Road Safety Market is Projected To Reach USD 6037.1 Million By 2028 At A CAGR of 5.7% - Valuates Reports
BANGALORE, India, May 2, 2022 /PRNewswire/ -- Road Safety market is segmented by Type - Red Light Enforcement, Speed Enforcement, 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 Valuates Reports under the Vehicle Codes & Driving Laws Category.
The global Road Safety market size is projected to reach USD 6037.1 million by 2028, from USD 3979.3 million in 2021, at a CAGR of 5.7% during 2022-2028.
Major Factors Driving The Growth Of The Road Safety Market Are
The growing number of traffic accidents and fatalities necessitates the implementation of road safety solutions. This factor is expected to drive the growth of the road safety market.
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TRENDS INFLUENCING THE GROWTH OF THE ROAD SAFETY MARKET
The rising number of road accidents and fatalities necessitates the deployment of road safety solutions, which can help to significantly reduce road fatalities. Speed and red-light enforcement, bus lane compliance, and section control 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. It would cut down on the time it takes to respond to a crash. By providing precautions to prevent road fatalities, the overall benefits of road safety solutions and services are expected to reduce the number of road fatalities. This factor is expected to drive the growth of the road safety market.
The most common causes of fatal road traffic accidents, particularly at intersections, are red-light violations, illegal turning, driving in the wrong lane, and speeding. Traffic can be monitored and infringements prosecuted while saving resources by using innovative and individually adapted red light camera systems. All requirements can be met with a single device. As a result, traffic safety is improved, and accidents are reduced. This in turn is expected to drive the growth of the road safety market.
The red light camera systems use cutting-edge 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 road safety market. Road safety is improved by enforcing speed limits. Advanced systems contribute to a significant reduction in the number of accidents. Our equipment can be used at accident hotspots, busy intersections, traffic-calmed areas like kindergartens and nursing homes, as well as hazardous road sections 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 safety as well as economic loss. Computers are used to continuously monitor traffic conditions and detect incidents or traffic queues in Automatic Incident Detection (AID). This factor is expected to drive the road safety market.
Furthermore, the need for bus lane compliance is expected to fuel the road safety market. In real-time, the Bus Lane System can capture the plates of all vehicles traveling down a bus lane and compare them to a list of permitted, registered vehicles. To prove that the vehicle was moving along the lane, the system can take multiple images from an in-built overview camera for each plate read. Additional analytics can be used to estimate the captured vehicle's speed. The camera can be set to operate at specific times of day, giving local governments the flexibility to limit the system's use to times when bus schedules are busiest. Any data about usage violations 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 region, Europe and North America are expected to be the most lucrative segments. This is attributed to the state-of-the-art road infrastructure coupled with high technology penetration.
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Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Key players
- Jenoptik AG,
- Kapsch TrafficCom AG
- Sensys Gatso Group AB.
- Redflex Holdings Limited
- 3M
- FLIR Systems, Inc.
- Swarco AG
- American Traffic Solutions
- Information Engineering Group, Inc
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