Traffic Sensor Market Size and Growth Analysis by 2024 : Top Key Players are Kistler Group, TransCore, FLIR Systems, Kapsch TrafficCom AG, TE Connectivity and SICK
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Governments of various countries have undertaken initiatives to improve the infrastructure of the cities, aiding the traffic sensor market growth. For instance, in the fiscal year 2017 – 18, under the Digital India initiative, the Government of Indi. allocated USD 4.03 billion for the Pradhan Mantri Gram Sadak Yojana (PMGSY) and USD 9.55 billion for the National Highways Authority of India (NHAI) projects. Such initiatives are propelling the traffic sensor market expansion into developing countries. The European Commission is introducing innovative means to finance the transport infrastructure in Europe. For instance, in February 2017, the European Union invited innovative transportation proposals that will be provided a combined grant of up to USD 1.23 billion.
Key industry players involved in the global Traffic Sensor Market are as follows:
• Kistler Group
• INTERNATIONAL ROAD DYNAMICS CORPORATION
• Q-Free ASA
• FLIR Systems
• Kapsch TrafficCom AG
• Efkon GmbH
• TE Connectivity
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The major challenge in the growth of the traffic sensor market is the high cost of the systems implementing these components such as smart transportation and intelligent traffic management. These systems are equipped with the advanced software that requires a high degree of maintenance. The installation of the smart traffic management systems requires several hardware components including sensors, communication devices, and control systems, in addition to the software. Increased overall cost of these systems restricts the installation of these systems, restraining the traffic sensor market growth.
The traffic sensor market is characterized by the presence of several sensors types, which include inductive loops, magnetic, acoustic, radar, piezoelectric, bending plates, infrared, image, LiDAR, and thermal sensors. Amongst all, the demand for radar sensors will grow at the highest rate. Semiconductor components are generally highly affected by the environmental factors such as rain, storm, and extreme heat. However, radar sensors remain unaffected by lightning and other weather conditions such as rain, haze, and cloudy conditions. These components provide ease-of-use as compared to the other detection technologies such as image sensors, which are the key driving factors for the growth of radar traffic sensor market.
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Asia Pacific traffic sensor market is expected to hold the majority share due to the adoption of technologically-advanced systems. Growing urban population and the increasing need for real-time information systems in the region will propel the traffic sensor market growth. Growing urban population in countries including India, China, Japan, and South Korea is increasing the strain on the traffic management solutions. This is encouraging the governments to invest increasingly in smart transportation solutions. For instance, the Government of Australia has planned to invest over USD 70 billion for the development of its transport infrastructure by 2021.
Key players in the traffic sensor market are Kistler Group, International Road Dynamics, Q-Free ASA, TransCore, FLIR Systems, Inc., Kapsch TrafficCom AG, SWARCO AG, EFKON GmbH, TE Connectivity, and SICK AG. The adoption of new technology at the right time has made all these major players succeed in the industry. The traffic sensor market is characterized by strategic acquisitions and partnerships amongst the players. In April 2016, Kapsch TrafficCom declared the acquisition transportation business of Schneider Electric. This acquisition will help Kapsch TrafficCom to expand its business and reinforce its market position in Latin America, Spain, North America, and the Middle East.
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