Development of Smart Cities to Provide Opportunities for Adaptive Traffic Control System Market During 2023–2030
According to our latest market study on "Adaptive Traffic Control System Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Type, Component, and Application," the market is expected to grow from US$ 6.37 billion in 2023 to US$ 23.02 billion by 2030; it is estimated to register a CAGR of 19.7% from 2023 to 2030.
Increasing demand for strong connectivity and developed infrastructure is raising investments in developing smart cities. Smart cities are technologically advanced urban areas. Variety of sensors and electronic solutions are integrated in the cities to gather data and utilize it for the betterment of the locality. In November 2021, the government of India announced its plan to invest ~US$ 700 billion in its smart city ramp-up plan during 2021–2031. Under this investment, the government will boost its urban infrastructure services, including urban mobility, affordable housing, and water security. Thus, the growing investments by governments in developing smart cities will accelerate long-term traffic management plans to optimize transportation logistics and reduce congestion, which is expected to raise the adaptive traffic control system market growth across the world.
Adaptive Traffic Control System Market — by Geography, 2022
Adaptive Traffic Control System Market Size and Forecast (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Hardware, Software, and Services), Component (OPAC, SCOOT, RHODES, and SCATS), and Application [Highways and Urban (Cities)] and Geography
Adaptive Traffic Control System Market Growth, Share by 2030
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Source: The Insight Partners Analysis
It is also seen that along with smart cities, various countries are investing in developing smart roadways to provide a safe vehicle commute. Different types of sensors and hardware are deployed in smart roadways to collect multivariate data that can be further used for traffic monitoring. This data can also be shared with vehicles traveling on the road, helping them to make informed decisions. In addition, vehicle manufacturers are making IoT-enabled vehicles with sensors and devices that can help them gather various data. This vehicle data can be utilized to understand the congestion level at specific road sections, which can help to determine the average number of vehicles present at a specific point, and further estimate the traveling time for a vehicle. Based on such data, traffic on different lanes can be maintained, congestion can be predicted and avoided promptly, and the commuting time in urban areas can be lowered by 15–20%. Hence, the growing development of smart cities and increasing adoption of smart roadways will provide lucrative opportunities for the adaptive traffic control system market during the forecast period.
Cubic Corporation, EFKON, Johnson Controls International plc, SWARCO AG, and Kapsch TrafficCom AG are among the key adaptive traffic control system market players profiled during the report. Several other major adaptive traffic control system market players were studied and analyzed during this market research study to get a holistic view of the market and its ecosystem. The adaptive traffic control system market report provides detailed market insights, which helps the key players strategize their growth.
The US government imposed a lockdown across the nation in the Q2 of 2020 due to the continuous growth of COVID-19 cases. Most manufacturing plants were temporarily shut down or operating with minimum staff. The supply chain of components was also disrupted. The outbreak has affected production and revenue generation since the US has a larger density of traffic controller manufacturers and component manufacturers. The presence of limited manufacturing staff hindered the production quantity. Also, the suspension of road travel resulted in the loss of revenue for the Transportation Ministry of the US, which restricted the demand for traffic control-related technologies. The COVID-19 pandemic moderately impacted the adaptive traffic control system market in North America. However, in the post-COVID-19 pandemic period, the region is witnessing growth in the demand for infrastructure and transportation, along with installment activities. For instance, Rhythm Engineering designed the InSync adaptive traffic control system, which has been implemented by the US government. In this system, traffic signals intelligently react to traffic demand using an intelligent transportation system. Also, in 2022, the government of New York City Introduced an advanced Active Traffic Management System, Powered by TransCore's TransSuite Traffic Management Software and RFID Technology. All these developments are fueling the adaptive traffic control system market growth in the region.
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