This involves the use of digital technologies for traffic control, real-time tracking, and congestion management, all critical elements of smart highway systems. The aim is to build competitive infrastructure that not only propels national development but also accelerates economic growth while improving the efficacy of transportation networks.
Who Are the Key Players In The Smart Highway Construction Market?
Major companies operating in the smart highway construction market are:
• Huawei Technologies Co. Ltd.
• International Business Machines Corporation
• Panasonic Corporation
• Cisco Systems Inc.
• Continental Engineering AG
• Honeywell International Inc
• SAP SE
• ABB Ltd
• Colas Inc
• Indra Incorporation
• Heijmans
• Costain Group plc
• Alcatel-Lucent Inc
• Swarco AG
• Nippon Koei Group
• VINCI Construction
• Miovision Inc
• RoadBotics Inc
• WiTricity Inc
• HAAS Alert Inc.
• Prisma Photonics
• Robotiz3d Inc
• Urban SDK
What Is The Most Dominant Region In The Smart Highway Construction Market?
North America was the largest region in the smart highway construction market in 2024. The regions covered in the smart highway construction market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
