Road LED Traffic Signals market will register a 3.9% CAGR in terms of revenue, the global market size will reach $ 593.3 million by 2026, from $ 508.3 million in 2019.
The traffic lights market is about to get enormous opportunities as various countries are working on the growth of the infrastructure sector that includes roadways within the cities and across the borders. Governments across the world have taken the initiative to work on the roadways’ construction as they are one of the primary means of transportation in order to provide highways and expressways to connect the prominent cities.
In order to create an impact across the market, LED technology is being used in the traffic signals lights market. LED lights are not only cost and energy-sufficient but also durable when they are compared with incandescent lights and hence manufacturers across the world are focusing on producing more LED lights.
There is a vast increase of LED technology in the traffic signals light industry. For an instance, a traffic light named Luxofor which is designed by a Russian art studio, Art Lebedev is clearer and more visible as it is created with LED technology. Color change LED technology is energy-efficient, cost-effective, and is sustainable as well.
Top Key Players in the Road LED Traffic Signals Market have been identified through secondary research, and their market shares have been determined through primary and secondary research. The global Road LED Traffic Signals Market is fragmented with a large number of small players operating worldwide. The companies referred in the market research report include Walker Brothers, P. Trading & Consultant, Traffic & Parking Control Co., Inc., Qifayath Enterprises, MoboTrex, Bartco Traffic Equipment Pty Ltd., Pyrotech Electronics Pvt. Ltd., North America Traffic, MIMIC (Brand Of Steam Airetric Controls), Aldridge Traffic Systems Pty Ltd., Alphatronics NV, ARCUS USA Inc., D G Controls Ltd., European Safety Systems Ltd., Envoys Electronics Pvt. Ltd., Federal Signal Corp., General Electric Co. SWARCO, Dialight, Leotek, GE Current, Fama Traffic, Traffic Technologies, Anbang Electric, Sinowatcher Technology, Econolite Group, WERMA, Jingan, Trafitronics India, and others.
The increasing traffic volume on the road leading towards the risks of road accidents due to rash driving and drunk-and-drive are directly proportional. Installation of traffic lights at the accident-prone areas such as intersections, hairpin bends, multiple lane roadways and etc. can aid to avoid unnecessary fatal situations in the long run.
Nowadays with the increasing number of smartphone users, for whom normal traffic lights are not the line of sight while texting, the traffic lights strips on the sidewalks are expected to emerge as a new trend. For instance, the Bodegraven town in the Netherlands has installed green and red strips along the sidewalk that is synchronized with the traffic signals located on the intersections.
Road LED Traffic Signals Market is segmented based on the type, applications, companies, and regions.
The segment of high power LED holds a comparatively larger share in the global market, which accounts for about 86%.
By end user’s industry application:
The urban road holds an important share in terms of applications and accounts for 70% of the market share.
The report offers an in-depth assessment of the growth and other aspects of the Road LED Traffic Signals Market in important regions, including the U.S., Canada, Germany, France, U.K., Italy, Russia, China, Japan, South Korea, Taiwan, Southeast Asia, Mexico, and Brazil, etc. Key regions covered in the report are North America, Europe, Asia-Pacific, and Latin America.
The US is one of the key markets for light-emitting diode traffic signals in North America. Road LED Traffic Signals Market 33% of the growth will originate from the North America region. Road LED Traffic Signals Market growth will originate 31% from APAC during the forecast period. China is the key market for LED traffic signs and signals.
APAC has been recording a significant growth rate and is expected to offer several growth opportunities to market vendors during the forecast period. Increasing road traffic accidents will facilitate the LED traffic signs and signals market growth in APAC over the forecast period.
The report incorporates an in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis, and so on to gauge the impact forces and potential opportunities of the market. Apart from this the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers, and so on to comprehend the prevailing market dynamics at present and their impact during the forecast period 2021-2026. The report presents the analysis of the Road LED Traffic Signals Market for the historical period of 2017-2021 and the forecast period of 2021-2026.
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Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.