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Traffic Signals Global Market Report 2024 - By Drivers, Report, Size, Growth, Outlook By 2033
The Business Research Company presents an extensive market research report on the Traffic Signals Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The traffic signals market size has grown strongly in recent years. It will grow from $27.21 billion in 2023 to $29.01 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to strong economic growth in emerging markets, installation of new traffic signals for increased traffic and safety and increased investments in road infrastructure development.
The traffic signals market size is expected to see strong growth in the next few years. It will grow to $38.97 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to rising urbanization, increasing road traffic accidents and increased flight traffic. Major trends in the forecast period include focusing on led technologies for brighter lighting, lower power consumption, and longer lifespan, leveraging artificial intelligence to monitor traffic congestion and assist in traffic management and developing virtual traffic lights to eliminate the need for waiting at stop lights.
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Key Market Players:
Major companies operating in the traffic signals market report are LITE-ON Technology Corp, Econolite Group, Oriux, Swarco AG, Traffic Technologies Ltd, North America Traffic, Ver-Mac, ARCUS USA Inc, D G Controls Ltd, Alphatronics NV, Kyosan Electric Mfg. Co. Ltd., Envoys Electronic Pvt. Ltd, Sumitomo Electric Industries, Ltd., Trafitek Solutions Pvt Ltd, Efkon India Pvt., ITS Planners and Engineers, Microtrans Infratech Pvt. Ltd, Onnyx Electronisys Pvt. Ltd, Pfannenberg Group Holding, BELFOX Torautomatik GmbH, Dialight, Pfister Waagen Bilanciai GmbH, SRL, E2S Warning Signals, Johnson Controls, ELINTEL, La Semaforica srl, CROSS Zlín, a.s, SEA Company, Federal Signal, McCain Traffic Systems, K2 Traffic Engineering, Inc, Horizon Signal Technologies, General Electric, Leotek Electronics USA LLC, Peek Traffic, WERMA, Traffic Safety Corp, Pat-Traffic / IRD Argentina, BBE Led, SMB Safety Equipment Manufacturing LLC, Mtp Traffic Sign LLC, Al Mohanad Advertising, Automotor Traffic Signal Co, Zama Traffic Signals, TSA International, Syntell (Pty) Ltd, Ethio-Telecom
Market Drivers:
Installing new traffic signals for increasing traffic speed and reducing accidents is contributing to the growth of the traffic signals market. Traffic signals are signalling systems mounted at road crossings and pedestrian crossings to monitor traffic flows. For instance, in May 2023, The Nevada Department of Transportation, a US-based government agency,. started a project to add a traffic light and upgrade U.S. 50. The project would enhance safety and mobility on the highway corridor travelled by approximately 19,000 vehicles daily. The installation of new traffic signals increased the demand for traffic signals, driving the traffic signals market growth.
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https://www.thebusinessresearchcompany.com/report/traffic-signals-global-market-report
The traffic signals market covered in this report is segmented -
1) By Type Of Power: Electric Power, Solar Energy
2) By Product Type: Portable, Stationary
3) By End-User: Railway, Airport, Urban Traffic, Other End Users
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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