Pune, India, Aug. 03, 2023 (GLOBE NEWSWIRE) -- According to our latest market study on "Adaptive Traffic Control System Market Size Report, Forecast to 2030 – COVID-19 Impact and Global Analysis – by Type, Component, Application, and Geography," the market is expected to grow from US$ 6.37 billion in 2023 to US$ 23.02 billion by 2030; it is estimated to register a CAGR of 19.7% from 2023 to 2030. The growing installation of smart traffic projects is expected to fuel the growth of the market in North America during 2023-2030.
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In Europe, several industries are focusing on the adoption of advanced traffic control technologies. The European Commission (EC), with the support of various financial institutes, is developing innovative projects related to Intelligent Transportation Systems (ITS) and ensuring that it is rolled out consistently. In Europe, ITS plays an important role in promoting the driver safety and efficiently handling the rising congestion and emission problems. The installation of ITS offers a safer transportation system, which provides more sustainable and efficient services to its customers with the help of various technologies across all modes of freight and passenger transport, thus boosting the growth of the adaptive traffic control system market. Additionally, the upgradation of the existing system by integrating them with advanced technologies to offer new services is boosting the growth of the adaptive traffic control system market. For instance, the “Digital Single Market Strategy” adopted by the EC supports the usage of ITS solutions for achieving an efficient transport network for passengers and business management. This system is also used to enhance operations related to the modes of transport. Also, the EC is focusing on establishing the next generation of ITS solutions with the integration of Cooperative Intelligent Transport Systems (C-ITS), which, in turn, is supporting automation in the transport sector, further fueling the adaptive traffic control system market growth in Europe.
Furthermore, the demand for smart traffic management software and traffic management solutions are increasing in Europe as it is used to enhance the traffic flow as well as regulate the speed of vehicles to provide high-quality public transport corridor. The smart traffic control system comprises various interventions such as real-time traffic data online, public transport acceleration measures, strategic traffic control and management, and information management. In March 2023, Yunex Traffic announced that Transport for London (TfL) had awarded them a contract of US$ 215.21 million (£200 million) to install and maintain traffic signal assets across 21 of London’s 32 Boroughs and the City of London. Under this project, Yunex Traffic will work on the maintenance of 91 variable message signs (VMS); more than 4,000 traffic signal sites; and 30 over-height vehicle detector sites. Thus, all the above factors are fueling the adaptive traffic control system market growth in Europe.
The government of Germany is focusing on the construction of highways for smooth traffic flow. In March 2022, VINCI Highways announced that the expansion of the B247 road between Mühlhausen and Bad Langensalza in Germany had started. For the construction of this road, an amount of about US$ 545.61 million (EUR 500 million) is allocated. Similarly, in March 2022, Implenia announced that they were awarded the contract to construct the new 1.1 km long Elbe bridge near Wittenberge. The project has a total contract volume of ∼ US$ 155.90 million (EUR 140 million). Thus, the growing construction of new roads and bridges in Germany is bolstering the growth of the adaptive traffic control system market in the country.
Adaptive Traffic Control System Market: Component Overview
Based on component, the global adaptive traffic control system market is segmented into hardware, software, and services. The software segment in the adaptive traffic control system market held the largest market share in 2023, as adaptive traffic control system software helps monitor, detect, review, and reduce traffic issues in real time.
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Adaptive Traffic Control System Market: Competitive Landscape and Key Developments
Aldridge Traffic Controllers Pty Ltd, Digicon SA, EFKON India Pvt. Ltd., Efftronics Systems Pvt Ltd, Kapsch TrafficCom AG, Trafiksol ITS Technologies Pvt Ltd, Swarco AG, Cubic Transportation Systems Inc, Johnson Controls International Plc, Vivacity Labs Ltd, Miovision Technologies Inc, Rhythm Engineering Inc, No Traffic, Kimley-Horn and Associates Inc, Q-Free ASA, and Econolite Group Inc are among the key adaptive traffic control system market players profiled in the report which help in global traffic management. Several other essential adaptive traffic control system market players were analyzed for a holistic view of the market and its ecosystem. The adaptive traffic control system market report provides detailed market insights, which can help major players strategize their growth.
In 2023, ATC announced its participation in the 29th ITS World Congress in Suzhou, China The Summit will focus on finding new ways to accelerate smarter, safer, and sustainable transportation by harnessing technology's ever-expanding capabilities. It will also unite global leaders from government, industry, and academia.
In 2021, EFKON announced that it had installed FASTag technology on the Yamuna Expressway, India. The company stated that they finished the go-live process in record time. The 165-kilometer-long expressway is tolled at three points: Jewar, Mathura, and Agra. Four FASTag lanes will be in each plaza, two on each side. An estimated 80,000 vehicles utilize the expressway daily, resulting in long lines and congestion at toll plazas due to a lack of FASTag. FASTag installation is expected to reduce wait times on the Yamuna Expressway significantly. Even during busy hours, the new guidelines aim to minimize the time processing toll fees to only 10 seconds per car.
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