Traffic Signals Market By Application, Product, Geography, Recognition, Signalling And Forecast 2023-2032|SWARCO AG, Envoys, Aldridge Traffic Systems, Federal Signal, DG Controls

The Traffic Signals Global Market Report 2023 by The Business Research Company, provides traffic signals market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Traffic Signals Global Market Report 2023, the market size will grow from $26.21 billion in 2022 to $28.41 billion in 2023 at a compound annual growth rate (CAGR) of 8.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global traffic signals is expected to grow to $38.1 billion in 2027 at a CAGR of 7.6%.

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.

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The traffic signals market is segmented:

1) By Type Of Power: Electric Power, Solar Energy

2) By Product Type: Portable, Stationary

3) By End Use: Railway, Airport, UrbanTraffic, Other End-Uses

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 that 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 June 2022, Greater Hyderabad Muncipal Corporation (GHMC), has deployed new Adaptive Traffic Signal Control (ATSC) systems that alter the color of traffic signals based on real-time traffic information. The ATSC system reduces delays by combining local and network-level optimization to optimize traffic flow along the city’s principal corridors. Composite Signal Control Strategy (CoSiCoSt), a new adaptive control technique, is created by the Centre for Development of Advanced Computing (C-DAC). To handle area-wide, real-time traffic, the CoSiCoSt modifies the cycle time, green splits, and offsets in conjunction with surrounding intersections.

The traffic signals market report table of contents includes: