Traffic Signal Controller Market
Traffic Signal Controller Market Forecasts to 2028 - Global Analysis By Product Type (Adaptive Controller, Smart Controllers, Coordinated Controller, Standard Controllers, Fixed Time Controller and Other Product Types), Application (Small and Simple Intersections, Large and Complex Intersections, Urban, Suburbs and Other Applications) and By Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2022) |
US $4.62 BN |
|
Projected Year Value (2028) |
US $11.43 BN |
|
CAGR (2022 - 2028) |
16.2% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Traffic Signal Controller Market is accounted for $4.62 billion in 2022 and is expected to reach $11.43 billion by 2028 growing at a CAGR of 16.2% during the forecast period. To regulate the sequence and timing of traffic lights, a traffic signal controller is an automated system that monitors and alters the demands of automobiles and pedestrians. Traffic flow at adjoining intersections can be synchronised when utilised in combination with a coordinated adaptive traffic signal controller. With advanced surveillance tools, the traffic signal controller has enabled traffic low regulation efficiently on the existing road infrastructure. It has condensed unnecessary jamming of roads due to cross movements of vehicles resulting in smooth flow of traffic and minimizing accidents.
According to the World Health Organization, nearly 1.25 million deaths occur due to road accidents, annually. The efforts of various governments to reduce fatalities from road accidents have led to increased safety standards in new vehicles.
Market Dynamics:
Driver:
Increasing urbanization
Growing urbanization results in amplified expenditure ability of the population which in turn surges the sale of automobiles. Nonetheless, it also leads in obstacles, includes fast-tracked demand for well-linked transport systems, and other infrastructure. Mounting urban population requires operative commute necessities for smooth transportation of humans and goods. Hence, these are the factors driving the growth of the market.
Restraint:
Lack of standardized and uniform technologies
The presence of multiple companies without the following standardization creates a challenge for users to implement the system. If an existing system is working, incorporating a new system from a different company is a challenge as both systems do not need to be able to work in coordination. The legacy systems may also lack advancements and work on older analog or purely electric systems for traffic control. Consequently, these factors are the restraining the market growth.
Opportunity:
Increased demand for efficient road networks
Developed economies are now focusing on an environment friendly commute that is giving rise to technologies such as electric vehicles, connected vehicles, and autonomous vehicles. These vehicles function by meeting data from their surroundings, exchanging it with other vehicles, connecting to the smart transportation authorities access. The surge in demand for connectivity solutions, encouraging development and promotion of green fuel are responsible for the growing demand for traffic signal controllers across the world.
Threat:
High cost associated with equipment installation
Huge initial investments are required for setting up traffic management system that includes installing multiple hardware components. These systems have a high equipment cost, and their accuracy depends on environmental conditions. Also, the operational and maintenance expenses regularly add to the overall cost. The installation and maintenance are undertaken by skilled labour who charges for their expertise. Thus, this factor is hindering the market growth.
Covid-19 Impact
The global outbreak of the COVID-19 pandemic has had an adverse influence on sales of the traffic signal controller, whose sales have been impacted unfavourably owing to the downfall in the global economy bionetworks. This pandemic has instigated enormous hesitation in the industry and a fright situation for all industrial value chain players involved.
The standard controller segment is expected to be the largest during the forecast period
The standard controller segment is estimated to have a lucrative growth, due to increasing demand for connected and autonomous vehicles. It works on fixed timing settings in the microcontroller. Rising traffic congestion and road accidents due to growing transportation in regions and areas with less density boost the market growth.
The urban segment is expected to have the highest CAGR during the forecast period
The urban segment is anticipated to witness the fastest CAGR growth during the forecast period, due to traffic density in metropolitan locations is higher than in other applications, it is optimal for the sale of the product to increase during the assessment time. Because of the mix of smaller and larger junctions, sales are anticipated to be high. So, this major factor will drive the growth of urban segment in the global traffic signal controller during the forecast period.
Region with highest share:
North America is projected to hold the largest market share during the forecast period owing to increase in the number of automobiles owned by individuals. The existence of well-established infrastructure and technical titans is also credited with the market's growth. Additionally, strict government intervention and increased support for artificial intelligence and automation will drive overall growth of the market.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period, owing to the growing automobile adoption and urbanization. Due to the high population density and the emergence of smart cities in this region are estimated to drive the market for traffic signal controllers. Therefore, these factors are expected to drive the region growth.
Key players in the market
Some of the key players profiled in the Traffic Signal Controller Market include Tyco, Econolite, Hikvision, Hisense TransTech, DINGPENGTRAFFIC, JARIEC, Greenwave, ATC, FAmA, Siemens, ShanghaiDongchuanITS, DUOLUNTECHNOLOGY, QTC (Traffic Technologies Ltd), SWARCOAG, KYOSAN, SumitomoElectric, Johnson Controls.
Key Developments:
In Jan 2021, SWARCO AG has been awarded three EU-funded traffic control projects in Romania. Development of traffic lights, traffic controllers, variable message signs, video cameras, traffic detectors, and other devices have all been part of the multimillion-euro initiative.
In September 2020, Siemens AG and Atos, who are global leader in digital transformation stated the expansion of their tactical collaboration deal, which was commenced in 2011. The contract focuses on fast-tracking Siemens’ digital purposes in the areas of services modernization and digitalization.
Product Types Covered:
• Adaptive Controller
• Smart Controllers
• Coordinated Controller
• Standard Controllers
• Fixed Time Controller
• Other Product Types
Applications Covered:
• Small and Simple Intersections
• Large and Complex Intersections
• Urban
• Suburbs
• Other Applications
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Application Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Traffic Signal Controller Market, By Product Type
5.1 Introduction
5.2 Adaptive Controller
5.3 Smart Controllers
5.4 Coordinated Controller
5.5 Standard Controllers
5.6 Fixed Time Controller
5.7 Other Product Types
6 Global Traffic Signal Controller Market, By Application
6.1 Introduction
6.2 Small and Simple Intersections
6.3 Large and Complex Intersections
6.4 Urban
6.5 Suburbs
6.6 Other Applications
7 Global Traffic Signal Controller Market, By Geography
7.1 Introduction
7.2 North America
7.2.1 US
7.2.2 Canada
7.2.3 Mexico
7.3 Europe
7.3.1 Germany
7.3.2 UK
7.3.3 Italy
7.3.4 France
7.3.5 Spain
7.3.6 Rest of Europe
7.4 Asia Pacific
7.4.1 Japan
7.4.2 China
7.4.3 India
7.4.4 Australia
7.4.5 New Zealand
7.4.6 South Korea
7.4.7 Rest of Asia Pacific
7.5 South America
7.5.1 Argentina
7.5.2 Brazil
7.5.3 Chile
7.5.4 Rest of South America
7.6 Middle East & Africa
7.6.1 Saudi Arabia
7.6.2 UAE
7.6.3 Qatar
7.6.4 South Africa
7.6.5 Rest of Middle East & Africa
8 Key Developments
8.1 Agreements, Partnerships, Collaborations and Joint Ventures
8.2 Acquisitions & Mergers
8.3 New Product Launch
8.4 Expansions
8.5 Other Key Strategies
9 Company Profiling
9.1 Tyco
9.2 Econolite
9.3 Hikvision
9.4 Hisense TransTech
9.5 DINGPENGTRAFFIC
9.6 JARIEC
9.7 Greenwave
9.8 ATC
9.9 FAmA
9.10 ShanghaiDongchuanITS
9.11 DUOLUNTECHNOLOGY
9.12 QTC (Traffic Technologies Ltd)
9.13 SWARCOAG
9.14 KYOSAN
9.15 SumitomoElectric
9.16 Johnson Controls
List of Tables
1 Global Traffic Signal Controller Market Outlook, By Region (2020-2028) ($MN)
2 Global Traffic Signal Controller Market Outlook, By Product Type (2020-2028) ($MN)
3 Global Traffic Signal Controller Market Outlook, By Adaptive Controller (2020-2028) ($MN)
4 Global Traffic Signal Controller Market Outlook, By Smart Controllers (2020-2028) ($MN)
5 Global Traffic Signal Controller Market Outlook, By Coordinated Controller (2020-2028) ($MN)
6 Global Traffic Signal Controller Market Outlook, By Standard Controllers (2020-2028) ($MN)
7 Global Traffic Signal Controller Market Outlook, By Fixed Time Controller (2020-2028) ($MN)
8 Global Traffic Signal Controller Market Outlook, By Other Product Types (2020-2028) ($MN)
9 Global Traffic Signal Controller Market Outlook, By Application (2020-2028) ($MN)
10 Global Traffic Signal Controller Market Outlook, By Small and Simple Intersections (2020-2028) ($MN)
11 Global Traffic Signal Controller Market Outlook, By Large and Complex Intersections (2020-2028) ($MN)
12 Global Traffic Signal Controller Market Outlook, By Urban (2020-2028) ($MN)
13 Global Traffic Signal Controller Market Outlook, By Suburbs (2020-2028) ($MN)
14 Global Traffic Signal Controller Market Outlook, By Other Applications (2020-2028) ($MN)
15 North America Traffic Signal Controller Market Outlook, By Country (2020-2028) ($MN)
16 North America Traffic Signal Controller Market Outlook, By Product Type (2020-2028) ($MN)
17 North America Traffic Signal Controller Market Outlook, By Adaptive Controller (2020-2028) ($MN)
18 North America Traffic Signal Controller Market Outlook, By Smart Controllers (2020-2028) ($MN)
19 North America Traffic Signal Controller Market Outlook, By Coordinated Controller (2020-2028) ($MN)
20 North America Traffic Signal Controller Market Outlook, By Standard Controllers (2020-2028) ($MN)
21 North America Traffic Signal Controller Market Outlook, By Fixed Time Controller (2020-2028) ($MN)
22 North America Traffic Signal Controller Market Outlook, By Other Product Types (2020-2028) ($MN)
23 North America Traffic Signal Controller Market Outlook, By Application (2020-2028) ($MN)
24 North America Traffic Signal Controller Market Outlook, By Small and Simple Intersections (2020-2028) ($MN)
25 North America Traffic Signal Controller Market Outlook, By Large and Complex Intersections (2020-2028) ($MN)
26 North America Traffic Signal Controller Market Outlook, By Urban (2020-2028) ($MN)
27 North America Traffic Signal Controller Market Outlook, By Suburbs (2020-2028) ($MN)
28 North America Traffic Signal Controller Market Outlook, By Other Applications (2020-2028) ($MN)
29 Europe Traffic Signal Controller Market Outlook, By Country (2020-2028) ($MN)
30 Europe Traffic Signal Controller Market Outlook, By Product Type (2020-2028) ($MN)
31 Europe Traffic Signal Controller Market Outlook, By Adaptive Controller (2020-2028) ($MN)
32 Europe Traffic Signal Controller Market Outlook, By Smart Controllers (2020-2028) ($MN)
33 Europe Traffic Signal Controller Market Outlook, By Coordinated Controller (2020-2028) ($MN)
34 Europe Traffic Signal Controller Market Outlook, By Standard Controllers (2020-2028) ($MN)
35 Europe Traffic Signal Controller Market Outlook, By Fixed Time Controller (2020-2028) ($MN)
36 Europe Traffic Signal Controller Market Outlook, By Other Product Types (2020-2028) ($MN)
37 Europe Traffic Signal Controller Market Outlook, By Application (2020-2028) ($MN)
38 Europe Traffic Signal Controller Market Outlook, By Small and Simple Intersections (2020-2028) ($MN)
39 Europe Traffic Signal Controller Market Outlook, By Large and Complex Intersections (2020-2028) ($MN)
40 Europe Traffic Signal Controller Market Outlook, By Urban (2020-2028) ($MN)
41 Europe Traffic Signal Controller Market Outlook, By Suburbs (2020-2028) ($MN)
42 Europe Traffic Signal Controller Market Outlook, By Other Applications (2020-2028) ($MN)
43 Asia Pacific Traffic Signal Controller Market Outlook, By Country (2020-2028) ($MN)
44 Asia Pacific Traffic Signal Controller Market Outlook, By Product Type (2020-2028) ($MN)
45 Asia Pacific Traffic Signal Controller Market Outlook, By Adaptive Controller (2020-2028) ($MN)
46 Asia Pacific Traffic Signal Controller Market Outlook, By Smart Controllers (2020-2028) ($MN)
47 Asia Pacific Traffic Signal Controller Market Outlook, By Coordinated Controller (2020-2028) ($MN)
48 Asia Pacific Traffic Signal Controller Market Outlook, By Standard Controllers (2020-2028) ($MN)
49 Asia Pacific Traffic Signal Controller Market Outlook, By Fixed Time Controller (2020-2028) ($MN)
50 Asia Pacific Traffic Signal Controller Market Outlook, By Other Product Types (2020-2028) ($MN)
51 Asia Pacific Traffic Signal Controller Market Outlook, By Application (2020-2028) ($MN)
52 Asia Pacific Traffic Signal Controller Market Outlook, By Small and Simple Intersections (2020-2028) ($MN)
53 Asia Pacific Traffic Signal Controller Market Outlook, By Large and Complex Intersections (2020-2028) ($MN)
54 Asia Pacific Traffic Signal Controller Market Outlook, By Urban (2020-2028) ($MN)
55 Asia Pacific Traffic Signal Controller Market Outlook, By Suburbs (2020-2028) ($MN)
56 Asia Pacific Traffic Signal Controller Market Outlook, By Other Applications (2020-2028) ($MN)
57 South America Traffic Signal Controller Market Outlook, By Country (2020-2028) ($MN)
58 South America Traffic Signal Controller Market Outlook, By Product Type (2020-2028) ($MN)
59 South America Traffic Signal Controller Market Outlook, By Adaptive Controller (2020-2028) ($MN)
60 South America Traffic Signal Controller Market Outlook, By Smart Controllers (2020-2028) ($MN)
61 South America Traffic Signal Controller Market Outlook, By Coordinated Controller (2020-2028) ($MN)
62 South America Traffic Signal Controller Market Outlook, By Standard Controllers (2020-2028) ($MN)
63 South America Traffic Signal Controller Market Outlook, By Fixed Time Controller (2020-2028) ($MN)
64 South America Traffic Signal Controller Market Outlook, By Other Product Types (2020-2028) ($MN)
65 South America Traffic Signal Controller Market Outlook, By Application (2020-2028) ($MN)
66 South America Traffic Signal Controller Market Outlook, By Small and Simple Intersections (2020-2028) ($MN)
67 South America Traffic Signal Controller Market Outlook, By Large and Complex Intersections (2020-2028) ($MN)
68 South America Traffic Signal Controller Market Outlook, By Urban (2020-2028) ($MN)
69 South America Traffic Signal Controller Market Outlook, By Suburbs (2020-2028) ($MN)
70 South America Traffic Signal Controller Market Outlook, By Other Applications (2020-2028) ($MN)
71 Middle East & Africa Traffic Signal Controller Market Outlook, By Country (2020-2028) ($MN)
72 Middle East & Africa Traffic Signal Controller Market Outlook, By Product Type (2020-2028) ($MN)
73 Middle East & Africa Traffic Signal Controller Market Outlook, By Adaptive Controller (2020-2028) ($MN)
74 Middle East & Africa Traffic Signal Controller Market Outlook, By Smart Controllers (2020-2028) ($MN)
75 Middle East & Africa Traffic Signal Controller Market Outlook, By Coordinated Controller (2020-2028) ($MN)
76 Middle East & Africa Traffic Signal Controller Market Outlook, By Standard Controllers (2020-2028) ($MN)
77 Middle East & Africa Traffic Signal Controller Market Outlook, By Fixed Time Controller (2020-2028) ($MN)
78 Middle East & Africa Traffic Signal Controller Market Outlook, By Other Product Types (2020-2028) ($MN)
79 Middle East & Africa Traffic Signal Controller Market Outlook, By Application (2020-2028) ($MN)
80 Middle East & Africa Traffic Signal Controller Market Outlook, By Small and Simple Intersections (2020-2028) ($MN)
81 Middle East & Africa Traffic Signal Controller Market Outlook, By Large and Complex Intersections (2020-2028) ($MN)
82 Middle East & Africa Traffic Signal Controller Market Outlook, By Urban (2020-2028) ($MN)
83 Middle East & Africa Traffic Signal Controller Market Outlook, By Suburbs (2020-2028) ($MN)
84 Middle East & Africa Traffic Signal Controller Market Outlook, By Other Applications (2020-2028) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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