Traffic Sensor Market Growth 2021 Along with Business Insights and Forecast to 2026
The Traffic Sensor Market is predicted to increase at a CAGR of 7.4% over the forecast period, from a value of USD 566 million in 2021 to USD 809 million by 2026. (2021–2026). Real-time information systems are becoming more and more necessary, and government initiatives to improve transportation infrastructure are the main reasons propelling the market for traffic sensors. The deployment of multi-sensor data fusion technology for efficient traffic control, for example, could pose a significant threat to the market throughout the projection period. For the projection period, Lidar Sensor Segment is anticipated to experience the highest CAGR. During the forecast period, the CAGR for Lidar Sensor is anticipated to be higher. The market for LiDAR sensors has experienced a rise in the number of start-ups with significant R&D expenditures. Solid-state LiDARs are projected to experience considerable technical advancements and cost reductions as a result of such breakthroughs....