According to the report, the traffic sensor market will be worth $381.3 million by 2023 from its current $228.0 million in 2017. The major factors driving this growth, it says, are increasing demand for real-time information systems and increasing urbanization and population.
The report segments the overall traffic sensor market by sensor type, application, and geography. Sensor types include inductive loops, piezoelectric, image, LiDAR, radar, magnetic, acoustic, thermal, and bending plates.
According to the report, radar sensors are expected to see the highest growth during the forecast period. This is due to their resistance to lightning and other weather conditions compared to other detection technologies such as image sensors.
Traffic sensor applications considered in the report include vehicle measurement and profiling, weigh in motion, traffic monitoring, and automated tolling (or e-toll). Traffic monitoring holds the largest share of the traffic sensor market, while "vehicle counting and vehicle motion tracking are the major applications under traffic monitoring leading to a high rate of adoption of traffic sensors," says the report.
The geographical region expected to contribute the most growth during the forecast period is the Asia Pacific region. This will be due to rapid developments to improve the transportation industry, implementation of e-tolls, and various government initiatives to implement traffic management solutions.
The report also looks at the traffic sensor "market ecosystem." Major players, it says, include Kapsch TrafficCom (Austria), International Road Dynamics (Canada), FLIR Systems (US), TE Connectivity (Switzerland), and Kistler Group (Switzerland), SWARCO (Austria), Sick AG (Germany), LeddarTech (Canada), Axis Communication (Sweden), Raytheon Company (US), Sensys Networks (US), and Siemens (Germany).