Rise in Traffic Congestion and Number of Accidents in Cities to Fuel Demand
The infrastructure development has emerged as one of the primary agendas for governments in several developing and underdeveloped regions. While developed regions continue to leverage new technologies to shape the growth of the futuristic urban towns and cities, the emphasis on the development of smart cities and urban planning systems has witnessed considerable growth in recent years. Moreover, governments around the world are expected to focus on the development of infrastructure that compliments vehicular network– a key parameter that has a strong influence on the success of a smart city.
Municipalities around the world are increasingly seeking novel ways to minimize traffic and on-road congestion by implementing intelligent transportation systems, including adaptive traffic control systems– a factor that is expected to fuel the growth of the global adaptive traffic control system market during the forecast period. A number of players operating in the current adaptive traffic control system market is focusing on designing adaptive traffic control systems that support a range of smart city transportation applications, such as public transport signal priority (TSP), eco-driving supporting, message broadcasting, smart traffic signal control (STSC), and emergency vehicle signal preemption (EVSP). This is another factor that is expected to bolster the global adaptive traffic control system market in the upcoming years.
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Market Players Focus on Tackling Clogged Roads; Uptake of Adaptive Traffic Control Systems Rising
With exponential rise in the global population coupled with the swelling number of automobiles worldwide, clogged roads, humongous trails of vehicles, and congested roads continue to pose as a major problem for the stakeholders involved in the urban planning space. Governments and municipality corporations in various regions of the world are seeking new ways to respond to the rising number of road accidents and tackling road congestion due to which, adaptive traffic control systems have attracted considerable interest in recent years as a viable alternative to address the existing set of challenges.
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Adaptive Traffic Control System Market: Overview
Technologies continue to emerge, and advanced traffic management systems offering high productivity and enhanced performance are expected to keep developing, which is expected to fuel the growth of the adaptive traffic control system market
In terms of revenue, the global adaptive traffic control system market is estimated to exceed value of US$ 21.9 Bn by 2030, expanding at a CAGR of ~18% during the forecast period
COVID-19 Pandemic to Hinder Market Growth
The outbreak of the COVID-19 pandemic is expected to hinder the growth of the global adaptive traffic control system market in 2020. While governments around the world continue to focus on addressing the challenges linked with the COVID-19 pandemic, investments toward infrastructure development projects are anticipated to remain low worldwide. Moreover, due to stringent lockdown measures and temporary shutdown of industries in the first two quarters of 2020, the supply chain of raw materials has been largely affected due to which, the delivery of various components and completion of adaptive traffic control system projects have been delayed.
Advancements in Technology in Transportation Sector
Rising adoption of advanced technology by players has resulted in the development of advanced traffic control system equipment as well as software to provide better capabilities and highly improved performances
Technologies integrated in the adaptive traffic control system include artificial intelligence, machine learning, wireless charging sensors, weather monitoring solutions, ITS for connected vehicles, IoT-based ITS, and IoT for autonomous vehicles, among others
Adaptive Traffic Control System Market: Competition Landscape
Detailed profiles of providers of adaptive traffic control systems have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
Growing Government Initiatives for Deployment of Smart Traffic Technologies: A Key Driver
Governments of numerous countries across the globe are actively engaged in the deployment of smart traffic management systems such as adaptive traffic control systems due to their many benefits. Adaptive traffic control systems smoothen traffic flow by reducing traffic congestion, and reducing excess fuel consumption, pollution levels, and delays across cities, by prioritizing traffic and distributing green light time equitably in accordance with real time traffic information. As per Texas Transportation Institute, the cost of traffic congestion is US$ 87.2 Bn in wasted fuel and lost productivity. This translates to US$ 750 per traveler. Adaptive traffic signal control technologies improve travel time by more than 10%.