Smart Highway Market surging with CAGR of 18.4% between 2021 and 2028

According to The Insight Partners’ research, the global Smart Highway Market amassed US$ 22,373.0 million in 2020 and is slated to expand at 18.4 % CAGR during 2021–2028 to accrue US$ 81,335.6 million by 2028. Augmenting demands for sustainable highways to reduce traffic issues and rising integration of traffic control centers and route guidance systems are the key factors aiding market expansion.

Smart highway has technologies incorporated into roads for improving the operation of connected and autonomous vehicles, traffic lights and street lighting, monitoring the condition of roads, traffic levels, and speed of vehicles. A sustainable highway also enables societal development and economic growth and reduces negative impacts on the environment. According to the Federal Highway Administration (FHWA), sustainable highways are an integral part of sustainable development. The Green Highway Policy is an initiative to make surroundings pollution-free and curtail the number of road accidents. Advancements in the eco-friendly national highway corridors are anticipated to pave the way toward sustainable development and adoption of smart highways.

Insufficient road space and lack of road sense and discipline are the key factors responsible for traffic congestions. Thus, highway authorities are focusing on implementing advanced traffic management solutions to overcome traffic problems in cities. Intelligent transportation systems, vehicle infrastructure, structural health monitoring, solar road panels, and wireless vehicle charging are crucial components of a smart highway. The rising deployments of smart streetlights, smart traffic lights, smart parking, and/or e-tolling stations have augmented processing capabilities needed to monitor traffic congestion. All the aforementioned are aiding the growth of the smart highway market.

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