Traffic Sensor Market Worth 381.3 Million USD by 2023
PUNE, India, August 7, 2017 /PRNewswire/ --
The "Traffic Sensor Market by Type (Inductive Loop, Piezoelectric Sensor, Bending Plate, Image Sensor, Infrared Sensor, Radar Sensor, LiDAR Sensor, Magnetic Sensor, Acoustic Sensor, and Thermal Sensor), Application, and Geography - Global Forecast to 2023", published By MarketsandMarkets™, the Traffic Sensor Market is expected to grow from USD 228.0 Million in 2017 to USD 381.3 Million by 2023, at a CAGR of 8.94% during 2017-2023. The increasing demand for real-time information systems and increasing urbanization and population are the major factors that drive the traffic sensor market.
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Radar sensor expected to grow at a higher CAGR between 2017 and 2023
The market for radar sensors is expected to grow at the highest CAGR during the forecast period compared to other types of sensors. Radar sensors are resistant to lightning and other weather conditions such as haze, rain, or cloudy conditions compared to other detection technologies such as image sensors, which acts as a major driving factor for the growth of the market for radar sensors.
Traffic monitoring application expected to hold the largest share of the traffic sensor market in 2017
Traffic monitoring held the largest share of the traffic sensor market. The traffic monitoring system allows real-time monitoring of specific situations and road areas such as toll highways, bridges, and underpasses with the help of dedicated video capturing devices. The systems extract useful information about road mobility and traffic help enhance road safety and provide information to users. The vehicle counting and vehicle motion tracking are the major applications under traffic monitoring leading to a high rate of adoption of traffic sensors.
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Traffic sensor market in Asia Pacific likely to grow at a high rate during the forecast period
In Asia Pacific (APAC), China and Australia are the major contributors to the growth of the traffic sensor market. Some of the factors driving the growth of the market in this region include rapid developments to improve transportation industry, implementation of e-tolls, and various initiatives by the government to implement traffic management solutions.
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Major players operating in the traffic sensor market are Kapsch TrafficCom AG (Austria), International Road Dynamics, Inc. (Canada), FLIR Systems, Inc. (US), TE Connectivity Ltd. (Switzerland), and Kistler Group (Switzerland).
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