Global Temperature Smart Roads Market – Industry Trends and Forecast to 2029

Temperature Smart Roads Market Analysis and Size

Lack of convenient, safe, pollution-free, and congestion-free transportation is a significant concern for all countries. To address these issues, industries are developing new technologies to address them in current and future years. Many smart city projects are being developed across various regions, which is one of the driving factors for the highway industry. As a result, transportation companies are developing intelligent highway solutions and services to support smart city projects.

Data Bridge Market Research analyses that the temperature smart roads market was valued at USD 35.3 billion in 2021 and is expected to reach the value of USD 140.06 billion by 2029, at a CAGR of 18.8% during the forecast period. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Temperature Smart Roads Market Scope and Segmentation

Market Definition

Smart roads are infrastructural roads integrated with advanced technologies to improve traffic management and flow. The roads have artificial intelligence (AI), big data, and Internet of Things (IoT)-enabled speed and acoustic sensors, solar panels, closed-circuit television (CCTV) cameras, and digital signage. These embedded technologies improve visibility, generate energy, communicate with autonomous and connected vehicles, and monitor road conditions. They also collect and analyze real-time traffic and vehicle data to reduce street congestion and optimize e-tolling, payment gateways, and parking experiences.

Global Temperature Smart Roads Market Dynamics

Drivers

• High investments on development of smart infrastructure

One of the encouraging factors driving growth in the temperature smart roads market is the increasing investment in smart city designs. Certain plans lead the way in developing countries, where governments invest billions of dollars in smart city designs. These embedded technologies improve visibility, generate energy, communicate with autonomous and connected vehicles, and monitor road conditions. Furthermore, lowering the cost of internet of things (IoT) sensors is a major factor driving the growth of the temperature smart roads syndicate. Consumption management companies take this very seriously, as sensors will be installed in data visualisation programmes and screening support to help traffic management and flow.

The rising popularity of hyper connectivity and advent of disruptive technologies

People like hyper-connectivity because it allows for active interaction between people and devices. The Internet of Things' gradual evolution allows billions of devices to connect and interact, boosting the growth of the temperature smart roads market. Furthermore, governments have identified disruptive technology as an important component of temperature-smart roads. It helps governments develop strategies as they incorporate these technologies to address metropolitan challenges such as rising power usage, safety, productivity, environmentally friendly transportation, water distribution and management, and crime and terrorism protection/security.

Opportunities

• Increasing collaborations and mergers

Maintaining relationships between public and private entities will help to shape how smart digital infrastructure is developed, funded, and delivered in the coming years. Increased collaborations between the public and private sectors to deliver temperature smart roads-specific services and infrastructure are key factors driving the market's growth.

Aside from that, government organizations worldwide are taking various steps to launch temperature smart roads projects and collaborating with major technology companies to implement IoT across cities. These collaborations and partnerships with technology vendors for developing IoT applications are creating potential growth opportunities.

Restraints

• High deployment cost

Smart city solutions cannot be implemented in economies with limited resources due to the high cost of deploying these systems. Integrating major functions like big data analytics necessitates a lot of design, coding, testing, and documentation. The cost of transforming existing infrastructure discourages governments from continuing large-scale investments. While smarter infrastructure reduces operating costs and increases energy efficiency, the initial costs are a significant barrier.

This temperature smart roads market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the temperature smart roads market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

COVID-19 Impact on Temperature Smart Roads Market

The outbreak of COVID-19 had a significant impact on highway project construction, particularly after the initial outbreak, due to supply chain disruptions caused by lockdown-induced transportation restrictions. Furthermore, the resulting decrease in traffic impacted toll collection and other highway revenue streams. However, the pandemic has drawn attention to the benefits of smart technologies on highways, which are expected to support market growth during the forecast period.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Development

• In May 2022, As part of the English government's effort to fill all lanes of the country's technology-enhanced roads with traffic at the same time, England's smart highways received new radar technology to detect broken-down vehicles.
• In April 2022, Lexana, Kansas, approved a 10-year pilot program to deploy smart pavement technology at five intersections through a public-private partnership. The P3 project represents a significant step forward in the deployment of the technology, which includes precast concrete road sections embedded with fibre optic connectivity and digital technology for traffic data collection via Wi-Fi, in-roads sensors, 5G, and more via antennas in the expansion ports, edge services, cloud access, and wireless electric vehicle charging.

Global Temperature Smart Roads Market Scope

The temperature smart roads market is segmented on the basis of technology, sensor and deployment. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Technology

• Transportation and Communication Systems
• Traffic Management System

Sensor

• Anemometers
• Strain Gauges
• Accelerometers
• Temperature Sensors

Deployment

• On-Premise
• On-cloud

Temperature Smart Roads Market Regional Analysis/Insights

The temperature smart roads market is analyzed and market size insights and trends are provided by country, technology, sensor and deployment as referenced above.

The countries covered in the temperature smart roads market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America leads the temperature smart roads market due to various technological advancements and technologically advanced countries such as Canada and the United States, as well as many players manufacturing smart road equipment in this region.

Asia-Pacific is expected to grow at a significant rate because of emerging countries like China and Japan, which are paying close attention to road safety and working on various projects for smart roads in the region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Temperature Smart Roads Market Share Analysis

The temperature smart roads market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to temperature smart roads market.

Some of the major players operating in the temperature smart roads market are:

• Kapsch Traffic Com (Austria)
• Thales (France)
• Alstom (France)
• MSR-Traffic GmbH (Germany)
• Cubic Corporation (U.S.)
• SNC-Lavalin (U.K.)
• Cisco System, Inc. (U.S.)
• Accenture (Ireland)
• IBM (U.S.)
• LG CNS (South Korea)
• TOSHIBA CORPORATION (Japan)
• Schneider Electric (France)
• Siemens (Germany)

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