Traffic sensors are the latest technologies used for traffic monitoring and surveillance. It provides real-time information and offers efficient management solutions. The report offered by Market Research Future MRFR has suggested that the global traffic sensor market is supposed to expand at 8% CAGR across the forecast period 2017 to 2023. This report also indicates that the market is expected to earn revenues amounting to USD 385 Mn by the end of the review period. Technological innovations are presumed to play key role in market development. It also highlights that the market is prognosticated to attract massive investments over the next couple of years.
Developed economies are investing in innovative technologies to integrate traffic sensor in the effective management of the traffic. It helps in performing functions such as speed and classification, vehicle counting, etc. It helps the traffic police department in making decisions in order to minimize the traffic jam. These factors are supposed to increase the growth rate of the traffic sensor market in the coming years. In addition, the developing nations are also likely to increase investments in the technology for ensuring a smooth flow of traffic. It is also expected to bear a positive impact on the growth pattern of the Traffic Sensor Market in the near future.
Rising number of accidents has motivated the growth trajectory of the market and is supposed to continue contributing to market growth in the upcoming years. Every year millions of people either die or get injured in road accidents. These factors are prognosticated to drive the growth of the traffic sensor market in the forthcoming years. Urbanization has also boosted the use of sensors at traffic lights. In addition, the expansion of public transportation systems in the global front is supposed to generate revenue for the players in the traffic sensor market.
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The prominent players in the Global Traffic Sensor Market are – TE Connectivity Ltd. (Switzerland), Kistler Group (Switzerland), SWARCO AG (Austria), Sick AG (Germany), LeddarTech Inc. (Canada), Siemens AG (Germany) , International Road Dynamics, Inc. (Canada), FLIR Systems, Inc. (U.S.), Axis Communication AB (Sweden), Raytheon Company (U.S.), Sensys Networks, Inc. (U.S.) and among others.
Global Market for Sensor Patch – Segmental Analysis
- On the basis of technology, the traffic sensors market has been segmented into RFID, GSM, 2D / 3D, and others.
- On the basis of sensor type, the segmentation of the traffic sensor market covers radar sensors, LiDAR sensors, piezoelectric sensors, magnetic sensors, image sensors, and others.
- On the basis of application, the segmental assessment of the traffic sensor market covers laser measurement systems, hot spot detection system, electronic toll collection system, road tunnel sensor system, and others.
The geographical analysis of the global traffic sensor market has been offered in this report which covers the following important regional segments – North America, Asia Pacific, Europe, and the Rest of the World (RoW). These regions are assessed on a country basis to cover a detailed study. North America is a leading regional segment due to the rise in investments in advanced technologies by governments. The adoption of the latest traffic sensors in the region is expected to drive the growth of the traffic sensor market in the coming years. In addition, rising urban population and increasing possession of passenger cars are also responsible for the development of the traffic sensor market in the region. Europe is also likely to expand due to similar factors. Asi Pacific, on the other side, is anticipated to benefit from the expansion of public transportation facilities. The traffic sensor market in the region is assessed to mark a higher CAGR than any other regions.
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- Traffic 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
- System Integrators
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