Traffic Sensor Market by Type (Inductive Loop, Piezoelectric Sensor, Bending Plate, Image Sensor, Infrared Sensor, Radar Sensor, LiDAR Sensor, Magnetic Sensor, Acoustic Sensor, and Thermal Sensor), Application, and Geography - Global Forecast to 2023
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The increasing demand for real-time information systems and increasing urbanization and population are the major factors that drive the traffic sensor market.
According to the research, the traffic sensor market is expected to grow from USD 228.0 Million in 2017 to USD 381.3 Million by 2023, at a CAGR of 8.94% during 2017–2023. For more details, download this latest report: tinyurl.com/y6ud8en9
This traffic sensor market has been segmented on the basis of sensors types, which include piezoelectric sensors, bending plates, inductive loops, magnetic sensors, image sensors, acoustic sensors, infrared sensors, radar sensors, LiDAR sensors, and thermal sensors.
Amongs all, the market for radar sensors is expected to grow at the highest rate during the forecast period.
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Radar sensors are resistant to lightning and other weather conditions such as haze, rain, and cloudy conditions compared to other detection technologies such as image sensors, which acts as a major driving factor for the growth of the market for radar sensors.
Traffic monitoring held the largest share of the traffic sensor market. The traffic monitoring system allows real-time monitoring of specific situations and road areas such as toll highways, bridges, and underpasses with the help of dedicated video capturing devices.
The systems extract useful information about road mobility and traffic help enhance road safety and provide information to users.
In Asia Pacific (APAC), China and Australia are the major contributors to the growth of the traffic sensor market. Some of the factors driving the growth of the market in this region include rapid developments to improve transportation industry, implementation of e-tolls, and various initiatives by the government to implement traffic management solutions.
Major players operating in the traffic sensor market are Kapsch TrafficCom AG (Austria), International Road Dynamics, Inc. (Canada), FLIR Systems, Inc. (US), TE Connectivity Ltd. (Switzerland), and Kistler Group (Switzerland).
Key players in this market focus more on inorganic strategies such as acquisitions and partnerships to increase their revenue. In April 2016, Kapsch TrafficCom announced the closing of the acquisition of Schneider Electric’s (France) “transportation” business.
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