Traffic Signals Market:
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Executive Summary
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 which 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 2019, the Bengaluru traffic management has announced plans to integrate traffic signals with AI to monitor vehicle density for secured management of traffic. Cameras can track traffic density under the systems powered by AI and will also help in determining the time to allow vehicles to clear a signal.
The traffic signals market consists of sales of traffic signals and related services. They are used in safeguarding pedestrians and automobiles at busy intersections and prevents excessive traffic delays. Traffic signals, also known as traffic lights are signaling devices located at intersections between roads, pedestrian crossings and other locations to ensure safety in the orderly flow of traffic.
The global traffic signals market was worth $142.05 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 3.93% and reach $165.76 billion by 2023.
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The traffic signals market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. North America was the largest region in the traffic signals market in 2019.
The traffic signals market covered in this report is segmented by type of power into electric power and solar energy. It is also segmented by product type into portable, stationary and by end use into railway, airport, urban traffic and others.
Color change (Light Emitting Diode) LED technology are increasingly being used in the traffic signals lights market with the ability to create an impact across the market. Manufacturers are focusing on the development of LED-based lights that are not only energy and cost efficient, but are also extremely when durable compared with incandescent lights. LED is a rapidly growing technology in the traffic signals light industry. For an instance, Luxofor traffic light, designed by a Russian art studio, Art Lebedev, the Luxofor reinvigorates, incorporated with LED technology is pretty simple and makes it more visible. Color change LED technology is energy-efficient and extremely sustainable and provides cost-benefit.
In May 2018, Sterling Partners, a USA-based private equity company, specialized in investments in business services, education, and health care sectors, acquired Traffic Solutions Corporation for an undisclosed amount. The acquisition helped Sterling Partners LLC to broaden in new geographies, develop in existing markets and add new products and services. Traffic Solutions Corporation is a USA-based company that specializes in leasing, selling traffic control items such as barricades, message and arrow boards, crash cushions, and message boards with solar power, and also offers services such as installation of overhead signs, striping services, and closures of lanes, highways, and freeways.
Installing new traffic signals for increasing traffic speed and reducing accidents is contributing to the growth of the traffic signals market. Traffic signals are signaling systems mounted at road crossings and pedestrian crossings to monitor traffic flows. For instance, in 2020, according to ‘The Korea Bizwire’, The Korea Road Traffic Authority selected 80 intersections in the major urban areas of the country where gridlock is serious or traffic accidents occur regularly, and installed new traffic signals at the intersections that will help in reducing accidents and increases traffic Speed. This will lead to a better road infrastructure, with greater demand for traffic signals, which will boost the market growth. The installation of new traffic signals increased the demand for traffic signals, driving the market.
Major players in the market are, SWARCO AG, Envoys, Aldridge Traffic Systems, Federal Signal, DG Controls, Econolite Group, Horizon Signal Technologies, Arcus Light, and General Electric.Traffic Signals Global Market Report 2020 from The Business Research Company provides the strategists, marketers and senior management with the critical information they need to assess the global traffic signals market.
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