Scope of the Study
Traffic sensor is defined as the device which indicates the presence or passage of vehicles and provides data and information to traffic management. Various benefits of using traffic sensors such as traffic management, automatic incident detection, data collection, and other benefits. Radar sensors have huge in demand as it is integrated with advanced 3D technology, government initiatives to modify transport infrastructure, rising essential for real-time information systems, and increasing urbanization & population are the major drivers which are propelling the growth of the market. The market for the traffic sensor is anticipated to register a CAGR of over 10.1% during the forecast period.
The market study is being classified by Type (Inductive Loop, Piezoelectric Sensor, Bending Plate, Image Sensor, Infrared Sensor, Radar Sensor, LiDAR Sensor, Magnetic Sensor, Acoustic Sensor and Thermal Sensor), by Application (Vehicle Measurement and Profiling, Weigh in Motion, Traffic Monitoring and Automated Tolling) and major geographies with country level break-up.
Road Dynamics, Inc. (Canada), FLIR Systems, Inc. (United States), TE Connectivity Ltd. (Switzerland), Kistler Group (Switzerland), SWARCO AG (Austria), SICK AG (Germany), LeddarTech Inc. (Canada), Axis Communication AB (Sweden), Raytheon Company (United States) and Sensys Networks, Inc. (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Siemens AG (Germany).
The market is fragmented with numerous players focusing on technique and quality of the product due to which the global traffic sensor market can witness an upsurge in the forecast period Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Traffic Sensor market throughout the predicted period.
AdvanceMarketAnalytics has segmented the market of Global Traffic Sensor market by Type, Application and Region.
On the basis of geography, the market of Traffic Sensor has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Technology, the sub-segment i.e. RFID will boost the Traffic Sensor market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Growing Need for Real-Time Information System
- Government Initiatives to Modify Transport Infrastructure
- Increasing Urbanization and Population
- Technology Advancement in Traffic Sensor
- High Cost and Fulfillment of Fundamental Requirements for the Installation of Nonintrusive Sensors
- Growth in Cycling Infrastructure Foremost to Higher Adoption of Bicycle Counting Sensors
- Rising Adoption of Analytics-Based Transport Solutions
- Deployment of Multi-Sensor for Effective Traffic Control
In February 2017, the European Union has invited innovative transportation proposals which will be provided a combined grant of more than USD 1.23 billion. Hence, this will, in turn, propel the growth of the traffic sensor market. and In 2018, Government of India has allocated more than USD 4.03 billion for the Pradhan Mantri Gram Sadak Yojana (PMGSY) and also more than USD 9.55 billion for the National Highways Authority of India (NHAI) projects. Hence, it will also affect the growth of the market in the future.
Key Target AudienceTraffic Sensor Manufacturing Companies, Product Sales and Distribution Companies, Government Regulatory Authorities, Semiconductor Companies, Traffic Sensor Providers, Research and Development Companies, Market Research and Consulting Firms, Solution Providers, Technology Standards Organizations, Technology Investors and System Integrators
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