Traffic Signal Controller Market to Reach USD 13.83 Billion by 2030; Increased Government Initiatives for Traffic Management System to Propel Market Growth

The global traffic signal controller market size was valued at USD 4.62 billion in 2022. The market is projected to grow from USD 5.15 billion in 2023 to USD 13.83 billion by 2030, exhibiting a CAGR of 15.1% during the forecast period. Fortune Business Insights™ presents this information in its report titled, “Traffic Signal Controller Market Size, Share & COVID-19 Analysis, By Product Type (Standard Controller and Smart Controller), By Application (Urban and Suburbs), and Regional Forecast, 2023-2030”                 

During the forecast period, the rising demand for efficient road networks worldwide is anticipated to augment the market growth. Developed economies focus on making it environment-friendly, giving rise to technologies such as connected vehicles, electric vehicles, and autonomous vehicles.

Delays in Infrastructure-related Projects due to COVID-19 Restrictions Impacted the Market Growth

Contractors & companies in the infrastructure sector, depending upon machinery and workforce on a large scale, faced issues due to higher increasing debts lowering cash flows. Due to the unavailability of raw materials, supply chains got interrupted, impacting the projects. Due to the lockdown, there has been a reduction in usage and demand for significant infrastructure assets such as transportation.

Rising Government Initiatives for Traffic Management Systems to Drive the Market Growth

Due to increasing urban traffic congestion, several governments are taking initiatives through their regulations and implementing solutions and projects of traffic management systems and smart cities to deploy intelligent services.

Additionally, governments in various countries, such as Singapore, the UAE, India, China, Japan, and South Korea, are aimed toward smart development of their economies. Such initiatives are anticipated to expand the traffic signal controller market share.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/traffic-signal-controller-market-101437

New Algorithm for Traffic Signal Control was Developed by Korean Researchers

Researchers at Chung Ang University in Korea developed a meta-RL model for traffic-signal control in November 2022. The team developed an extended deep Q-network (EDQN)-incorporated context-based meta-RL model that will be beneficial for traffic signal controller. It determines the traffic regime, whether it is saturated or unsaturated, with the help of utilizing a latent variable indicating the overall environmental condition. Based on traffic flow, the model maximizes throughput or minimizes delays, similar to a human controller.

Competitive Landscape

Innovative Launch Operations by Key Players to Boost Market Growth

Key players have launched new techniques in the market to boost the traffic signal controller market growth with their solutions and to elevate the competition in the market. It includes investments and the launch of new and advanced products in the market. Companies have been applying new plans, such as partnerships and mergers, to support their position in the market.

Key Industry Development:

• January 2023: Hamilton’s priority street intersections will be installed with Centracs, a USD 6 million centralized traffic computer system. This will add to the 27 intersections along the High-Main Street corridor between Eaton Avenue and Hampshire Avenue at Ohio 129.

LIST OF KEY COMPANIES PROFILED:

• Aldridge Traffic Controllers (Australia)
• Traffic Technologies Pty Ltd (Australia)
• Siemens AG (Germany)
• Johnson Controllers (Ireland)
• Econolite (U.S.)
• Sumitomo Electric Mfg Co (Japan)
• Dynamic Traffic Systems (Malaysia)
• Sena Traffic Systems (Malaysia)
• Kyosan Electric Mfg Co Ltd (Japan)
•  PPK Technology Sdn. Bhd (Malaysia)
• Indra Sistemas, S.A. (Spain)

Further Report Findings:

• The North America market value was USD 1.59 billion in 2021. Due to the presence of leading manufacturers, the North America market is anticipated to dominate the global market.
• Europe is the second-largest market, of which Germany holds the first position in this region as key auto manufacturers are established here. Furthermore, the government’s stringent regulations on rising support of AI and road safety and automation will improve the traffic signal controller systems.
• Asia Pacific is estimated to be a rapidly-growing region from 2023-2030. The region’s growth is due to the high population in India and China.
• The Latin America region is anticipated to display stable growth during the forecast period. The steady growth in this region is due to the presence of many developing and underdeveloped countries.

Table of Segmentation: