As per Future Market Insights, the traffic signal controller market is anticipated to attain a value pool of US$ 5 billion by 2023-end. Global demand for traffic signal controllers is expected to rise at a CAGR of 11.6% to US$ 15 billion in 2033.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 5 billion |
| Projected Market Value in 2033 | US$ 15 billion |
| Growth Rate (2023 to 2033) | 11.6% CAGR |
Demand for Traffic Signal Controller will witness durable recovery in the short-term, with an assured growth outlook in the long run.
Augmentation due to increasing the urbanization and construction of junction on the road which aggrandizes the use of traffic signal for smooth traffic operations and for better traffic management the controller commodity also needs to be there.
Increasing urbanization and also increasing intensity of the traffic on the roads traffic signals are the major requirement for the smooth operation of the traffic and for maintaining ultimate protection to the rider and vehicle so better controlling a controller is required.
The demand of the controller on the application is wide common in small as well as in large intersection due to the running traffic for providing safe and smooth road traffic by conducting road traffic control following the time of day and the road traffic condition and also perform advanced road traffic control to eliminate congestion.
The demand for the interactive traffic management for eco-efficient mobility by advancing more rapidly than ever before connecting the traffic signals with clouds which are widely used. Traditional traffic management relied on sensors but the new systems are cloud based and all controller are also controlled from remote location and also from distance.
Urban area application of the commodity is ideal for the sale to get augmented during the assessment period due to the traffic density in the urban areas are more than other applications. The sales are likely high due to the combination of roads of smaller and larger intersections.
In this pandemic the market doesn’t get too much affected in some of the regions due to the use of traffic signals are not affected during this pandemic.
The Asia Pacific is expected to be a prominent region of growth as with primarily rising out from emerging economies in South East Asian Nations in upcoming years, where rampant urbanization rate and on-road vehicular fleet has witnessed an increase. For e.g. Manila which is touted as one of the high vehicular traffic congestion prone cities in the world, does provide a lucrative opportunity for traffic signal controllers.
Japan, and South Korea have been understood to be the early adopters of the system which has been instrumental in establishment of the market over 10+ years. China and India having high population base and witnessing major urban infrastructure projects are also expected to contribute to the regional market growth to a large extent.
North America is expected to offer to sound good opportunities where USA is expected to play the leading role. The nation being embraced the system is foreseen to continue added installations of the systems from new construction projects.
In Latin America, major economies such as Brazil, Colombia, Chile are expected to usher in growth opportunities where major revamp of urban infrastructure and vehicular traffic management system is being planned by the regional authorities.
Some of the leading manufacturers and suppliers of Traffic Signal Controller include
On January 28, 2021 SWARCO AG awarded EU funded three traffic management project in Romania. The project worth of several million euros with total equipment to be supplied are installation of traffic light, traffic controllers, variable message signs, video cameras, traffic detector, etc,.
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