The market for equipment and systems used to detect and gauge several aspects of traffic, such as vehicle quantity, speed, and occupancy, is referred to as the “traffic sensor market.” Numerous applications, including traffic management, incident detection, and toll collecting, can make use of these sensors. Due to the rising need for smart transportation systems, as well as the need for better traffic management and safety, the market for traffic sensors is anticipated to expand in the upcoming years. more urbanisation, a growing population, and more government financing for transportation infrastructure are factors propelling the market’s expansion.
The traffic sensor market is forecast to grow at a strong CAGR of 8.4% between 2022 and 2032, with a target of US$ 1439.0 million. Two of the primary reasons for the rise in demand for traffic sensors are safety and dependability.
Over half of all fatal and injury crashes occur near crossroads or in close proximity to them, according to the Federal Highway Administration (FHWA). All approaching objects can be tracked using conventional radar, but properly differentiating between modes is quite challenging.
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Traffic Sensor Market Gets the Green Light from New Traffic Technology Innovation
Manufacturers in the traffic sensor industry are focusing on seizing the initiative in developing and implementing cutting-edge practises and technologies. Additionally, manufacturers are utilising imaging systems, optical beacons, and the ultrasonic doppler effect to provide customers more options.
For instance, the improved bicycle and personal mobility device (PMD) detection and categorization provided by Traffic Technology Ltd.’s new Zelt Evo sensor The induction loop technology, which Eco-Counter has been developing over the past 20 years, serves as the system’s foundation.
Global Traffic Sensor Market: Drivers and Challenges
Government initiates towards smart infrastructure is expected to drive the growth of traffic sensors worldwide. Increasing traffic on roads, rail, air and water is making the ways more crowded creating a need to handle the traffic more efficiently.
This factor is expected to positively impact the adoption of traffic sensors. Competitive pricing in sensor technology and innovative advancements in the technological sector is boosting the growth in adoption of traffic sensors, hence enabling growth in revenue of traffic sensor market globally.
Few challenges faced by the vendors while deploying traffic sensors include unnecessary delays in traffic, increased traffic congestion, air pollution and gasoline consumption and among others. These factors are expected to impact the growth of global traffic sensor market negatively.
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What Strong is the Competition in the Traffic Sensor Market?
Since there are no dominant firms in a competitive market, it is fragmented. As a result, there is anticipated to be low market concentration, where major players are engaging in various strategies in order to consolidate their market position.
Additionally, leading players and researchers are putting the newest emerging technologies to the test for traffic monitoring.
Key Players
- Kapsch TrafficCom AG
- EFKON GmbH
- International Road Dynamics Inc.
- TransCore, Kistler Group
- TE Connectivity
- FLIR Systems, Inc.
- Q-Free ASA
- SICK AG
- Agd Systems Ltd.
Key Segments Profiled in the Traffic Sensor Market Survey
By Type:
- Infrared Sensors
- Inductive Loops
- LiDAR Sensors
- Piezoelectric Sensors
- Magnetic Sensors
- Radar Sensors
- Thermal Sensors
- Acoustic Sensors
- Thermal Sensors
- Image Sensors
By Application:
- Traffic Monitoring
- Automated Tolling (e-toll)
- Vehicle Measurement & Profiling
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- The Middle East and Africa
- Europe
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