Globally, the Intelligent Traffic Signal Controller Market is expected to expand at a significant CAGR over the next few years due to its growing scope and applications. Key factors such as high focus on improving road safety and boosting the operational performance of the transportation systems, rapid urbanization across the globe, and increasing traffic congestion are expected to boost global market revenue growth during the forecast period.
Traffic is a major concern for majority of the countries around the globe and over years, it has drastically increased, considering the rising population and urbanization. In addition to this, roadway highway congestion and accident are increasing too. To cater to this, various types of surveillance tools and traffic signal controllers are deployed for regulating traffic flow on the existing infrastructure. The intelligent traffic signal controllers are installed at road intersections for monitoring and conducting rod traffic control in accordance with time of the day and road conditions.
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However, high cost of intelligent traffic signal controllers, lack of government funds to deploy advanced traffic signal controllers, and absence of universal and standardized technologies are some key factors expected to hamper overall market growth to a certain limit over the forecast period.
Fixed Time Segment To Register Rapid Revenue CAGR:
The fixed time segment revenue is expected to expand at a rapid CAGR over the forecast period. This can be attributed to growing urbanization, rising intensity of traffic on the roads, rapid advancements in advanced intelligent traffic signal controller systems, and high preference for fixed time signals for enhancing traffic control and providing same amount of time for each time movement.
Urban Segment to Account for Largest Revenue Share:
The urban segment is expected to account for largest revenue share between 2023 and 2028 owing to rapidly expanding urban population, improving living standards, rising concerns about traffic congestion and accidents, growing concerns about environmental pollution, and rising need for intelligent traffic signal controller systems.
North America to Lead In Terms of Revenue Share:
North America is expected to account for largest revenue share in the global market during the forecast period owing to rapid adoption of advanced intelligent traffic management systems across the region and high focus on improving transportation infrastructure to reduce the number of accidents, fatalities, and highway congestion. In addition, rapidly expanding intelligent cities and smart infrastructure, presence of well-established technological giants, and rising investments in developing novel products are expected to drive North America market growth between 2023 and 2028.
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Intelligent Traffic Signal Controller Industry Recent Developments:
In March 2021, Econolite, a global leader in one stop-shop traffic management system announced the launch of EVO RADAR, best-in class detection sensor that provides superior traffic detection accuracy and reliability. It can serve detection needs for automated traffic signal performance measures, bicycle differentiated signal timing and pedestrian-in-crosswalk applications.
Intelligent Traffic Signal Controller Market By Company:
QTC (Traffic Technologies Ltd.)
Johnson Controls (Tyco Traffic & Transportation)
Nanjing Les Information Technology
Sumitomo Electric Industries
The global intelligent traffic signal controller market has been segmented based on type, application, and region:
Intelligent Traffic Signal Controller Market Segment by Type:
Intelligent Traffic Signal Controller Market Segment by Application:
Intelligent Traffic Signal Controller Market Production by Region:
Intelligent Traffic Signal Controller Market Consumption by Region:
North America (USA, Canada)
Europe (Germany, France, UK, Italy, Russia)
Asia Pacific (China, Japan, South Korea, India, Australia, Taiwan, Indonesia, Thailand, Malaysia, Philippines, Vietnam)
Latin America (Brazil, Argentina)
Middle East & Africa (Turkey, Saudi Arabia, U.A.E)
Key Reasons to Purchase:
Estimates 2023 to 2028 intelligent traffic signal controller market current market trends and development trends
Market dynamics along with growth opportunities of the market in the years to come
Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the intelligent traffic signal controller market
Competitive landscape involving market share of the major players, new strategies and projects adopted by players in the last five years
Comprehensive company profiles covering product offerings, key financial information, SWOT analysis and strategies employed by major market players
Brief about impact of COVID-19 on the global intelligent traffic signal controller market
Key Questions Addressed:
What revenue CAGR is the global market expected to register during the forecast period?
Which key players are leading in the global intelligent traffic signal controller market?
What is the expected market size of the global intelligent traffic signal controller market between 2023 and 2028?
What factors are expected to open new growth avenues and opportunities for existing and emerging market players?
What are some of the key challenges that the global market is expected to face during the forecast period?
Which region is expected to account for largest revenue share over the forecast period?
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