The global Road Safety market size is expected to grow USD 3.7 billion in 2021 to USD 5.8 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 9.6% during the forecast period. Rapid urbanization and increasing number of vehicle,road facilities and government initiatives to prevemt road accidents.
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Top Key Players
Key and innovative vendors in the Road Safety market are JENOPTIK (Germany), Kapsch TrafficCom (Austria), Sensys Gatso Group (Sweden), IDEMIA (France), Teledyne FLIR (US), Motorola Solutions (US), Verra Mobility (US), SWARCO (Austria), Siemens (Germany), Cubic Corporation (US), Conduent (US), VITRONIC (Germany), Dahua Technology (China), Laser Technology (US), Traffic Management Technology (South Africa), Truvelo (UK), Kria (Italy), Syntell (South Africa), Clearview Intelligence (UK), Simicon (Russia), FRED Engineering (Italy), Kodiak Robotics (US), Humanising Autonomy (UK), Vebit AI (US), Connected Wise LLC (US), Saferoad (Germany), LiveRoad Analytics (US)
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These players have adopted various growth strategies, such as partnerships, business expansions, mergers and acquisitions, agreements, and collaborations, new product launches to expand their presence in the road safety market. Partnerships and new product launches have been the most adopted strategies by major players from 2019 to 2021, which helped them innovate their offerings and broaden their customer base.
JENOPTIK develops and produces micro-optics, optoelectronic modules, and integrated systems. The firm is a worldwide technology conglomerate with three distinct segments- Light and Optics, Light and Production, and Light and Safety. VINCORION is the group’s brand for mechatronic solutions. The business is divided into three segments: Optics and Life Sciences, Mobility, and Defense and Civil Systems. Optical and micro-optical components are developed and manufactured under the Optical and Life Sciences division. The company offers a diverse range of products and solutions for the road safety market. This segment includes red light and speed enforcement, Automatic Number-Plate Recognition (ANPR), traffic service provision, measurement of average speed, Traffic Monitoring (TM), and software and accessories. Semiconductor equipment, automotive and automotive suppliers, medical technology, defense and security, and aviation sectors are among the company’s primary customers. The company maintains its production and assembly sites in Europe, the US, and Asia Pacific. JENOPTIK has a significant presence in over 80 countries.
Enforcement solution to grow at the highest market share during the forecast period.
Road safety enforcement solutions help the police and related authorities to enforce traffic law and perform traffic surveillance to improve road safety and increase public safety. Compliance through enforcement has conventionally been the responsibility of the local police; however, the sheer scale of road usage increases the need to detect the vast majority of offenses using modern electronic technologies that are more efficient than the previous methods of road traffic enforcement. Enforcement solutions, comprising hardware (sensors, cameras, displays, and radars) and software, are vital for road safety.
Incident detection and response solution segment is expected to grow at a higher CAGR during the forecast period.
The incident detection system comprises cameras, fire, and smoke detecting alarms, and communication networks that are connected to control room systems. The systems report obstacles, such as stopped vehicles, traffic slowdown, traffic congestion, wrong way vehicle entry, pedestrian movement on the road, loss of visibility, and debris on the road. Incident detection systems have the ability to identify and respond quickly to incidents on roadways and in tunnels. The systems also detect a stopped vehicle in congested traffic by distinguishing it from a vehicle that has temporarily stopped. On detection, these systems communicate with the chief traffic controller who can then take measures to warn the incoming traffic or even shut down the location. The incident detection and response solution also automatically detects an occurrence/incident and brings it to the attention of a manual operator in the control room or executes a pre-defined response to deal with the situation. In tunnels, real-time detection through various cameras triggers an alarm before there is any effect on the flow of traffic. Through real-time analysis of camera images, all types of incidents, including fire, are detected within seconds. Thus, fast and efficient responses to an incident are the result of several elements put together. For example, FLIR traffic cameras and sensors can reliably detect incidents—including collisions, stopped vehicles, and wrong-way drivers—in challenging lighting and weather conditions. FLIR imagers also monitor differing levels of traffic flow and detect fires in tunnels long before traditional sensors activate.
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North America region to record the highest market share in the Road Safety market.
North America is highest market share in the Road Safety market . In 2020, North America accounted for the majority of the road safety market. In terms of technical acceptance and infrastructure development, it is the most advanced region. The US has installed some of the most advanced systems to manage and monitor road safety and heavy traffic. Various government and law enforcement agencies in the US and Canada are working to improve security infrastructure and minimize traffic deaths.
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