Traffic Signal Controller Market Size Worth USD 13.83 Billion, Globally, by 2030 at a CAGR of 15.1%
Fortune Business Insights
6 min read
Fortune Business Insights
Global Traffic Signal Controller Market to Experience a Healthy CAGR of 15.1% during 2023-2030; Increased Demand for Efficient Road Networks around the Globe to Propel Market Growth
Pune, India, Aug. 28, 2023 (GLOBE NEWSWIRE) -- The global traffic signal controller market size was valued at USD 4.62 billion in 2022. The market is projected to grow from USD 5.15 billion in 2023 to USD 13.83 billion by 2030, exhibiting a CAGR of 15.1% during the forecast period. The market is driven by rising traffic congestion, increasing urbanization, and the need for improved safety and efficiency on roadways. However, lack of uniformity and standardization can hamper the market growth. Fortune Business Insights presents this information in its report titled "Traffic Signal Controller Market, 2023-2030."
A traffic signal controller is a device used to manage and control traffic flow at intersections, pedestrian crossings, and other roadways. These devices include cabinets, detectors, signal controllers, and other components that enhance traffic flow and improve safety for drivers, pedestrians, and cyclists.
Increased Government Initiatives for Traffic Management System to Drive the Market Growth
Due to increasing urban traffic congestion, several governments are taking initiatives through their implementation solutions and projects and regulations of smart cities and traffic management systems to deploy intelligent services. Additionally, governments in multiple countries, such as Singapore, India, China, the UAE, Japan, and Korea, are working toward smart development of their economies. Such initiatives are projected to drive the market growth in the near future.
On the other hand, the system works effectively and efficiently and lasts long only if the technology supporting it is uniform and standardized. When the network encounters a foreign vehicle, it leads to errors. Data security and privacy concerns are expected to hinder the market growth.
COVID-19 Impact-
Delayed Projects Related to Infrastructure Due to COVID-19 Restrictions Impacted Market Growth
Contractors and companies, especially in the infrastructure sector, depend upon workforce and machinery on a larger scale due to supply chain interruptions and the unavailability of parts and equipment, impacting the projects. Due to the partial shutdown, the availability of materials and lesser labor impacted the market growth negatively.
Due to its Easy Structure, Standard Controller Dominated the Market
Based on product type, the market is classified into standard and smart controllers.
The standard controller segment dominated the market share in 2022 and is estimated to lead the market from 2023-2030. In comparison to smart controller, the standard controller is less expensive and has fewer features. The demand for smart controllers is attributed to the rising demand for adaptive systems in smart cities.
Rapid Urbanization and Increased Vehicle on Road to Dominate Urban Segment
On the basis of application, the market is split into urban and suburban. The urban segment is anticipated to have the largest traffic signal controller market share due to various factors such as travelling needs and the growing urban population. Rapid urbanization, increasing net worth of individuals, and improved living standards have increased the spending capacity of individuals.
Geographically, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage-
The report offers:
Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
Comprehensive insights into the regional developments.
List of major industry players.
Key strategies adopted by the market players.
Latest industry developments such as product launches, partnerships, mergers, and acquisitions.
Regional Insights-
Rising Popularity of Connected EVs to Drive the Largest Share in North America
The North American market of traffic signal controllers recorded USD 1.59 billion in 2021. The region is expected to lead the global market due to the presence of various manufacturers. The growing adoption and rising approval of connected EVs are anticipated to foster the North American market.
Europe marks the second-largest position in the market, of which Germany stands first in this regional market due to the presence of key auto manufacturers. Increasing support for AI and the government’s strict regulations on road safety are anticipated to escalate the traffic signal controller market growth.
Asia Pacific is estimated to be a rapidly-growing region from 2023-2030. The growth in this region is attributed to high population in India and China, accounting for around 38% of the global population.
Leading Players Adopt Acquisition Strategies to Stay Competitive
Several players in the market are using acquisition strategies to build their business portfolios and strengthen their market position. In addition, partnerships and collaborations are among the common strategies that companies adopt. Key market players are making R&D investments to bring advanced technologies and solutions.
List of Key Players Covered in Traffic Signal Controller Market Report-
Aldridge Traffic Controllers (Australia)
Traffic Technologies Pty Ltd (Australia)
Siemens AG (Germany)
Johnson Controllers (Ireland)
Econolite (U.S.)
Sumitomo Electric Mfg Co (Japan)
Dynamic Traffic Systems (Malaysia)
Sena Traffic Systems (Malaysia)
Kyosan Electric Mfg Co Ltd (Japan)
PPK Technology Sdn. Bhd (Malaysia)
Indra Sistemas, S.A. (Spain)
Traffic Signal Controller Market Segmentation:-
By Product Type
Standard Controller
Smart Controller
By Application
Urban
Suburbs
Key Industry Development:
March 2022: The Gurugram Metropolitan Development Authority (GMDA) declared the commencement of its work to convert 90 conventional traffic lights into smart traffic signals situated at various locations across the city.
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