Traffic Sensor Market to Record Sturdy Growth by 2025
There are numerous technologies which are used in traffic sensor devices such as infrared, radar, lasers, rubber hoses, video detection, piezoelectric and inductive loops. Inductive loops technique is the most commonly used technique owing to its simple structure and its advantage that it does not get affected by weather conditions. Inductive loops are coils of wire that are rooted under the road surface to detect changes in inductance as vehicles pass above it. When the car stops over the buried coils, the car’s steel material body acts as core of the induction loop and changes its inductance. The changed inductance changes the current flowing through the loop and it is conveyed to the sensor circuitry in order to produce or alter the signals.
Global government initiatives and investments to improve transport infrastructure is the key factor expected to drive the global traffic sensor market. The European Commission is launching innovative ways to finance Europe’s transport infrastructure. In February 2017, EU called for innovative transportation proposals which will be provided combined grants up to Euro 1 billion from the private sector and public financial institutions.
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A number of developing Asian countries are also taking efforts to improve their infrastructure. The Government of Australia has committed over US$ 70 billion to develop its transport infrastructure for the period from 2013-14 to 2020-21. The Government of India in its Union Budget 2017-18, has allotted US$ 4.03 billion for PMGSY (Pradhan Mantri Gram Sadak Yojana) and US$ 9.55 billion for NHAI (National Highways Authority of India) projects.
Growth of urban population and increasing need for real-time traffic information systems are also likely to boost the global traffic sensor market over the forecast period. Increase in urban population puts strain on traffic management which demands efficient traffic management solutions and is expected to boost the adoption of traffic sensors in the coming years. Even though high costs associated with installation and management of traffic sensors could be the limiting factor for market growth, nonetheless, analytics-based transport solutions which uses deep analytics platforms and cloud-based big data, presents huge opportunity for market growth.
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The global traffic sensor market is segmented on the basis of type, application, and region. On the basis of type, the market is subdivided into infrared sensors, inductive loops, LiDAR sensors, piezoelectric sensors, magnetic sensors, radar sensors, thermal sensors, acoustic sensors, thermal sensors, and image sensors. Radar sensors which are used in integration with Wi-Fi can provide vehicle and traffic information correctly up to 95% and its performance does not get affected by fog, dirt, smog, sandstorms, wind, sunlight or extreme temperatures. Based on application, the market has been divided into traffic monitoring, automated tolling (e-toll), vehicle measurement & profiling and others.
Geographically, the global traffic sensor market is segmented into North America, Europe, Middle East & Africa, Asia Pacific, and South America. Asia Pacific (APAC) is expected to be the significant contributor to market growth over the forecast period owing to efforts made by regional governments to improve the transportation industry, implement traffic management solutions, and implement e-tolls.
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Some of the key players in the global traffic sensor market are Kapsch TrafficCom AG, EFKON GmbH, International Road Dynamics Inc., TransCore, Kistler Group, TE Connectivity, FLIR Systems, Inc., Q-Free ASA, SICK AG, and SWARCO AG.
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