New York, July 27, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Traffic Signal Controller Global Market Report 2023" - https://www.reportlinker.com/p06480033/?utm_source=GNW
Ltd., PPK Technology Sdn. Bhd., QTC Traffic Technology Ltd., Traffic Technologies Pty Ltd., Indra Sistemas S.A., Swarco Group, Hisense Trans-Tech Co. Ltd., Hikvision, GreenWave and Fama (Original Chevy Light Co. Ltd.).
The global traffic signal controller market is expected to grow from $4.66 billion in 2022 to $6.52 billion in 2023 at a compound annual growth rate (CAGR) of 39.85%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The traffic signal controller market is expected to reach $45.59 billion in 2027 at a CAGR of 62.61%.
The traffic signal controller market consists of sales of controller cabinets, signal heads, detection sensors, communication devices, and video detection systems.Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
A traffic signal controller refers to an electronic device that is used to control the sequence of the signal lights at an intersection to optimize traffic flow and enhance safety.They can be programmed to operate in different modes and sequences, depending on traffic volume and pedestrian demand.
It helps to improve safety and efficiency on the roads, reduce traffic congestion, and minimize delays for drivers and pedestrians.
North America was the largest region in the traffic signal controller market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of controllers in traffic signal controllers are standard controllers, smart controllers, fixed-time controllers, and adaptive controllers.Standard controllers refer to electronic devices that control the timing and sequencing of traffic signals at intersections.
It includes various components such as hardware, software, and services, and they are used for several applications, including urban, suburbs, small and simple intersections, and large and complex intersections.
Increasing urban traffic congestion is expected to propel the growth of the traffic signal controller market going forward.Traffic congestion refers to the situation when a large number of vehicles are on the road and the flow of traffic is slowed or stopped due to high demand or limited road capacity.
Traffic congestion is a major problem in urban areas, where high population density and limited road infrastructure can exacerbate the issue.Traffic signal controllers are primarily used in traffic congestion to manage the flow of traffic at intersections.
They use sensors and timers to determine when to change the traffic lights, allowing for the smooth movement of vehicles through the intersections and helping reduce congestion and delays, improve safety, and increase the overall efficiency of the transportation network.So, these factors boost the traffic signal controller market.
For instance, in April 2021, the MIT Alliance for Research and Technology stated that US road congestion increased by almost 1 percent while the duration of congestion rose by 4.5 percent. Furthermore, in October 2020, according to U.S. News & World Report, a US-based media company, Boston was the most congested city in the US in 2019, with commuters spending an average of 149 hours, or slightly over six days, stuck in traffic. Therefore, increasing urban traffic congestion is driving the growth of the traffic signal controller market going forward.
Technological advancement is a key trend gaining popularity in the traffic signal controller market.Companies operating in the traffic signal controller market are adopting new technologies to sustain their position in the market.
For instance, in January 2021, Q-Free ASA., a Norway-based software company, launched Kinetic Signals, a new traffic signal control system. This innovative technology is designed to optimize traffic flow and reduce congestion by dynamically adapting traffic signal timing to real-time traffic demand. The system uses machine learning algorithms to predict traffic flow and adjust signal timings accordingly, resulting in smoother traffic flow and reduced travel time for drivers. This technology is a cloud-based system that can be easily integrated into existing traffic management systems. It also offers real-time analytics and reporting, enabling traffic engineers to quickly identify and respond to changing traffic conditions. Additionally, it contains features such as an extensive intersection editor, integrated ATSPMs, interactive reporting, and database administration with plenty of fine detail.
In March 2021, Siemens Mobility., a German-based railway company that offers rail automation products and solutions, acquired Aldridge Traffic Controllers Pty Ltd. (ATC)., for an undisclosed amount. With this acquisition, Siemens Mobility., aimed to further support sustainable urban mobility, reduce traffic congestion, and improve safety and efficiency on the roads. Aldridge Traffic Controllers Pty Ltd. (ATC)., is an Australia-based company engaged in manufacturing traffic signal controllers and other urban traffic management products.
The countries covered in the traffic signal controller market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The traffic signal controllers market research report is one of a series of new reports that provides traffic signal controllers market statistics, including traffic signal controllers industry global market size, regional shares, competitors with a traffic signal controllers market share, detailed traffic signal controllers market segments, market trends and opportunities, and any further data you may need to thrive in the traffic signal controllers industry. This traffic signal controllers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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