• June 14, 2024

Global Digital Radar Speed Signs Market Size, Share, Trends & Industry Growth Analysis Report to 2030

The global digital radar speed signs market size was worth around USD 231.06 million in 2022 and is predicted to grow to around USD 258.41 million by 2030 with a compound annual growth rate (CAGR) of roughly 1.43% between 2023 and 2030.

In order to improve road safety and traffic management, sophisticated gadgets such as digital radar speed signs have been developed and implemented. They are LED-based, interactive signage that show the speed of passing vehicles.

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Market Analysis of Digital Radar Speed Displays

The primary function of radar speed signs is to alert drivers when their speed is excessive by displaying the vehicle’s current speed to them. Together with other methods of traffic control like rumble strips and speed bumps, the gadget has proven to be of considerable value in calming traffic. While “digital radar speed signs” is the most common umbrella term for these devices, they go by a wide variety of other names depending on where in the world you are. Radar signs are most commonly seen in neighborhoods, on roads, in workplaces, and in regions with schools or hospitals nearby. While the size of the global market for digital radar speed signs is small now, it has expansion potential over the next few years.

Critical Considerations:

• Our research analyst has revealed that the worldwide market for digital radar speed signs is expected to expand at a CAGR of roughly 1.43 percent between 2023 and 2030.

• The global market for digital radar speed signs is expected to expand from its 2022 valuation of USD 231.06 mln to reach USD 258.41 mln by 2030.

• As the number of traffic fatalities continues to rise, the market for digital radar speed signs is expected to expand rapidly.

➤ Increases in traffic accidents will fuel industry expansion

As the number of traffic fatalities rises around the world, the demand for digital radar speed signs is predicted to increase. According to the Indian Ministry of Road Transport and Highways, about 1.5 lakh persons lose their lives in traffic accidents annually. According to data compiled by the World Health Organization (WHO), the estimated global death toll from traffic accidents is close to 1.3 million. As the middle class expands, more people have access to credit, the automotive industry diversifies its offerings, and people’s habits shift in general, the number of cars on the road increases, leading to more congestion and longer commute times. NBC New York recently reported that the Big Apple is one of the most gridlocked cities in the world right now. In 2021, residents wasted more than 102 hours waiting in traffic. This pattern appears all around the world, but it is more noticeable in regions with significant economies.

➤ The regional government’s efforts to improve road safety are expanding as a means of generating more tax income

Efforts to increase spending or investment to improve road safety are being made by regional governments in collaboration with a number of corporate players. To reduce the number of accidents and make streets safer for pedestrians and drivers, the UAE government, for example, implemented new traffic systems in 2023. The Abu Dhabi Police Department has deployed a brand-new motorway warning system as part of the project. The gadget will provide the driver weather updates and an image of a radar speed sign. Aurora Avenue is one of the roads in North Seattle with the highest frequency of pedestrian deaths, therefore in December 2020, city officials installed two solar-powered digital speed radar signs there. The implementation of similar policies in other parts of the world may increase demand for goods available on the global market.

➤ Market growth will be hampered by the high dependence on selective attention for results

There is no unbiased way to assess the value of digital radar speed systems. While it may be easy to tell whether or not accidents have decreased or traffic management has improved as a result of the signs being put up, there are a number of additional elements that, when taken together, make roads safer. This is because selective attention is crucial to the effect of such signs. It’s possible that some speeding drivers may pay heed to the sign and slow down, while others will either choose to ignore it or just not notice it. Therefore, it is not safe to totally rely on digital radar speed signs to reduce or eliminate traffic mishaps. They need to be combined with other strategies, such speed bumps and strict fines for lawbreakers.

➤ Solar-powered speed signs are becoming increasingly popular, opening up new market niches

Solar-powered digital radar speed signs are part of a booming industry of solar-powered products. Several nations are embracing these cutting-edge markers as a step toward greener practices. Jenoptik, a market leader, released an innovative power solution for its TASCAR (Temporary Automated Speed Cameras at Roadworks) in September 2022. TASCAR will be powered by a hybrid energy system that includes wind, solar, and hydrogen. This system will help cut down on carbon dioxide emissions.

➤ Increased economic potential brought about by technological progress

More money being poured into digital radar speed sign research and development could pave the way for the business to expand. Some of the technologies that can aid in this kind of predictive analysis have artificial intelligence (AI) and machine learning (ML) capabilities built in. Data-backed judgments and efforts toward individualized product deliveries can both benefit from this. Radar speed control systems at the cutting edge of technology could also contribute to the rapid expansion of spending on smart cities.

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The Global Digital Radar Speed Signs Market is segmented based on product, application and region

Global Digital Radar Speed Signs Market: Product Segment Analysis

● AC-Powered

● Solar-Powered

● Battery-Powered

Global Digital Radar Speed Signs Market: Application Segment Analysis

● City Roads

● Highway

● Others

The global digital radar speed signs market is led by players like:

● SWARCO

● Carmanah Technologies

● Solar Technology Inc

● LACROIX City

● TAPCO

● IRD

● Traffic Logix

● Elan City

● MPD Inc.

● Fortel Traffic

● Wanco

● Stalker Radar (Applied Concepts)

● Ver-Mac

● TraffiCalm (MOR)

● American Signal Company

● Radarsign

● HMI Technologies

➤ The upcoming period will see Europe’s growth rate surpass all others.

Europe is anticipated to be the fastest-growing region for the worldwide digital radar speed sign market. The region’s road network is renowned for its efficiency and dedication to the safety of all road users, from truckers to bicyclists and pedestrians. The European Union reportedly spends more than USD 11 million annually on road safety initiatives. With a road mortality rate of under 2.02 per 100,000 people, Norway is widely recognized as a global leader in road safety. The country uses the ‘Vision Zero’ plan, with the goal of achieving zero traffic deaths by 2025. Government spending on road and traffic management should be increased, strong implementation rules should be in place, and solar-powered digital radar speed signs should be implemented to maximize the region’s potential.

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With increasing concerns about traffic management and road accidents, North America is expected to contribute at a high CAGR. In 2021, around 40,000 people perished in accidents across the United States. As a result, the country has one of the highest rates of traffic fatalities per capita.

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