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Traffic Signals Global Market Report 2024 - By Demand, Size, Share And Industry Trends, Forecast To 2033
Traffic Signals Market
As per the report, 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 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%.
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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.
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.
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
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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
Contents of the report:
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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