Traffic Sensor Market Analysis Report, Growth, Trend, and Forecast, 2024

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Traffic Sensor Market Business Development
Analysis and Future Challenges by 2024 Global
Market Insights, Inc.
Fuel Cell Market size worth 25.5bn by 2024
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Regional Analysis of Traffic Sensor Market

• 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.
• 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.

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• Application Analysis of Traffic Sensor Market
• Continuously growing urban population is
  increasing the need for efficient traffic
  management solutions, propelling the traffic
  sensor market growth. Congestion in cities
  including New York, Shanghai, Mumbai, etc., has
  become a major point of concern for people
  dwelling in these cities. Congestions reduce the
  overall efficiency of the city and increase
  economic losses. These components help the
  analysis of parameters such as the number of
  vehicles that passed through an area at that
  instant and length, weight, and speed of
  vehicles. This allows the authorities to reduce
  congestions on the roads.
• 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.

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Competitive Market Share of Traffic Sensor
Market

• 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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