Market Trends of Smart Highway Industry
Smart Transport Management Systems Product Technology is Expected to Hold Significant Market Share
- Smart Transport management systems (STMS) play a vital role in the smart highway market, as they are a key technology that enables the integration of advanced transportation solutions to improve efficiency, safety, and sustainability. SMTS encompasses a range of products and technologies that facilitate real-time monitoring, control, and management of various elements within the transportation system.
- ITMS includes a network of sensors, cameras, and a traffic control system that monitors real-time traffic conditions. These systems collect traffic flow, density, and congestion data, enabling traffic operators to optimize traffic signal timing, manage lane control, and respond to incidents efficiently.
- ETC systems are an essential part of smart highways. They use various technologies like RFID, ANPR, DSRC, or GNSS to automate toll collection, reducing congestion and improving traffic flow at toll plazas. According to MLIT (Japan), As of the end of March 2022, the share of vehicles on Japanese expressways using ETC systems amounted to around 93.8 percent. Improved ETC 2.0 systems were installed in 28.1 percent of surveyed vehicles. Electronic Toll Collection systems serve to charge expressway users while bidirectionally communicating data via the cloud between the vehicle and the road infrastructure to improve traffic.
- Traffic Information and Navigation Systems (TINS) provide real-time traffic information to drive through variable message signs, mobile apps, or navigation devices. This helps drivers make informed decisions, avoid congested routes, and improve traffic distribution.
- Environmental Monitoring systems monitor air quality and other environmental parameters along highways to assess pollution levels and make data-driven decisions to reduce emissions and improve air quality.
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North America is Expected to Hold Significant Market Share
- The North America Smart highway market was experiencing steady growth and advancements in intelligent transportation systems (ITS) and smart infrastructure. Government agencies in North America have been actively promoting adopting smart transportation solutions to address traffic congestion, reduce accidents, and enhance overall transportation efficiency.
- The region's strong technological infrastructure and high smartphone penetration have facilitated the implementation of ITS technologies, such as electronic toll collection systems, traffic management systems, and real-time traffic information.
- There has been a significant emphasis on deploying smart highway technologies to enhance road safety through incident detection, management systems, and vehicle-to-infrastructure communication.
- The region has seen increasing interest in autonomous and connected vehicle technologies, which have the potential to revolutionize the transportation landscape and require smart highway infrastructure to support their deployment.
- North America is a global technological leader. Coupled with this strength, the increased spending on construction and road infrastructure will offer more opportunities for the region to expand. Also, the public construction spending on highway and street projects in the United States is very high. For instance, In October 2022, the United States Department of Transportation's Federal Highway Administration (FHWA) announced that it had released USD 59.9 billion in Fiscal Year 2023 apportionments for 12 formula programs to support investment in critical infrastructure, including roads, bridges, and tunnels, carbon emission reduction, and safety improvements utilizing funding from President Biden's Bipartisan Infrastructure Law.
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