The global signal heads market is expected to be valued at US$ 6.08 billion in 2023 and expand at 5.5% CAGR during the forecast period of 2023 to 2033. Focus on green commuting has led to technologies such as electric vehicles, connected cars, and self-driving cars.
The controller generates signal timing according to real-time traffic levels instead of traditional fixed timing schemes. Thus, signal heads not only improve traffic flow and reduce accidents but also protect the environment by reducing the environmental impact of unnecessary stops and long traffic jams in urban areas. Signal heads have always been an important part of transportation systems and are controlled by prioritizing different traffic movements and facilitating an orderly flow of traffic.
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With increasing urbanization across the world, the traffic lights market is expected to create many opportunities during the forecast period. As a result, the signal heads market is expected to witness tremendous growth as well since signal heads will become more and more sophisticated over the coming years.
Key Takeaways from Market Study
- The global signal heads market is projected to reach US$ 10.34 billion by 2033.
- The market expanded at 3.1% CAGR between 2018 and 2022.
- Portable signal heads dominate the market with 28.1% share in 2023.
- Under end use, urban traffic dominates the market and is valued at US$ 3.76 billion in 2023.
- Demand for signal heads is expected to increase at a CAGR of 6% in East Asia during the forecast period.
“Rising need to safeguard pedestrians and drivers elevating demand for signal heads,” says a Fact.MR analyst.
Travel times are increasing due to increased vehicles and urbanization with limited infrastructure resources. Signal heads have always been an important part of the overall traffic system and work by prioritizing traffic movement and facilitating proper traffic flow. With ever-increasing urbanization across the world, the signal heads market is expected to see numerous opportunities during the forecast period. Market leaders are offering highly technological products at competitive prices without compromising on quality and durability.