Market Research Future published a research report on “Traffic Sensor Market Research Report – Global Forecast till 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Traffic Sensor Market-Overview
The mass availability of advanced RFID is one of the central factors contributing to the traffic sensor market’s growth in 2020. The sensor and control reports are produced by Market Research Future, which features market options for expansion. A USD 385 Million is estimated to be gained at an 8 % CAGR by 2023.
The investments in intelligent traffic management service by civic bodies and municipalities around the world are estimated to spur the market for traffic sensors in the imminent period. The integration of advanced 3D technology with traffic sensors is estimated to shape the Traffic Sensor Market size in the future.
The segmentation of the traffic sensor market is carried out on the basis of technology, application, and regions. Based on the technology, the traffic sensor market is segmented into 3D/2D, RFID, GSM, and others. On the basis of sensors types, the traffic sensor market is segmented into piezoelectric sensors, radar sensors, LiDAR sensors, image sensors, magnetic sensors, and others. Based on the application, the traffic sensor market is segmented into hot spot detection system, road tunnel sensors system, laser measurement systems, electronic toll collection system, and others. Based on the regions, the traffic sensor market is segmented into North America, Asia Pacific, Europe, and the rest of the regions in the global market.
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Detailed Regional Analysis
The regional assessment of the traffic sensor market is segmented into North America, Asia Pacific, Europe, and the rest of the regions in the global market. The regional market of the North American region was the most worthwhile market for traffic sensors in 2018 and is estimated to sustain this position in the coming period as well. The advantageous government guidelines and the incidence of top market players are reinforcing the progress of the traffic sensor market in the region. Besides, the rapid implementation of the next-gen traffic management system has been contributory to motivating the demand for traffic sensors in the North American region. The pooling of numerical data related to direction, average vehicle speed, lane management, traffic headway, and volume occupancy has been made relaxed with the addition of traffic sensors, which will further benefit the market. The European traffic sensor market during the review period is also projected to display a steady CAGR. The enhancement in traffic management systems and improved investment in R&D activities for established traffic solutions are the chief factors swaying the traffic sensor market in Europe.
The market is also expected to emphasize on innovation to amplify the development scope in the global market. The market is in a stage that requires careful and strategic planning to ensure that the growth achieved thus far is not compromised. The market is expected to revitalize its options for development as it overcomes this period of uncertainty in a careful and calibrated manner, the enhancement of the supply chains is estimated to focus on the incorporation of robotic assets so as to broaden the scope of supply that can be expected from the market on the whole. The competition in the market is estimated to be focused on mitigating the effect of external forces rather than exclusively dealing with internal competition. The government role is estimated to be pronounced in the near term as their backing is essential to get the growth of regional markets on track.
The noticeable contenders in the Traffic Sensor Market are FLIR Systems, Inc. (U.S.), Kistler Group (Switzerland), SWARCO AG (Austria), Sensys Networks, Inc. (U.S.), Sick AG (Germany), Siemens AG (Germany), International Road Dynamics, Inc. (Canada), TE Connectivity Ltd. (Switzerland), Axis Communication AB (Sweden), LeddarTech Inc. (Canada), Raytheon Company (U.S.), and among others.
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