Global Traffic Signals Market Trends And Strategies Of Major Players In The Traffic Signals Market 2021-2030
13 Sep, 2021
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.
Global Traffic Signals Market Size And Drivers:
The global traffic signals market is expected to grow from $139.16 billion in 2020 to $145.84 billion in 2021 at a compound annual growth rate (CAGR) of 4.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $181.94 billion in 2025 at a CAGR of 6%. Installing new traffic signals for increasing traffic speed and reducing accidents is contributing to the growth of the traffic signals market.
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Trends In The Global Traffic Signals Market
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.
Global Traffic Signals Market Segments:
The global traffic signals market is further segmented –
By Type Of Power: Electric Power, Solar Energy
By Product Type: Portable, Stationary
By End Use: Railway, Airport, Urban Traffic, Others
By Geography: The global traffic signals market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
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https://www.thebusinessresearchcompany.com/report/traffic-signals-global-market-reportTraffic Signals Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides traffic signals market overviews, analyzes and forecasts market size and growth for the global traffic signals market, traffic signals market share, traffic signals market players, traffic signals market segments and geographies, traffic signals market’s leading competitors’ revenues, profiles and market shares. The traffic signals market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.