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Traffic Lights Market is expected to reach US$ 5.3 billion by 2026 at a CAGR of 7.5%

01-30-2023 05:02 PM CET | Tourism, Cars, Traffic

Press release from: Persistence Market Research Pvt. Ltd

/ PR Agency: Persistence Market Research
Traffic Lights Market

Traffic Lights Market

Traffic Lights Market

The global traffic lights market is expected to grow significantly over the next few years, driven by increasing urbanization, rising road construction activities, and growing concerns for road safety. In 2020, the market size was estimated at US$ 3.4 billion and is expected to reach US$ 5.3 billion by 2026, growing at a CAGR of 7.5% during the forecast period.

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The Traffic Lights Market is a rapidly growing industry that is essential for the safety and efficiency of our roads. Traffic lights are used to control the flow of vehicles, pedestrians, and other road users, as well as to provide visual cues for navigation. Traffic lights can be found in almost any country, from the United States to India, with varying sizes and shapes. Traffic lights also have different functionalities such as timing functions and smart features like sensors for traffic or weather conditions.

As technology evolves, traffic lights are becoming more advanced than ever before. Traffic signals are able to detect the presence of vehicles on the road by means of radar or cameras installed at intersections. This helps them alter the light sequence according to the traffic conditions and regulate the flow of vehicles more effectively. Traffic lights can also be connected to computers in order to alert drivers when an intersection is congested or an accident has occurred. Furthermore, these systems can help manage traffic patterns during rush hour periods, helping reduce congestion on busy roads.

Key Players- 

• SWARCO AG
• Walker Brothers
• P. Trading & Consultant
• Traffic & Parking Control Co., Inc.
• Qifayath Enterprises
• MoboTrex
• Bartco Traffic Equipment Pty Ltd.
• Pyrotech Electronics Pvt. Ltd.
• North America Traffic
• MIMIC (Brand Of Steam Airetric Controls)

The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data.

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Traffic Lights Market: segmentation

Traffic Lights Market By technology:

• Incandescent lights
• LED lights

Traffic Lights Market By application

• Street lights
• Junction signals
• Cyclists
• Pedestrians
• Equestrians
• Zebra crossing

Traffic Lights Market By Region:

The regional segment includes North America, Europe, Asia Pacific, South America, and Middle East and Africa. Asia Pacific is expected to continue to dominate the market, driven by the large population and rapid economic growth in countries such as China and India. Europe and North America are also expected to see significant growth due to increasing road construction activities and a focus on road safety.

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Overall then it's clear that Traffic Lights Market shows no signs of slowing down anytime soon; with advancements continuing being made both in terms of hardware components such as LED lighting fixtures but also with software solutions being developed such as TLMS systems-there's still plenty of growth within this space yet ensuring roads remain safe whilst also allowing governments save money by keeping maintenance costs low where possible too!

Conclusion

The global traffic lights market is expected to grow significantly over the next few years, driven by increasing urbanization, rising road construction activities, and growing concerns for road safety. 

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Business intelligence is the foundation of every business model employed by Persistence Market Research. Multi-dimensional sources are being put to work, which include big data, customer experience analytics, and real-time data collection. Thus, working on "micros" by Persistence Market Research helps companies overcome their "macro" business challenges.

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