Global Smart Highway Construction Market 2017-2021
About Smart Highway Construction
Smart highway construction aims to incorporate technologies to make highway roads safer, smarter, and more energy efficient; and to generate electricity by harnessing solar, wind, and vibration energy. The electricity, so produced, can be utilized to charge electric vehicles, power street lamps, and can be used to power traffic monitoring systems.
Technavio’s analysts forecast the global smart highway construction market to grow at a CAGR of 93.54% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global smart highway construction market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Smart Highway Construction Market 2017-2021
Technavio recognizes the following companies as the key players in the global smart highway construction market: Continental Engineering, Heijmans, Nippon Koei, Transstroy and VINCI Construction.
Other Prominent Vendors in the market are: ABB, Alcatel-Lucent, Cisco, Colas, Huawei Technologies, IBM, Indra, Kapsch Group, LG CNS, Schneider Electric, Siemens, Solar Roadways, Studio Roosegaarde and Xerox Corporation.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is smart concepts for smart highways. Highway lights consume little energy to illuminate, guide motorists, and display warnings signs during night time. However, it has been found that these lights remain illuminated throughout the day, wasting electricity.”
According to the report, one driver in the market is rising trend of smart cities. It is expected that by 2030, one in every three people will live in urban areas. This will cause immense stress on urban area resources such as power and water. Therefore, it has led to the development of the smart city concept, which is meant for urban development, and is formed by linking multiple information of communication technology (ICT) and internet of things (IoT) to secure a solution to manage cities assets such as roads, traffic, energy, water, and so on.
Further, the report states that one challenge in the market is high cost of installation. The solar road panels used in smart highways integrate various technologies into one panel. Such panels are used to generate electricity by harnessing solar energy. However, the key problem with the development of such smart panels is the cost associated with the technologies used in their production.
Continental Engineering, Heijmans, Nippon Koei, Transstroy, VINCI Construction, ABB, Alcatel-Lucent, Cisco, Colas, Huawei Technologies, IBM, Indra, Kapsch Group, LG CNS, Schneider Electric, Siemens, Solar Roadways, Studio Roosegaarde and Xerox Corporation.