In a recent published report, Kenneth Research has updated the market report for Traffic Sensor Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Traffic Sensor Market products.
By Application (Traffic monitoring, Automated tolling, Vehicle measurement and profiling, Weigh in motion), Sensor Type (Magnetic sensors, Thermal sensors, Bending plates, Acoustic sensors, Inductive loops, Piezoelectric sensors, Image sensors, Infrared sensors, LiDAR sensors, Radar sensors), and Regional Market Size, Status and Forecast to 2025
The Global Traffic Sensor Market was valued at USD 210.35 million in 2016 and is projected to reach USD 451.60 million by 2025, growing at a CAGR of 8.86% from 2017 to 2025.
Traffic Sensors are used to monitor the operation of transportation systems that helps to improve the performance of transportation network surveillance. Traffic information collected from traffic sensor is used to provide real-time traffic data for various traffic information applications, such as flow observation and estimation, travel-time estimation, bottleneck identification. Benefits of Traffic Sensors includes – improved mobility from eliminating traffic delays, improved safety for motorists and road workers, simple and quick installation, savings from reduced long term maintenance costs, added data collection, and detection over long range and across different lanes.
The Final Report will cover the impact analysis of COVID-19 on this industry:
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1. Market Drivers
1.1 Increasing adoption of bicycle counting sensors
1.2 Growing adoption of analytics-based transport solutions
1.3 Rising need for real-time information system
1.4 Rising urbanization and population
1.5 Involvement of government to modify transport infrastructure
2. Market Restraints
2.1 Issues in deployment of multi-sensor for effective traffic control
2.2 Rising initial cost
2.3 Meeting the fundamental requirements for the installation of nonintrusive sensors
The Global Traffic Sensor Market is segmented on the application, sensor type, and region.
1. By Application:
1.1 Traffic monitoring
1.2 Automated tolling
1.3 Vehicle measurement and profiling
1.4 Weigh in motion
2. By Sensor Type:
2.1 Magnetic sensors
2.2 Thermal sensors
2.3 Bending plates
2.4 Acoustic sensors
2.5 Inductive loops
2.6 Piezoelectric sensors
2.7 Image sensors
2.8 Infrared sensors
2.9 LiDAR sensors
2.10 Radar sensors
3. By Region:
3.1 North America (U.S., Canada, Mexico)
3.2 Europe (Germany, UK, France, Rest of Europe)
3.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
3.4 Latin America (Brazil, Argentina, Rest of Latin America)
3.5 Middle East & Africa
The major players in the market are as follows:
1. Siemens AG
2. Flir Systems, Inc.
3. Q-Free ASA
4. Kapsch TrafficCom AG
5. International Road Dynamics, Inc.
6. EFKON AG
8. Kistler Group
9. TE Connectivity Ltd.
10. SWARCO AG
11. SICK AG
12. Axis Communications AB
13. Raytheon Company
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
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RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the Global Traffic Sensor Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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