According to a new report, published by KBV research, The Global Traffic Signal Controller Market size is expected to reach $13.3 billion by 2030, rising at a market growth of 14.7% CAGR during the forecast period.
The Standard Controller segment is leading in the Global Traffic Signal Controller Market by Product Type in 2022; thereby, achieving a market value of $8.2 billion by 2030. Standard traffic signal controllers have a long and proven track record in traffic management. Municipalities and transportation agencies often rely on established technologies that have demonstrated reliability and effectiveness. Standard controllers have been widely adopted globally, becoming a standard in many regions. Their familiarity and established performance contribute to their continued use in various urban and suburban environments.
The Suburbs segment is registering a CAGR of 15.2% during (2023 - 2030). Suburbs may experience a shift in commuting habits, with residents traveling to urban centers for work or other activities. Traffic signal controllers need to adapt to these changing patterns, optimizing signal timings to facilitate smooth traffic flow during peak hours. The growth of suburban commercial centers and retail areas can increase traffic around these hubs. Effective traffic signal control is essential to manage congestion and enhance accessibility.
The North America region dominated the Global Traffic Signal Controller Market by Region in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $4.7 billion by 2030. The Europe region is anticipating a CAGR of 14.4% during (2023 - 2030). Additionally, The Asia Pacific region would register a CAGR of 15.5% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/traffic-signal-controller-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Siemens AG, Johnson Controls International PLC, Sumitomo Electric Industries, Ltd., SWARCO AG, Zhejiang Dahua Technology Co., Ltd., Traffic Technologies Ltd., Aldridge Traffic Controllers Pty Limited, Indra Sistemas, S.A., Econolite Group, Inc., PPK Technology Sdn. Bhd.
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