Pune, India, Jan. 25, 2022 (GLOBE NEWSWIRE) -- The global traffic signal controller market size was USD 3.84 billion in 2020. The market is projected to grow from USD 4.19 billion in 2021 to USD 10.06 billion in 2028 at a CAGR of 13.3% during the 2021-2028 period. This vital piece of information is published by Fortune Business Insights™, in its report, titled, “Traffic Signal Controller Market, 2021-2028.” As per our research experts, Traffic Signal Controller (TSC) not only regulates the traffic but also assists in preserving norms and guidelines. This will aid in refined road protection and smart traffic management system, thereby surging the signal controller trend of intelligent mobility management systems.
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.
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Decreasing Sales of Automotive vehicles amid COVID-19 to Hamper Market Growth
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 unfavorably 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.
Consequently, the industry players are involving their greatest determinations to overcome the postponement caused by the pandemic by integrating safety and cautionary measures into the mobility solutions and TSC production.
The market is segmented into standard controller and smart controller based on product type. The standard controller segment holds the largest traffic signal controller market share globally and is projected to retain its leading position in the market throughout the forecast period.On the basis of application, the market is divided into urban and suburbs.
Geographically, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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We provide our reports which are conducted with an all-inclusive examination approach that majorly emphasizes on delivering precise material. Our scholars have applied a data triangulation method which further assists us to offer trustworthy estimations and test the general market dynamics accurately. Further, our analysts have received admission to numerous international as well as regional funded registers for providing the up-to-date material so that the stakeholders and business professionals invest only in essential zones.
Drivers and Restraints:
Augmented Urbanization to Bolster Demand for Traffic Signal Controller
Growing urbanization results in amplified expenditure capability of the population which in turn surges the sale of automobiles. Nonetheless, it also leads in hurdles, comprising fast-tracked demand for well-linked transport systems, and other infrastructure. Rising urban population requires operative commute necessities for smooth transportation of humans and goods.
At the present, around 55% of the total global population resides in urban areas, where a proportion that is estimated to rise to 68% by 2050. This is further projected to bolster the traffic signal controller market growth and demand in the forthcoming period.
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North America to Dominate Market due to Increasing Presence of Manufacturers
North America held the maximum market share and was worth USD 1.47 billion in 2020. The region is probable to dominate the market as it is home to several prime TSC manufacturers.
Europe holds the second-largest position in the market, of which the Germany ranks first in this regional market as principal vehicle manufacturers are situated in this country.
Asia Pacific is predicted to develop as the fastest-growing region during the upcoming years. It is further projected that this region will display the highest CAGR during the forecast period.
Procurements Triggered by Crucial Companies to Sustain Market Growth
The leading players in the sector repetitively opt for proficient strategies to augment their brand value as well as encourage the global market growth of the product with encountering least imaginable complications. One such competent strategy is obtaining competitive companies and further locking a profit for both the companies.
The Report Lists the Key Companies Profiled in the Market Report:
- Aldridge Traffic controllers (Rydalmere, Australia)
- Traffic Technologies Pty LtdSiemens AG (Victoria, Australia)
- Johnson Controllers (Cork, Ireland)
- Econolite (Anaheim, CA, U.S.)
- Sumitomo Electric Mfg Co (Osaka, Japan)
- Dynamic Traffic Systems (Selangor, Malaysia)
- Sena Traffic Systems (Kuala Lumpur, Malaysia)
- Kyosan Electric Mfg Co Ltd (Yokohama, Japan)
- PPK Technology Sdn. Bhd (Malacca, Malaysia)
- Indra Sistemas, S.A. (Alcobendas, Madrid, Spain)
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Table Of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments - Merger, Acquisitions, and Partnerships
- Distribution Analysis
- Value Chain Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- Technological Developments
- Competitor Analysis
- Pricing Analysis
- Impact of COVID-19
- Global Traffic Signal Controller Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Standard Controller
- Smart Controller
- Market Analysis, Insights and Forecast – By Application
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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