BANGALORE, India, May 2, 2022 /PRNewswire/ — road safety market is segmented by Type – Red Light Control, Speed Control, Incident Detection System, Bus Lane Compliance, Others, by Application – Bridges, Highways, Tunnels, Urban Roads, Others. Global Opportunity Analysis and Industry Forecast 2022 – 2028. It is published in Appreciate the reports under the Vehicle codes and driving laws Category.
The global road safety market size is expected to reach $6037.1 million by 2028, $3979.3 million in 2021, at a CAGR of 5.7% over the period 2022-2028.
Major factors driving the growth of the Road Safety Market are
The increasing number of traffic accidents and fatalities requires the implementation of road safety solutions. This factor is expected to boost the growth of the road safety market.
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TRENDS INFLUENCING THE GROWTH OF THE ROAD SAFETY MARKET
The increasing number of road accidents and fatalities requires the deployment of road safety solutions, which can help to significantly reduce the number of road fatalities. Speed and red light enforcement, bus lane compliance and section enforcement are all areas where enforcement solutions can help. The location, time, reasoning and other event-related information of fatalities/accidents would be identified using incident detection and response systems. This would reduce the time needed to react to an accident. By providing precautions to prevent road fatalities, the overall benefits of road safety solutions and services are expected to reduce road fatalities. This factor is expected to boost the growth of the road safety market.
The most common causes of fatal road accidents, especially at intersections, are red light violations, illegal turns, driving in the wrong lane and speeding. Traffic can be monitored and violations prosecuted while saving resources by using innovative, individually tailored red light camera systems. All requirements can be met with one device. As a result, road safety is improved and accidents are reduced. This, in turn, is expected to drive the growth of the road safety market.
Red light camera systems use state-of-the-art radar and induction loop technology, as well as high-resolution cameras.
The growing need for speed enforcement is expected to drive the growth of the traffic safety market. Road safety is improved by respecting speed limits. Advanced systems contribute to a significant reduction in the number of accidents. Our equipment can be used at accident hotspots, at busy intersections, in low-traffic areas like kindergartens and nursing homes, and on dangerous stretches of road like highways, tunnels and country roads. It is possible to monitor specific locations or longer sections of the road.
As a road network expands to meet demand or improve access, traffic patterns become more complex. Because some parts of the road network are more congested than others, unplanned incidents can have an impact beyond the immediate area of the incident. As a result, there is a greater risk to human security as well as economic losses. Computers are used to continuously monitor traffic conditions and detect incidents or queues in Automatic Incident Detection (AID). This factor is expected to drive the road safety market.
Additionally, the need for bus lane compliance is expected to fuel the traffic safety market. In real time, the Bus Lane System can capture the plates of all vehicles traveling in a bus lane and compare them to a list of authorized registered vehicles. To prove that the vehicle was moving along the lane, the system can take multiple images from an integrated surveillance camera for each plate read. Additional analytics can be used to estimate the speed of the captured vehicle. The camera can be set to operate at specific times of the day, giving local governments the ability to limit system use to times when bus schedules are busiest. All usage violation data can be sent via web services or exported from the camera to a network location.
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ROAD SAFETY MARKET SHARE ANALYSIS
Based on the region, Europe and North America should be the most lucrative segments. This is attributed to the advanced road infrastructure coupled with the penetration of high technology.
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Market by region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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- Jenoptik SA,
- Kapsch TrafficCom SA
- Sensys Gatso Group AB.
- Redflex Holdings Limited
- FLIR Systems, Inc.
- Swarco AG
- American Traffic Solutions
- Information Engineering Group, Inc.
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