The global traffic sensor market size is expected to reach USD 1,068.7 million by 2030 according to a new study by Polaris Market Research. The report “Traffic Sensor Market Share, Size, Trends, Industry Analysis Report, By Sensor; By Technology (2D Sensor, 3D Sensor, RFID, GSM, Others); By Application (Vehicle Measurement and Profiling, Weigh in Motion, Traffic Monitoring, Automated Tolling); By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Several towns are implementing intelligent traffic management systems due to growing awareness of the negative impact of road accidents on GDP. The use and integration of transportation surveillance are required to gather and improve real-time information, and these devices currently play a critical role in meeting this requirement. These devices collect data utilized for various purposes, including flow monitoring, anticipating bottlenecks, and estimating trip times.
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However, the industry's expansion is projected to be hampered by a restricted infrastructure budget, as well as high initial investment and maintenance costs. The number of automobiles has increased due to increased urbanization and population. As a result, the government has taken steps to improve transportation infrastructure.
Based on the sensor type, the image market segment accounted for the leading share in 2021 and is expected to dominate the global market over the forecast period. Image beams see images from cameras situated beside or on the road. Furthermore, the images captured by the vehicle's camera can be used to detect a car following it, measure the distance between it and the following vehicle, recognize an obstruction, and detect a lane. These picture beams can be integrated into a signal controller and its small size. This has great sensitivity even in low-light situations, and it also has high-speed photography capabilities for superior daytime imaging performance.
Market players such as Siemens, Sensys Networks, Efkon AG, Flir Systems, International Road Dynamics Inc, Kapsch Trafficcom AG, Kistler Group, Q-Free ASA, Axis Communications AB, Leddartech, Raytheon Company, Sick AG, Swarco AG, TE Connectivity Ltd., and Transcore are some key players operating in the global market.
For instance, in October 2021, HERE Technologies, the world's premier location data and technology platform, announced the launch of its innovative HERE Advanced Real-Time service. It adds new lane-level intelligence and expands inner-city coverage to assist drivers to get to respective destinations more quickly and without stress.
Polaris Market Research has segmented the traffic sensor market report based on sensor, technology, application, and region:
Traffic Sensor, Sensor Outlook (Revenue - USD Million, 2018 - 2030)
Traffic Sensor, Technology Outlook (Revenue - USD Million, 2018 - 2030)
Traffic Sensor, Application Outlook (Revenue - USD Million, 2018 - 2030)
Traffic Sensor, Regional Outlook (Revenue - USD Million, 2018 - 2030)