The Traffic Sensor Market is estimated to be valued at USD 566 million in 2021 and reach USD 809 million by 2026, at a CAGR of 7.4% between 2021 and 2026.
The growing need for real-time information system, and government initiative to upgrade transport infrastructure are the key factors driving the growth of the market. Likewise, Growth in cycling infrastructure leading to higher adoption of bicycle counting sensors in traffic sensor market are expected to create lucrative opportunities for the players in the Traffic Sensor Market. However, high cost and fulfilment of fundamental requirements for the installation of nonintrusive sensors are expected to restraint market growth.
Key Players
Traffic Sensor Market was dominated by EFKON (Austria), Siemens (US), International Road Dynamics (Canada), Kapsch TrafficCom (Austria), and Q-Free ASA (Norway).
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Lidar sensor segment is projected to witness the highest CAGR for the forecast period
Laser beams are used in lidar technology to map the surroundings and calculate distances. It is now a necessary component for many applications, including robots, mapping, and autonomous vehicles. The industry has grown as a result of the rising demand for Lidar sensors, and it is anticipated to expand rapidly over the next several years, as seen by the high projected CAGR (Compound Annual Growth Rate) for the forecast period.
Automated Tolling (E-Toll) to account for the highest CAGR of Traffic Sensor Market during the forecast period
E-Toll, or automated tolling, is a system that enables motorists to pay tolls electronically without having to stop at a toll booth. This is accomplished by using traffic sensors to detect vehicles and collect the toll, such as RFID (Radio Frequency Identification) readers and cameras. Traffic sensor market growth is being driven by the expanding use of E-Toll systems globally, which is anticipated to continue growing quickly and produce the highest CAGR throughout the projected period.
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2D segment will have the highest growth in the coming years
The usage of sensors that can gauge distances or recognise things in two dimensions is referred to as the 2D (two-dimensional) segment (height and width). These sensors are widely employed in numerous fields, including security, robotics, and industrial automation. The 2D sector is anticipated to develop at the fastest rate in the upcoming years as a result of the rising demand for these sensors. This increase can be linked to elements like their affordability, portability, and simplicity of integration into current systems.
APAC is attributed to growing at the highest CAGR in Traffic Sensor market during the forecast period (2021-2026)
The Traffic Sensor Market is no exception to the Asia-Pacific (APAC) region's role as a centre of technology development and economic expansion. The APAC region is anticipated to see the greatest CAGR in the Traffic Sensor Market during the forecast period, thanks to nations like China, Japan, and South Korea setting the bar in terms of innovation and implementation (2021-2026). This development can be ascribed to elements including growing urbanisation, expanding transportation systems, and rising demand for connected and smart technologies. Additionally, encouraging government programmes like those promoting driving safety are helping the Traffic Sensor Market in the APAC region flourish.
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