New York, June 08, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Traffic Signals Global Market Report 2021: COVID 19 Impact and Recovery to 2030” – https://www.reportlinker.com/p06072082/?utm_source=GNW
The global traffic signals market is expected to grow from $139.16 billion in 2020 to $145.84 billion in 2021 at a compound annual growth rate (CAGR) of 4.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $181.94 billion in 2025 at a CAGR of 6%.
The traffic signals market consists of sales of traffic signals and related services.They are used in safeguarding pedestrians and automobiles at busy intersections and prevents excessive traffic delays.
Traffic signals, also known as traffic lights are signalling devices located at intersections between roads, pedestrian crossings and other locations to ensure safety in the orderly flow of traffic.
Installing new traffic signals for increasing traffic speed and reducing accidents is contributing to the growth of the traffic signals market.Traffic signals are signalling 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 a 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 market.
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.
The traffic signals market covered in this report is segmented by type of power into electric power and solar energy. It is also segmented by product type into portable, stationary and by end use into railway, airport, urban traffic and others.
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 which 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 2019, the Bengaluru traffic management has announced plans to integrate traffic signals with AI to monitor vehicle density for secured management of traffic.
Cameras can track traffic density under the systems powered by AI and will also help in determining the time to allow vehicles to clear a signal.
In October 2019, Traffic Technologies, an Australia based traffic solutions company acquired the business and assets of L&M Traffic Signals Pty Ltd (L&M) for $1.2 million. The acquisition of the L&M business is an exciting time for the Company enabling Traffic Technologies to further develop its maintenance business in Victoria and strengthen Traffic Technologies relationships with local councils serviced by L&M. L&M Traffic Signals Pty Ltd (L&M), an Australia based company that provides all types of Traffic Signal Installation works.
Read the full report: https://www.reportlinker.com/p06072082/?utm_source=GNW
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