DUBLIN--(BUSINESS WIRE)--The "Adaptive Traffic Control System Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Hardware, Software, and Services), Type (OPAC, SCOOT, RHODES, and SCATS), and Application [Highways and Urban (Cities)], Geography" report has been added to ResearchAndMarkets.com's offering.
The adaptive traffic control system market was valued at US$ 4,307.45 million in 2020 and is projected to reach US$ 15,058.53 million by 2028; it is expected to grow at a CAGR of 17.8% from 2021 to 2028.
Adaptive traffic control system is a solution designed and developed to manage the growing traffic issues faced by the metropolitan cities. The adaptive traffic control system analyses the flow of traffic in real-time and accordingly adjust the traffic signals' split timings to optimize the flow of the traffic in order reduce and avoid congestions on the road. The adaptive traffic control system is combination of hardware and software components which allows operators to gather data regarding the flow of traffic from each intersection of the city in order to minimize delays and stops. The system improves the travel time significantly by gradually moving the traffic through green lights to create smoother flow of traffic.
With the increasing rate of urbanization coupled with the growing sales of automotive vehicles across the world has led to the growing need for managing the flow traffic efficiently, which is one of the major factors driving the adoption of adaptive traffic control system across the world. However, the lack of adoption of adaptive traffic control system in certain developing and underdeveloped countries is hampering the growth of the market. Meanwhile, as government across the world are investing highly in smart city project coupled with the growing importance of road safety is anticipated to flourish the adaptive traffic control system during the forecast period.
The adaptive traffic control system market is segmented based on component, type, application, and geography. Based on component, the adaptive traffic control system market is segmented into hardware, software, and service. In 2020, the software segment accounted for a significant share in the global adaptive traffic control system market. Based on type, the market is segmented into SCATS, SCOOT, RHODES, and OPAC. In 2020, the SCATS segment accounted for a significant share in the global adaptive traffic control system market. Based on application, the market is segmented into urban (cities) and highways. In 2020, the urban (cities) segment accounted for a significant share in the global adaptive traffic control system market. Based on geography, the adaptive traffic control system market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and South America (SAM). In 2020, the North America region accounted for a significant share in the global adaptive traffic control system market.
The outbreak of the COVID-19 has severely disrupted the supply chain and manufacturing of electronics equipment including the hardware component of adaptive traffic control system. The outbreak of COVID-19 across the globe has led to lockdown scenarios, which, in turn has led the industry experts to analyze that the industry would face at least a quarter of lag in electronics equipment supply chain. This disruption is expected to create tremors through till mid-2021. The electronics equipment industry is likely to pick up pace sooner as governments across the globe lifted the various containment measure steadily in order to revive the economy. The production of the electronics equipment is anticipated to gain pace from 2021, which is further foreseen to positively influence the electronics equipment manufacturing including hardware components of adaptive traffic control system.
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Market Dynamics
Drivers
- Increasing Deployment of Smart Traffic Management Systems
- Rising Urban Population and High Demographic Rates
Restraints
- High Initial Investment and Maintenance Cost
Opportunities
- Growing Investment on Infrastructural Development
Future Trends
- Growing Adoption of Traffic Control System Integrated with AI and Analytics
Companies Mentioned
- Aldridge Traffic Controllers Pty Limited
- Cubic Corporation
- Digicon
- Efkon
- Efftronics Systems Pvt. Ltd.
- Johnson Controls International Plc
- Kapsch Trafficcom AG
- Onnyx Electronisys Pvt. Ltd.
- Trafiksol Its Technologies Pvt. Ltd.
- Swarco AG
For more information about this report visit https://www.researchandmarkets.com/r/b8y72i
