Global Market Insights presents the Traffic Sensor Market provides a detailed overview of major drivers, restraints, challenges, opportunities, current industry trends and strategies impacting the global market along with estimates and forecast of revenue.
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.
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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.
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 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.
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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.