Traffic Signals Global Market Report 2023
Traffic signals are devices installed alongside, beside, or above a roadway to direct, warn, and regulate the flow of traffic, including motor vehicles, motorcycles, bicycles, pedestrians, and other road users.
The main product types of traffic signals are portable and stationary. Portable Traffic Signals (PTS) are forms of temporary traffic management on single carriageways and are an alternative to human flaggers while creating a safer work zone. The various types of power are electric power and solar energy. The end uses of traffic signals are railway, airport, urban traffic and others.
The global 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
The global traffic signals 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. For instance, in 2020, according to 'The Korea Bizwire', the Korea Road Traffic Authority selected 80 intersections in the major urban areas of the country where gridlock is serious or traffic accidents occur regularly, and installed new traffic signals at the intersections that will help in reducing accidents and increases traffic Speed. This will lead to better road infrastructure, with greater demand for traffic signals, which will boost the market growth. The installation of new traffic signals increased the demand for traffic signals, driving the traffic signals market growth.
Major players in the traffic signals market are SWARCO AG, Envoys, Aldridge Traffic Systems, Federal Signal, DG Controls, Econolite Group, Horizon Signal Technologies, Arcus Light, General Electric, Alphatronics, Trafitronics, Leotek, Sinowatcher Technology, Peek Traffic, Pfannenberg, WERMA, Dialight, Fama Traffic, Traffic Technologies, Anbang Electric, Jingan, Vltronics, North America Traffic, Voxson, Traffic Safety Corp., Yaham, Messagemaker, Hunan Xiangxu Traffic & Lighting Co. Ltd., D.G. Controls and E2S.
Color change (Light Emitting Diode) LED technology are increasingly being used in the traffic signals lights market with the ability to create an impact across the market. Manufacturers are focusing on the development of LED-based lights that are not only energy and cost efficient, but are also extremely when durable compared with incandescent lights. LED is a rapidly growing technology in the traffic signals light industry. For an instance, Luxofor traffic light, designed by a Russian art studio, Art Lebedev, the Luxofor reinvigorates, incorporated with LED technology is pretty simple and makes it more visible. Color change LED technology is energy-efficient and extremely sustainable and provides cost-benefit.
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.
In July 2021, Miovision, a Canada-based developer of traffic management platform acquired Traffop for an undisclosed amount. With the acquisition, Miovision is expected to offer a software-only option for municipalities that want to analyze traffic data from their intersections without having to install any new hardware right away. Traffop is a Germany-based technology company.
The Asia-Pacific was the largest region in the traffic signals market in 2022. Asia-Pacific is expected to be the fastest-growing region in the global traffic signals market report during the forecast period. The regions covered in the global traffic signals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The countries covered in the traffic signals market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The traffic signals market consists of sales of equipment that are used to safeguard pedestrians and automobiles at busy intersections and prevent excessive traffic delays. Traffic signals, also known as traffic lights, are signaling devices located at intersections between roads, pedestrian crossings and other locations to ensure safety in the orderly flow of traffic. 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. Only goods and services traded between entities or sold to end consumers are included.
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.
The traffic signals market research report is one of a series of new reports from The Business Research Company that provides traffic signals market statistics, including traffic signals market industry global market size, regional shares, competitors with a traffic signals market share, detailed traffic signals market segments, market trends and opportunities, and any further data you may need to thrive in the traffic signals market industry. This traffic signals 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.
What is the meaning and importance of traffic signal lights?
Traffic Signal Lights can be defined as the instructor which is used to instruct drivers, riders, and pedestrians. The traffic light is one of the vital public facilities that play a very important role for road users. The various colors of lights are used in traffic lights to instruct road users.
There are three colors in traffic signal lights which are :
Red
Yellow
Green
Traffic Signal Lights
These three colors namely red, yellow, and green have their own significant meanings which are as follows :
- Red Light:
Red lights instruct the traffic to stop and wait till the next instruction is given.
- Yellow Light:
Yellow light tells drivers that the light will soon turn red, so they should slow down their vehicles.
- Green Light:
Green-colored traffic light is used to indicate or to give permission to the drivers, pedestrians, etc. that they can proceed ahead.
Importance of Traffic Lights
Traffic lights are used to control the movement of vehicles and passengers to ensure smooth and safe traffic. Traffic lights have been around for years and are used to efficiently guide traffic at intersections and crossings.
Since traffic lights apply some rules and regulations on the vehicle drivers and there is a major possibility to meet an accident for those who do not follow these instructions. Hence, Traffic lights help to reduce the rate of accidents on the roads.
Traffic lights also save time by coordinating traffic routes and flow without traffic jams.
It also helps to teach discipline to people in everyday life because the people who violate road rules and road safety signals have to pay fines to the authorities.
Before traffic lights, traffic police controlled the flow of traffic. Hence, traffic lights cut down the number of hours a traffic police had to spend on the road to instruct the traffic and thus save them from road
air pollution.
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FAQs on Traffic Signal Lights
Q 1. What are the advantages of traffic lights?
Answer-
The advantages of traffic lights would be that there would be an increase in the traffic holding capacity at any intersection and it is a valuable instrument to increase and improve the safety and efficiency of both pedestrian and vehicular traffic.
Q 2. What is the importance of yellow traffic lights?
Answer-
The AMBER (or Yellow) indicates to clear the road when changing from green to red.
Q 3. What is the importance of colors in a traffic light?
Answer-
Green refers to safe to proceed, yellow means caution and red means danger and stop.
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Last Updated :
28 Jun, 2023
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