“The variable message signs technology is growing in the emerging economies. In 2018, a significant number of deployments had taken place across the globe for enhancing the real-time communication strategy. The extracted information coupled with enhanced observation will ensure that variable message signs systems perform a significant role in the decision making process of people based on the real-time information.”
Variable messages sign for intelligent transportation system market is expected to reach US$ 20.5 million by 2023, growing at a high CAGR during the forecast period. The significant growth in the market can be attributed to the demand for safer roads, reduction in traffic congestion, government initiatives, and the need for better and sustainable highways. The migration of people from rural to metropolitan cities has increased the number of vehicles and traffic, and so, an efficient traffic management system has become a necessity. The lack of funds available with the governments and the lack of technological knowledge can hinder the growth of the market.
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The variable message sign for intelligent transportation system market is segmented on the basis of offerings, technology, application, deployment, type, and region. The technology segmentation includes radio frequency identification, lane departure, incident detection system, and lane departure warning system. The radio frequency identification system collects and calculates the average time and speed, and provides information about the transportation management in a district to the server. This information is then shared with the servers of other districts and a dynamic navigation system is thus setup to avoid transportation problems.
· In 2019, in St. Lawrence County, US , the State Department of Transportation has deployed an additional 50 portable variable message signs. This is primarily for enhancing storm messaging to the public on key corridors across the state.
· In 2019, the UK Government in Keighley Town has announced to install permanent digital variable message signs for improving the information available to drivers in the area, after months of traffic disruptions due to road-widening projects.
The global variable message signs in the transportation market are expected to witness significant growth across the globe, owing to the growing number of application areas in both developed and emerging economies. In the current scenario, the adoption of digital and variable message signs technologies primarily depends on the regions. In addition to this, the market will increase due to the growing demand from the US and Western European countries. The Western Europe’s market has the strongest hold in the market, owing to the presence of various large and small-scale variable messaging signs manufacturing-based industries and a well-developed IT infrastructure. Moreover, the US is witnessing growth owing to the increasing spending from the federal and state government entities.
With the growing deployment of variable message sign across developed countries, the market is witnessing a high growth rate during the forecast period. For instance, in 2019, in the US, the State Department of Transportation in St. Lawrence County, has deployed 50 portable variable message signs for enhancing the storm messaging to the public on key corridors throughout the state, as complex winter storm containing heavy snow, ice, and high winds are expected.
The key players in the variable message signs for intelligent transportation system market are Skyline Products Inc., Variable Message Signs Ltd., SWARCO AG, Shanghai Sansi Technology Co. Ltd., Kapsch TrafficCom AG, VIX Technology, Sigtec Pty Ltd., Denso, and others. Shanghai Sansi Technology, a Chinese company provides a wide range of LED displays, commercial displays, and also variable message signs for highways and urban roads. SANSI variable message has acquired a major market share in the China market owing to the variety of product offerings for intelligent transport. This includes emergencies, construction, and road closure information displayed on LED screens that can withstand extreme weather conditions such as heat waves, rain, storms, and others.
Key Questions answered
· What are the key drivers, restraints, opportunities, and challenges in the market and how are they expected to impact the market?
· What are the microeconomic and macroeconomic factors impacting the overall growth of the market?
· Who are the key market players and their key competitors?
· Who are the key market players at different stages of the value chain?
· What are the recent trends in the market? (M&A, partnerships, new product developments, expansions)