Traffic Sensor Market Scope
Traffic sensor is defined as the device which indicates the presence or passage of vehicles and provides data and information to traffic management. Various benefits of using traffic sensors such as traffic management, automatic incident detection, data collection and others benefits. The government has also taken step regarding transport infrastructure. For instance, in 2018, the Government of India has allocated more than USD 4.03 billion for the Pradhan Mantri Gram Sadak Yojana (PMGSY) and also more than USD 9.55 billion for the National Highways Authority of India (NHAI) projects. Hence, government initiatives to modify transport infrastructure and radar sensors has huge demand as it is integrated with advanced 3D technology are the major drivers which are propelling the growth of the market.
According to AMA, the Global Traffic Sensor market is expected to see growth rate of 10.1%
The market is fragmented with numerous players focusing on technique and quality of the product due to which the global traffic sensor market can witness an upsurge in the forecast period Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Traffic Sensor market throughout the predicted period.
Road Dynamics, Inc. (Canada), FLIR Systems, Inc. (United States), TE Connectivity Ltd. (Switzerland), Kistler Group (Switzerland), SWARCO AG (Austria), SICK AG (Germany), LeddarTech Inc. (Canada), Axis Communication AB (Sweden), Raytheon Company (United States) and Sensys Networks, Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Siemens AG (Germany).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Traffic Sensor market , by Application (Vehicle Measurement and Profiling {Vehicle Profiling, Axle Counting}, Weigh in Motion {Weight Enforcement, Weight-Based Toll Collection, Traffic Data Collection}, Traffic Monitoring {Vehicle Counting, Bicycle Counting, Vehicle Motion Tracking} and Automated Tolling) and Region with country level break-up.
On the basis of geography, the market of Traffic Sensor has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
In February 2017, the European Union has invited innovative transportation proposals which will be provided a combined grant of more than USD 1.23 billion. Hence, this will, in turn, propel the growth of the traffic sensor market.
Market Trend
- Technology Advancement in Traffic Sensor
Market Drivers
- Growing Need for Real-Time Information System
- Government Initiatives to Modify Transport Infrastructure
- Increasing Urbanization and Population
Opportunities
- Growth in Cycling Infrastructure Foremost to Higher Adoption of Bicycle Counting Sensors
- Rising Adoption of Analytics-Based Transport Solutions
Restraints
- High Cost and Fulfillment of Fundamental Requirements for the Installation of Nonintrusive Sensors
Challenges
- Deployment of Multi-Sensor for Effective Traffic Control
Key Target Audience
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 and System Integrators