Global smart highway construction market will grow at an exponential rate and post a CAGR of almost 94% by 2021
Technavio has published a new report that identifies the five leading vendors in smart highway construction. The global smart highway construction market 2017-2021 report also lists 14 other leading vendors who are expected to impact the market from now until 2021.
According to the report, the smart highway construction market will grow at an exponential rate and post a CAGR of almost 94% by 2021. The vendors in this market can expect significant market growth in the coming years since governments worldwide are looking for effective solutions to reduce traffic congestion and road traffic accidents.
Gaurav Mohindru, a lead research analyst at Technavio construction research said: “The major growth driver for the global smart highway construction market is the development of industrial and economic corridors. For example, the government of India plans to develop an industrial economic corridor between Delhi and Mumbai. Such projects will generate demand for the construction of smart highways in the coming years.”
Vendors in the market are likely to grow during the forecast period as more smart highway projects proposals gain momentum worldwide. Furthermore, the growth of urban population is already taking its toll on the current road infrastructure due to the surge in the number of vehicles on the road, leading to traffic congestion especially in densely populated cities such as Mumbai, London, New York, and Barcelona. To counter such challenges, smart highway constructions are likely to increase globally, driving the growth of the global smart highway construction market.
The five leading vendors identified in the report are:
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