The traffic signal controller market is expected to see exponential growth in the next few years. It will grow to $67.43 billion in 2028 at a compound annual growth rate (CAGR) of 61.0%. The anticipated expansion in the forecast period can be ascribed to urbanization and population growth, governmental regulations, infrastructure development, an increase in vehicle ownership, and a focus on safety and accident prevention. Key trends expected in the forecast period encompass the adoption of smart city initiatives, the integration of IoT and connectivity, an emphasis on optimizing traffic flow, advancements in sensor technology, and a growing demand for adaptive traffic control.
The projected increase in urban traffic congestion is set to drive the growth of the traffic signal controller market in the foreseeable future. Urban traffic congestion occurs when a substantial number of vehicles are on the road, causing a slowdown or halt in traffic flow due to high demand or limited road capacity. This prevalent issue is particularly pronounced in urban areas characterized by high population density and constrained road infrastructure. Traffic signal controllers play a crucial role in managing traffic flow at intersections during congestion. By utilizing sensors and timers, these controllers determine optimal times to change traffic lights, facilitating smooth vehicle movement through intersections. This proactive management helps alleviate congestion, reduce delays, enhance safety, and improve overall transportation network efficiency. Notably, in April 2021, the MIT Alliance for Research and Technology reported a nearly 1% increase in US road congestion, coupled with a 4.5% rise in congestion duration. Consequently, the escalating challenge of urban traffic congestion is a key driver for the growth of the traffic signal controller market.
The growing concerns about traffic safety are expected to drive the expansion of the traffic signal controller market in the years ahead. Traffic safety concerns revolve around the well-being of individuals and vehicles on highways, arising from potential dangers and the imperative to mitigate accidents, injuries, and fatalities. Traffic signal controllers play a pivotal role in enhancing traffic safety by managing intersections, improving congestion, and implementing precautions for pedestrians, cyclists, and vehicles. For example, in August 2022, the National Highway Traffic Safety Administration, a US-based federal department of transportation, provided early estimates indicating that 9,560 people lost their lives in road accidents during the first quarter of 2022. This represented a 7% increase compared to the predicted 8,935 fatalities for the same period in 2021. Consequently, the escalating concerns regarding traffic safety are propelling the traffic signal controller market.
Technological advancement stands out as a prominent trend gaining traction in the traffic signal controller market. Companies within this market are embracing innovative technologies to maintain their competitive positions. For instance, in January 2021, Q-Free ASA, a Norway-based software company, introduced Kinetic Signals, a cutting-edge traffic signal control system. This technology is crafted to optimize traffic flow and alleviate congestion by dynamically adjusting signal timings based on real-time traffic demand. Utilizing machine learning algorithms, the system predicts traffic flow, ensuring smoother traffic movement and reduced travel time for drivers. This cloud-based system easily integrates into existing traffic management systems, providing real-time analytics and reporting capabilities for prompt responses to changing traffic conditions. Notable features include an extensive intersection editor, integrated ATSPMs, interactive reporting, and detailed database administration.
Major players in the traffic signal controller market are increasingly adopting a strategic partnership approach to offer comprehensive controllers and cabinets for traffic signals. Strategic partnerships involve leveraging each other's strengths and resources for mutual benefits and success. For example, in August 2023, Traffic and Parking Control Co., Inc., a US-based roadway safety innovations manufacturer, announced a partnership with SWARCO McCain, Inc. Through this collaboration, TAPCO will distribute SWARCO McCain's extensive range of traffic signal heads, cabinets, and controllers, seamlessly integrating them into smart city infrastructures. SWARCO McCain's ATC and NEMA cabinets, designed for efficiency and safety in junction operations, align with TAPCO's commitment to traffic safety and innovative transportation solutions.
In March 2021, Siemens Mobility, a German-based railway company specializing in rail automation products and solutions, acquired Aldridge Traffic Controllers Pty Ltd. (ATC) for an undisclosed amount. Siemens Mobility's acquisition aimed to further support sustainable urban mobility, alleviate traffic congestion, and enhance safety and efficiency on roads. Aldridge Traffic Controllers Pty Ltd. (ATC) is an Australia-based company engaged in manufacturing traffic signal controllers and other urban traffic management products.
Major companies operating in the traffic signal controller market report are Siemens AG, Johnson & Johnson Services Inc., Econolite Group Inc., Sumitomo Electric Industries Ltd., Sena Traffic Systems Sdn Bhd, Kyosan Electric Manufacturing Co. Ltd., PPK Technology Sdn. Bhd., QTC Traffic Technology Ltd., Traffic Technologies Pty Ltd., Indra Sistemas S.A., Swarco Group, Hisense Trans-Tech Co. Ltd., Hangzhou Hikvision Digital Technology Company Limited, GreenWave Technologies Ltd., Dynamic Traffic System, Original Chevy Light Co. Ltd., Aldridge Traffic Controllers Pty Ltd., Duolun Information Technology Co. Ltd., Jenoptik AG, McCain Inc., Peek Traffic Corporation, Sensys Networks Inc., Traffic Control Corporation, Eberle Design Inc., Intelight Inc., Flir Systems Inc., Trafficware Group Inc., Yangzhou FAMA Intelligent Equipment Co.Ltd., JARI Electronics Co. Ltd., Iteris Inc.
North America was the largest region in the traffic signal controller market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global traffic signal controller market report during the forecast period. The regions covered in the traffic signal controller market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the traffic signal controller market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Within the realm of traffic signal controllers, several types exist, each serving specific purposes. These include standard controllers, smart controllers, fixed-time controllers, and adaptive controllers. Standard controllers are electronic devices responsible for governing the timing and sequencing of traffic signals at intersections. They encompass a range of components, such as hardware, software, and services, and find application in various settings, including urban and suburban areas, small and uncomplicated intersections, as well as large and intricate intersections.
The traffic signal controllers market research report provides traffic signal controllers market statistics, including traffic signal controllers industry global market size, regional shares, competitors with a traffic signal controllers market share, detailed traffic signal controllers market segments, market trends and opportunities, and any further data you may need to thrive in the traffic signal controllers industry. This traffic signal controllers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The traffic signal controller market consists of sales of controller cabinets, signal heads, detection sensors, communication devices, and video detection systems. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
Executive Summary
This report provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on traffic signal controller market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
- Assess the Russia-Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Description
Where is the largest and fastest growing market for traffic signal controller? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
Scope
Markets Covered:1) By Component: Hardware; Software; Service
2) By Type: Standard Controllers; Smart Controllers; Fixed Time Controller; Adaptive Controller
3) By Application: Urban; Suburbs; Small And Simple Intersections; Large And Complex Intersections
Key Companies Mentioned: Siemens AG; Johnson & Johnson Services Inc.; Econolite Group Inc.; Sumitomo Electric Industries Ltd.; Sena Traffic Systems Sdn Bhd
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Siemens AG
- Johnson & Johnson Services Inc.
- Econolite Group Inc.
- Sumitomo Electric Industries Ltd.
- Sena Traffic Systems Sdn Bhd
- Kyosan Electric Manufacturing Co. Ltd.
- PPK Technology Sdn. Bhd.
- QTC Traffic Technology Ltd.
- Traffic Technologies Pty Ltd.
- Indra Sistemas S.A.
- Swarco Group
- Hisense Trans-Tech Co. Ltd.
- Hangzhou Hikvision Digital Technology Company Limited
- GreenWave Technologies Ltd.
- Dynamic Traffic System
- Original Chevy Light Co. Ltd.
- Aldridge Traffic Controllers Pty Ltd.
- Duolun Information Technology Co. Ltd.
- Jenoptik AG
- McCain Inc.
- Peek Traffic Corporation
- Sensys Networks Inc.
- Traffic Control Corporation
- Eberle Design Inc.
- Intelight Inc.
- Flir Systems Inc.
- Trafficware Group Inc.
- Yangzhou FAMA Intelligent Equipment Co.Ltd.
- JARI Electronics Co. Ltd.
- Iteris Inc.
Methodology
LOADING...