Traffic Signals Market 2024 - By Size, Segmentation, Application, Outlook And Opportunities Analysis By 2033

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Traffic Signals Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $38.97 billion In 2028 At A CAGR Of 7.7% :

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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Traffic Signals Market Major Segments
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

Key Driver - Enhancing Road Safety And Traffic Efficiency The Role Of New Traffic Signal Installations In Market Growth

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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Prominent Trend - The Rise Of Artificial Intelligence In Traffic Signal Management

Artificial intelligence is seen as an emerging trend in the traffic signals market. Traffic signals with artificial intelligence can reduce traffic congestion. Artificial intelligence (AI) refers to human intelligence simulation in machines that are programmed and capable of performing tasks that normally requires human intelligence such as visual perception, speech recognition, decision making, and language translation. For instance, in June 2022, Greater Hyderabad Muncipal Corporation (GHMC), has deployed new Adaptive Traffic Signal Control (ATSC) systems that alter the color of traffic signals based on real-time traffic information. The ATSC system reduces delays by combining local and network-level optimization to optimize traffic flow along the city's principal corridors. Composite Signal Control Strategy (CoSiCoSt), a new adaptive control technique, is created by the Centre for Development of Advanced Computing (C-DAC). To handle area-wide, real-time traffic, the CoSiCoSt modifies the cycle time, green splits, and offsets in conjunction with surrounding intersections.

Traffic Signals 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

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Largest And Fastest Growing Region In The Market
The Asia-Pacific was the largest region in the traffic signals market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global traffic signals market report during the forecast period. The regions covered in the traffic signals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Traffic Signals Market Report Structure
3. Traffic Signals Market Trends And Strategies
4. Traffic Signals Market - Macro Economic Scenario
5. Traffic Signals Market Size And Growth
…..
27. Traffic Signals Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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