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Traffic Signals Market Rising Trends, Key Leading Players, Trends Analysis, Industry Share And Forecast To 2033
Traffic Signals Market Rising Trends
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
BASF SE, The Chemours Company, Tronox Holdings plc, Venator Materials PLC, Kronos Worldwide, Inc., Lanxess AG, Merck Group, Altana AG, Archroma Management LLC, DIC Corporation, SETAS, Sudarshan Chemical Industries Ltd., Jet-Mate Canada Inc., K. Sakai & Co. Ltd., Synthesia, Samixcolor S.P.A., Flint Group, PJSC Pigment, Atul Ltd., Cappelle, Taoka Chemical Co. Ltd., Toyo Ink SC Holdings Co., Kiri Industries Ltd., Chromatic India Ltd., Sun Chemicals, John Hogg & Co Ltd., Sciencedye, Ltd., Cathay Industries, Global Colors Z.A.O., Hangzhou Tiankun Chem Co., Meghmani Organics Ltd., Authentix, Qingdao Haiwan Specialty Chemicals Co., Asahi Songwon Colors Ltd., Union Colours, Yaroslavsky Pigment, Dominion Colour Corporation, Hangzhou Chungyo Chemicals, Sensient Technologies, Fitmor, Huntsman, Organic Dyes and Pigments LLC, Clariant International, NISHINO KINRYO CORPORATION, ECKART GmbH, Orion Colorchem Industries, Dainichiseika Color & Chemicals Mfg. Co., NOVACT Corporation, Mifal S.r.l., Abbey Color, Novyi Dom LLC, Heubach GmbH, Hikal Ltd., Arkema, National Industrialization Co.
Traffic Signals Market 2024 Key Insights:
• 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%.
• Enhancing Road Safety And Traffic Efficiency The Role Of New Traffic Signal Installations In Market Growth
• The Rise Of Artificial Intelligence In Traffic Signal Management
• The Asia-Pacific was the largest region in the traffic signals market in 2023
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