Traffic Sensor Market Forecasts to 2028 – Global Analysis By Technology (2D Sensor, 3D Sensor), Application (Weigh in Motion, Traffic Monitoring), End User (Construction, Mining) and By Geography

Traffic Sensor Market Forecasts to 2028 – Global Analysis By Technology (2D Sensor, 3D Sensor), Application (Weigh in Motion, Traffic Monitoring), End User (Construction, Mining) and By Geography

According to Stratistics MRC, the Global Traffic Sensor Market is accounted for $566.00 million in 2021 and is expected to reach $1,061.54 million by 2028 growing at a CAGR of 9.4% during the forecast period. Traffic sensors are made up of a magnetic device that detects and indicates the levels of traffic present on the road. It monitors the patterns of vehicles and their movements. It is a smart way of controlling traffic. Advanced devices, such as infrared radar, laser technique, and video detection are used to control the mobility of traffic. It evenly distributed the traffic and provides hassle-free movement on the roads. Traffic sensors can be used in areas where traffic management is difficult during peak hours. These sensors also work efficiently in the areas of intersections and bottleneck lanes.

Market Dynamics:

Driver:

Rapid urbanization and rising emphasis on road safety norms

The proportion of the urban population is increasing every day, causing traffic congestion. The increasing urbanization and population have been escalating the traffic density levels, making commuting tough for the common masses. Moreover, as the urban population grows so will the volume of business within cities and with business partners outside of cities. A higher urban population tends to increase the volume of transportation as the business grows. For example, as cities' populations grow, so will traffic as businesses such as e-commerce, postal & logistics, and restaurant aggregator & food delivery companies expand their operations.

Restraint:

High cost for the installation of nonintrusive sensors

The installation and maintenance of nonintrusive sensors, such as image sensors, microwave sensors, and acoustic sensors, do not have a major impact on road traffic and are associated with severe safety concerns. Furthermore, the cost of non-intrusive sensors is high compared to leading in road technologies such as inductive loops that provide detailed traffic flow data measurements. High costs impede widespread distribution and limit the application of non-intrusive sensors in gathering traffic information.

Opportunity:

Raising the need for transportation and personal conveyance

As the population is increasing rapidly, it is, in turn, raising the need for transportation and personal conveyance. As the traffic is increasing on the roads, the government is improving the infrastructure facilities. This becomes an opportunity for the traffic sensor market. In developing countries, such as India, the demand for traffic sensors is increasing rapidly because of increased investment in infrastructural development.

Threat:

High initial investment

The investment required for setting up an efficient traffic sensor system is difficult. The maintenance cost is also very high as the well-trained and equipped staffs are required to handle the operations. It becomes one of the threats in the traffic sensor industry and its growth.

The 2d sensor segment is expected to be the largest during the forecast period

Despite the numerous benefits of 3D sensor technology for quality traffic monitoring applications, many traffic control authorities continue to rely solely on the 2D sensor for quality control processes. While useful in a limited number of scenarios, a 2D sensor is limited in its ability to achieve full quality control, which is considered a major concern, especially in the case of multilane and heavy urban traffic congestions, where near to fully quality control is a major preference.

The radar sensors segment is expected to have the highest CAGR during the forecast period

The radar sensors segment is growing at the highest CAGR in the market. Radar sensors utilize frequency modulated continuous wave radar to identify moving and stationary objects, including cars, trucks, trains, buses, and cargo, in extreme conditions. Radar-based sensors are ideal for collision avoidance on-board mobile equipment, such as reach stackers, forklifts, and mining vehicles, or port machineries, such as carriers, handlers, and shippers.

Region with highest share:

North America is projected to hold the largest market share due to the growing traffic problems day by day due to the increase in vehicles. This owns to high infrastructural development and urbanization. The increase in the level of traffic is increasing the need for management of traffic in all the cities.

Region with highest CAGR:

The Asia Pacific is projected to have the highest CAGR due to the growing number of megacities and increasing population in developed and developing countries. As there are many developing nations in these regions, there is a large scope for the rising growth of the traffic sensors market. Many environmentally friendly campaigns are being run in the APAC region.

Key players in the market:

Some of the key players profiled in the Traffic Sensor Market include Axis Communication AB, EFKON GmbH, Ericsson , Flir Systems, Inc., Image Sensing Systems, Inc, International Road Dynamics, Inc., Jenoptik Ag, Kapsch TrafficCom AG, Kistler Group, LeddarTech Inc, Q-Free ASA, Raytheon Company, Sensys Networks, Inc, SICK AG, Siemens AG, SWARCO AG, and TE Connectivity Ltd.

Key developments:

In August 2020: An agreement between EFKON GmbH and Varanasi Smart City Limited (VSCL), where EFKON India will be solely responsible for helping Varanasi Smart City Limited (VSCL) with the design, development, implementation and maintenance of the implementation of advance surveillance system across Varanasi for a period of at least 5 years following Go-Live was signed.

In January 2020: Image Sensing Systems Inc launched the next-generation radar, RTMS Echo. The RTMS Echo radar is a powerful IoT-ready device that is easily-installable with built-in aiming guidance, auto configuration of sensor, and wireless monitoring via smart device.

In August 2018: TE Connectivity acquired ENTRELEC terminal block business from ABB which expands the company’s product portfolio and widens the consumer reach.

In January 2018: Ericsson launched a project in which the urban roads are connected to an advanced system of traffic management. It was designed especially for the city of Dallas. It has provided relief to the traffic management & control authorities.

Technologies Covered:
• 2D Sensor
• 3D Sensor
• Global System for Mobile Communication (GSM)
• Radio Frequency Identification (RFID)

Sensor Types Covered:
• Acoustic Sensors
• Bending Plate Sensors
• Image Sensors
• Inductive Loop Sensors
• Infrared Sensors
• LiDAR Sensors
• Magnetic Sensors
• Piezoelectric Sensors
• Radar Sensors
• Thermal Sensors
• Microwave Radar
• Video Image Processor
• Magnetometer

Applications Covered:
• Vehicle Measurement and Profiling
• Weigh in Motion
• Traffic Monitoring
• Automated Tolling (E-Toll)

End Users Covered:
• Aerospace and Defense
• Construction
• Mining
• Transportation
• Automotive
• Oil and Gas

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances