Selbyville, Delaware, July 04, 2024 (GLOBE NEWSWIRE) --
The traffic signal controller market valuation is predicted to cross USD 14.7 billion in revenue by the end of 2032, as reported in a research study by Global Market Insights Inc.
The rising episodes of traffic fatalities influenced by factors, such as driver behavior and inadequate road infrastructure will outline the market growth. Traffic signal controllers are being continuously tested and refined to better synchronize traffic flow and enhance safety measures. Moreover, these controllers are actively enhanced to incorporate advanced technologies and real-time data to reduce congestion and effectively address traffic fatalities while contributing to overall road safety improvements. For instance, according to INRIX’s 2023 Global Traffic Scorecard, the rate of U.S. traffic fatality rose by 19% in 2022 compared to 2019, while Germany projected a 9% increase for 2022. This is highlighting the urgent need for advanced traffic signal controllers to enhance road safety and reduce fatalities.
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Traffic signal controller market value from the suburban areas segment is expected to experience growth at a substantial CAGR through 2032. This is owing to the higher adaption of traffic signal controllers to accommodate rising traffic demands given the growing population in suburban areas. The integration of smart technologies is helping to focus on optimizing traffic flow and enhancing safety. The surging commitment to meeting the evolving needs of suburban communities for smoother and safer transportation solutions will add to the segment growth.
The services segment in the traffic signal controller industry is projected to expand at a significant growth rate between 2024 and 2032, due to the rising rate of urbanization and the need for efficient traffic management. As cities are expanding, the demand for traffic signal controller services is continuing to grow to handle traffic flow effectively. With technology advances and cities becoming smarter, these services are continually sought after. This ongoing demand is underscoring the critical role these services play in optimizing traffic flow and enhancing overall urban mobility and safety.
Asia Pacific traffic signal controller market size is expected to witness robust growth between 2024 and 2032. With the increasing urban population in the region, efficient traffic signal controllers have grown crucial for reducing congestion and improving traffic flow. According to UN-Habitat, Asia's urban population is projected to grow by 50% by 2050, adding 1.2 billion people. This growth is underscoring the critical need for advanced traffic signal controllers to manage increased urban traffic efficiently and sustainably.
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Some of the top firms engaged in the traffic signal controller market include Atkins, Econolite, PTV Group, Sumitomo Electric Mfg Co, Johnson Controllers, Siemens AG, SWARCO AG, Temple Inc., Traffic Technologies Pty Ltd, and Yunex Traffic. These market players are forming partnerships and are working on new product developments to scale their revenue sales. For instance, in January 2023, Yunex Traffic partnered with LYT to enhance urban mobility, transit, and emergency solutions. This collaboration focused on integrating advanced traffic signal controllers for optimizing traffic flow and enhancing safety across urban environment.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates and calculations
1.2.1 Base year calculation
1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research & validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market definitions
Chapter 2 Executive Summary
2.1 Traffic Signal Controller Market 3600 synopsis, 2021 - 2032
Chapter 3 Traffic Signal Controller Market Insights
3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.2.1 Hardware providers
3.2.2 Software providers
3.2.3 Technology providers
3.2.4 Service providers
3.2.5 End-user
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Key news & initiatives
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Increasing urbanization and traffic congestion in cities
3.8.1.2 Demand for improved safety and efficiency
3.8.1.3 Advancements in traffics control technology
3.8.1.4 Rise of smart city initiatives
3.8.2 Industry pitfalls & challenges
3.8.2.1 Lack of standardization
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
