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Road Safety Market Report Road Safety Market Analysis

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Road Safety Market Analysis, Market Size, Application Analysis, Regional Outlook, Competitive Strategies, And Segment Forecasts, 2015 To 2022

The road safety market is expected to exceed over USD 6.0 billion by 2022 owing to the increased road fatalities leading to the emerging need for road safety and security. Constant need for public security and road safety, new infrastructural development and longer commuting is expected to augment the industry growth.

The road safety market is estimated to grow at a CAGR of over 10% from 2015 to 2022. The catastrophic accidents/fatalities, threats and natural/unnatural disasters have been the major driving force for industry growth. Continuous hike in the number of accidents/fatalities, crimes, disasters, and terrorist attacks increases the demand for security on roadways.

Subsequent increase in the number of passengers, traffic and congestion on the road is estimated to be an influencing factor for the industry. Several technologies have been used in order to implement more security for highways and bridges, urban roads and tunnels. These technological systems, services and solutions deployed include speed limit enforcement, red light enforcement, bus lane enforcement, incident detection and access control. Safety measures for highways and bridges are anticipated to grow at a faster pace over the forecast period in comparison to the urban roads and tunnels.

The leading cause of accidents/fatalities may include risky behavior which can be due to numerous factors. Exceeding demand for automated, technological driven, highly secure infrastructure of the safety is estimated to accentuate the industry demand over the forecast period.

The measures shown to reduce traffic injuries have affirmative effect on health such as improved respiratory health and increased physical activity. A coordinated response to the problem comprises of implementation and development of a multi-sectoral strategy on prevention of traffic injury with specific finances for activities to be achieved in the desired timeframe. However, budget constraints and lack of awareness about the safety can act as a restraint for industry growth.

The development of varied transportation projects throughout the globe coupled with critical transportation infrastructure facilities offer lucrative opportunities for the industry. System integration and consulting services are one of the major revenue contributors followed by risk assessment, support, training, maintenance and analysis services.

Building safer roads and vehicles, enhancing public transport, designing infrastructure with the protection of cyclists and pedestrians in mind and improving our personal behavior on the roads would lead to the reduction in injuries and contribution to healthier population.

The road safety market can be classified on the basis of products into bridges, highways, tunnels and urban roads. Systems are categorized into speed limit enforcement, red light enforcement system, access control/vehicle detection, bus lane enforcement, incident detection and communication systems. On the basis of services the categories are system & consulting integration, risk analysis & assessment, maintenance, training and support services. The categorization on the basis of technologies includes radar and sensor-based devices, surveillance and analytics.

North America is estimated to dominate the industry due to the availability of technologically advanced infrastructure. Asia Pacific is projected to grow over the forecast period owing to the lack of road infrastructure and hike in vehicles. Various governments across the globe are spending huge amount on infrastructures including bridges, highways, tunnels and urban roads to deal with the increased road crash incidents. Further, the governments are introducing changes in the enforcing, implementation, strategizing and planning of security and safety measures for the roadways infrastructure.

The key players are Flir Systems, Huawei, Alcatel Lucent, Thales, Tyco, Kapsch AG, Raad Data Communication, Saab and Siemens AG. These players are providing enforcement suites, real time traffic flow systems, video surveillance solution and communication system to handle traffic congestion with high reliability and maximizing safety on roads. Additionally, they are offering systems embedded with varied technologies to enhance the efficiency and reduce the overall cost. New product development and mergers and acquisitions are also being adopted as key strategies to excel in the emerging industry.

 

Research Methodology

Grand View Research employs comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecast possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation that looks market from three different perspectives. Critical elements of methodology employed for all our studies include:

Preliminary data mining

Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.

Technical issues and trends are obtained from surveys, technical symposia and trade journals. Technical data is also gathered from intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.

Statistical model

Our market estimates and forecasts are derived through simulation models. A unique model is created customized for each study. Gathered information for market dynamics, technology landscape, application development and pricing trends is fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, and industry experience and domain expertise.

Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of technology landscape, regulatory frameworks, economic outlook and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:

• Market drivers and restrains, along with their current and expected impact
• Raw material scenario and supply v/s price trends
• Regulatory scenario and expected developments
• Current capacity and expected capacity additions up to 2022

We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.

Primary validation

This is the final step in estimating and forecasting for our reports. Exhaustive primary interviews are conducted, on face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation, but also provide critical insights into the market, current business scenario and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:

• Market leading companies
• Raw material suppliers
• Product distributors
• Buyers

The key objectives of primary research are as follows:

• To validate our data in terms of accuracy and acceptability
• To gain an insight in to the current market and future expectations

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Comments3

Edward

3 day ago

Thank you for such an informative article! It was very interesting to read about technologies you use in the production of your solar panels. I hope it’s not the last article concerning green energy. However, it’d be great if you told your readers how you work on custom projects if it’s possible, of course. By the way, every word about the excellence of your solar panels and technologies you use is absolutely true, other independent ratings confirm this fact.

Nina

1 days ago

I think the technologies used by Creator’ technicians and their dedication to what they do play the primary role in the success of their products (including solar panels). And I completely agree with you on this point.

John

2 day ago

My company has always been your partner, almost since Creator’ establishment. I’m really surprised that you deliver not only perfectly working industrial solutions but also amazing products for home use (including solar panels). Probably it is the most important thing that diversifies your company from other manufacturers – you always think about your customers first, and not on the possible ways of gaining more profit. It’s impressive!

miranda

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