Market Size of Traffic Signal Controller Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 2.97 Billion |
| Market Size (2029) | USD 4.10 Billion |
| CAGR (2024 - 2029) | 11.42 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Traffic Signal Controller Market Analysis
The Traffic Signal Controller Market size is estimated at USD 2.97 billion in 2024, and is expected to reach USD 4.10 billion by 2029, growing at a CAGR of 11.42% during the forecast period (2024-2029).
- The global satellite component market faced unprecedented challenges due to the COVID-19 pandemic. The space sector witnessed challenges such as shortages of raw materials, delayed satellite launch programs, and supply chain disruptions due to strict regulations imposed by governments. The market showcased a strong recovery after the pandemic. An increase in expenditure on the space sector and rising small satellite launches drive the market growth post-covid.
- The satellite components consist of the communications system, power systems, power systems, and others. The communication system includes antennas and transponders that receive and retransmit signals. The propulsion system consists of rockets that propel the satellite, and the power system includes solar panels that provide power. An increasing number of satellite launches and growing expenditure on the space sector drive the market growth. According to the United Nations Office for Outer Space Affairs (UNOOSA) index, in 2022, there were 8,261 individual satellites orbiting the Earth, with an increase of 11.84% compared to April 2021.
