DUBLIN, Jan. 9, 2020 /PRNewswire/ -- The "Traffic Sensors Market - Growth, Trends, and Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The Global Traffic Sensors was valued at USD 271.97 million in 2019 and is expected to reach USD 434 million by 2025, at a CAGR of 8.1% over the forecast period 2020-2025. The increasing awareness of the adverse effect of road accidents on GDP is compelling several cities to implement sensor-based smart traffic signals.
- To obtain and enhance real-time traffic information, the utilization and integration of transportation surveillance are necessary wherein currently, the traffic sensors caters as a vital role to fulfill the requirement.
- These traffic sensors collect data which is used for several applications such as flow monitor and anticipate any bottleneck and travel time estimation. However, with the limited budget on infrastructure coupled with high initial investment and maintenance cost is likely to hamper the market growth.
- Due to the increase in urbanization and population, there is an increase in the number of vehicles. For which government has taken initiatives to modify transport infrastructure. These factors act as a driver for traffic sensors market.
- However, the setup cost is very high to implement this infrastructure which is a major challenge for the traffic sensors market.
Major Market Trends
Traffic Monitoring to Witness Significant Growth
- Installation of traffic sensors will now be an integral part of traffic monitoring and to analyze the pattern of the moving vehicles and their interaction in the traffic. This is expected to help in enhancing the efficiency in traffic management such as jams.
- Since there's a significantly increasing number of commercial vehicles, the players and institutions are coming up with advanced traffic monitoring systems. For instance, the Indian Institute of Technology (IIT) Delhi, India completed the prototype of smart traffic monitoring systems on the campus.
- Also, the major players and researchers are testing traffic monitoring using the latest emerging technologies. The researchers from Texas Advanced Computing Center (TACC) commenced the test of traffic monitoring using AI which in future is likely to increase the utilization of traffic sensors.
- The increasing number of passenger cars is driving the need for advanced and optimized traffic management system. Since 2015, the number of passenger cars has witnessed a growth of over 7% and is expected to increase owing to the emerging electric vehicles. As a result, it is likely to boost the demand for intelligent traffic monitor and control system thereby having a positive impact on the utilization of traffic sensors.
- As a result, it creates an immense opportunity and potential in the region for the industry players in the region to invest and tap the early market garnering higher market share.
North America to Dominate the Traffic Sensor Market
- North America contains the most urbanized landscapes in the world. In the United States and Canada, approximately 80% of the population is in the urban area. These volumes of urbanization create challenges for the government to manage traffic.
- The region is engaged in both internal and external research and development, in an effort to introduce new types of traffic sensors to enhance the effectiveness, ease of use, safety, and reliability of its existing traffic sensors and to expand applications for which the uses of current products are appropriate.
- Sometimes the urgent transport of goods, as well as the movement of people, is delayed because of the jams at traffic signals, so today it has been optimized to a large degree using traffic control and safety systems. Traffic sensors are installed at various places in the region for measuring different types of data extracted from the number of vehicles and regulates the signals accordingly. This would also help to maneuver the demand of the traffic sensors in North America.
The major players like Kistler Group, Flir Systems, Inc., TE Connectivity Ltd, SICK AG, Axis Communications AB, Raytheon Company, and Siemens AG, among others. The market is fragmented since the market is competitive without dominant players. Hence, market concentration will be low.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increasing Urbanization and Population
4.3.2 Growing Need for Real-Time Information System
4.3.3 Government Initiatives to Modify Transport Infrastructure
4.4 Market Restraints
4.4.1 High Setup Costs
4.5 Value Chain / Supply Chain Analysis
4.6 Industry Attractiveness - Porter's Five Force Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Sensor Type
5.1.1 Inductive Loop
5.1.2 Piezoelectric Sensor
5.1.3 Bending Plate
5.1.4 Image Sensor
5.1.5 Infrared Sensor
5.1.6 Other Type of Sensors
5.2 By Application
5.2.1 Vehicle Measurement & Profiling
5.2.2 Weigh in Motion
5.2.3 Traffic Monitoring
5.2.4 Automated Tolling
5.2.5 Other Applications
5.3.1 North America
5.3.4 Latin America
5.3.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Kapsch TrafficCom AG
6.1.2 International Road Dynamics Inc.
6.1.3 Kistler Group
6.1.4 Flir Systems Inc.
6.1.5 TE Connectivity Ltd.
6.1.6 SWARCO AG
6.1.7 Q-Free ASA
6.1.8 SICK AG
6.1.9 Raytheon Company
6.1.10 Siemens AG
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/fn4eab
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
Research and Markets
Laura Wood, Senior Manager
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets