The global traffic lights market held a revenue of USD 1.34 billion and is estimated to grow at a CAGR of over 6% during the forecast period, says Technavio.
Technavio has announced its latest market research report on the global traffic lights market. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like Federal Signal, Econolite, and SWARCO.
According to Abhay Sinha, a senior analyst at Technavio, “As traveling by road is the main mode of transportation, improved traffic flow regulations are being considered for the economic development of countries. The safety of pedestrians and vehicle owners and efficient transportation are major factors that impact the growth of a country.”
Moreover, several road safety measures and solutions for improved traffic flow are studied and incorporated to mitigate traffic congestion. Signalling devices such as traffic lights help commuters safely navigate intersections and maintain the orderly flow of traffic in a particular direction.
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Accelerated adoption of LED traffic lights
The vendors in the market are focusing on introducing LED-based lights that are not only energy efficient and cost effective, but are also extremely durable. LED is a rapidly growing technology in the light industry. It is a semiconductor device that converts electricity into light. The technology has transformed the global lighting industry with its wide range of applications.
Introduction of smart traffic lights
Smart traffic lights that respond to the volume of vehicular and pedestrian traffic instead of the fixed time light changing sequence, are being introduced. These traffic lights detect the flow of vehicles along the roads and change the signals to manage the traffic. The detection is done with the help of cameras and radar sensors to promptly adjust signals based on real-time conditions.
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This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Traffic Lights Market 2017-2021‘. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Smart Lighting Market 2016-2020
- Global Automotive Traffic Sign Recognition System Market 2016-2020
- Traffic Management Systems – Market Drivers, Forecasts 2015-2019
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