Revolutionizing Traffic Management: Surge in Traffic Signal Market with the Rise of 3D Smart Signals || Econolite Group, ORIUX, SWARCO AG

As per The Business Research Company's Traffic Signals Opportunities And Strategies Market Report 2023, the global traffic signals market reached a value of nearly $26,215.0 million in 2022, having grown at a compound annual growth rate (CAGR) of 4.9% since 2017. The market is expected to grow from $26,215.0 million in 2022 to $38,101.5 million in 2027 at a rate of 7.8%. The market is then expected to grow at a CAGR of 7.4% from 2027 and reach $54,492.6 million in 2032.

The increasing road traffic accidents are expected to be a major driver for the traffic signals market. With the growing population, and its need for more cars, two wheelers and buses, road and train accidents have increased and are expected to grow in the future. Hence, governments across the world are expected to pay more attention towards road safety, which will help the traffic signals market grow. Commuters who use the roads frequently, such as motorcyclists, cyclists, pedestrians and users of public transportation, are more likely to die in road crashes in South Asia than anywhere else in the world.

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The usage of 3D smart signals is gaining popularity in the traffic signals market. Companies are focusing on integrating sensing technologies for better efficiency. The 3D technique makes traffic signals fully actuated and on a real-time basis, which regulates traffic movement based on the gravity of traffic approaching the signals through a self-sensing technique. For example, in 2019, Mohali (India), set up the country's first 3-D smart traffic signal system. The pilot project regulates traffic signals with a smart bird's eye view wireless sensor system. The sensors automatically switch on the green and red signals depending upon the number of vehicles coming from that side and to reduce the time to stop at the traffic signals.

The top opportunities in the traffic signals market segmented by type of power will arise in the electric power segment, which will gain $10,524.8 million of global annual sales by 2027. The top opportunities in segment by product type will arise in the stationary segment, which will gain $10,573.9 million of global annual sales by 2027. The top opportunities in segment by end user will arise in the urban traffic segment, which will gain $9,239.2 million of global annual sales by 2027. The traffic signals market size will gain the most in the USA at $2,959.9 million.

Traffic Signals Market Segmentation:
The traffic signals market is segmented by type of power, by product type, and by end-user.

By Type Of Power-
a) Electric Power
b) Solar Energy

By Product Type-
a) Portable
b) Stationary

By End-User-
a) Railway
b) Airport
c) Urban Traffic
d) Other End Users

Major players in the traffic signals market include The Goodyear Tire & Rubber Company, The Yokohama Rubber Co Ltd, Michelin, Continental AG, Bridgestone Corporation.

The regions covered in the global traffic signals market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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The latest report from The Business Research Company, 'Global Traffic Signals Opportunities And Strategies Market Report - Forecast To 2032,' provides a comprehensive global perspective with data and statistics from 60+ geographies, analyzing 7000+ market segments. The regional and country breakdowns section offers insights into each geography's market analysis, size, historic and forecast growth, and key strategies for industry competitiveness.

Traffic Signals Market Report Table Of Content
1. Executive Summary
2. Table Of Contents
3. List Of Figures
4. List Of Tables
5. Report Structure
…………
20. Key Mergers And Acquisitions
21. Opportunities And Strategies
22. Traffic Signals Market, Conclusions And Recommendations
23. Appendix

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