Traffic Sensor Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2503
Traffic Sensor Market size will grow at a high pace due to various factors such as government initiatives to modify transport infrastructure, growing need for real-time information systems, and increasing urbanization & population. Also, several countries focus on innovations and expansions in the existing projects in the traffic lights sector. This factor will also increase the demand for traffic sensors in the coming years.
Continuously growing urban population is increasing the need for efficient traffic management solutions, propelling the traffic sensor market growth. Congestion in cities including New York, Shanghai, Mumbai, etc., has become a major point of concern for people dwelling in these cities. Congestions reduce the overall efficiency of the city and increase economic losses. These components help the analysis of parameters such as the number of vehicles that passed through an area at that instant and length, weight, and speed of vehicles. This allows the authorities to reduce congestions on the roads.
Governments of various countries have undertaken initiatives to improve the infrastructure of the cities, aiding the traffic sensor market growth. For instance, in the fiscal year 2017 – 18, under the Digital India initiative, the Government of Indi. allocated USD 4.03 billion for the Pradhan Mantri Gram Sadak Yojana (PMGSY) and USD 9.55 billion for the National Highways Authority of India (NHAI) projects. Such initiatives are propelling the traffic sensor market expansion into developing countries. The European Commission is introducing innovative means to finance the transport infrastructure in Europe. For instance, in February 2017, the European Union invited innovative transportation proposals that will be provided a combined grant of up to USD 1.23 billion.
The major challenge in the growth of the traffic sensor market is the high cost of the systems implementing these components such as smart transportation and intelligent traffic management. These systems are equipped with the advanced software that requires a high degree of maintenance. The installation of the smart traffic management systems requires several hardware components including sensors, communication devices, and control systems, in addition to the software. Increased overall cost of these systems restricts the installation of these systems, restraining the traffic sensor market growth.
The adoption of analysis-based transport solutions is expected to provide viable growth opportunities to the traffic sensor market. These solutions make use of traffic sensors to keep track of the status and location of vehicles. Vendors provide intelligent transportation solutions such as fleet analytics, video analytics, and predictive analytics to reduce congestions using these components.
The traffic sensor market is characterized by the presence of several sensors types, which include inductive loops, magnetic, acoustic, radar, piezoelectric, bending plates, infrared, image, LiDAR, and thermal sensors. Amongst all, the demand for radar sensors will grow at the highest rate. Semiconductor components are generally highly affected by the environmental factors such as rain, storm, and extreme heat. However, radar sensors remain unaffected by lightning and other weather conditions such as rain, haze, and cloudy conditions. These components provide ease-of-use as compared to the other detection technologies such as image sensors, which are the key driving factors for the growth of radar traffic sensor market.
The traffic sensor market is characterized by the use of these components in various applications such as vehicle measurement & profiling, automated tolling (e-toll), and traffic monitoring. Traffic monitoring application segment is expected to witness fast growth owing to increasing requirements of these solutions in smart cities. These components are widely used in vehicle counting and vehicle motion tracking in monitoring applications. Weigh in motion technology is used to capture and record the weights of the vehicles. This makes the weighing process more efficient, majorly for commercial vehicles.
Asia Pacific traffic sensor market is expected to hold the majority share due to the adoption of technologically-advanced systems. Growing urban population and the increasing need for real-time information systems in the region will propel the traffic sensor market growth. Growing urban population in countries including India, China, Japan, and South Korea is increasing the strain on the traffic management solutions. This is encouraging the governments to invest increasingly in smart transportation solutions. For instance, the Government of Australia has planned to invest over USD 70 billion for the development of its transport infrastructure by 2021.
Key players in the traffic sensor market are Kistler Group, International Road Dynamics, Q-Free ASA, TransCore, FLIR Systems, Inc., Kapsch TrafficCom AG, SWARCO AG, EFKON GmbH, TE Connectivity, and SICK AG. The adoption of new technology at the right time has made all these major players succeed in the industry. The traffic sensor market is characterized by strategic acquisitions and partnerships amongst the players. In April 2016, Kapsch TrafficCom declared the acquisition transportation business of Schneider Electric. This acquisition will help Kapsch TrafficCom to expand its business and reinforce its market position in Latin America, Spain, North America, and the Middle East.
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