Road Infrastructure Modernization Programs to Surge Traffic Sensor Market to $809 Million by 2026
The Traffic Sensor Market is predicted to be worth USD 566 million in 2021 and reach USD 809 million by 2026, growing at a CAGR of 7.4% over the forecast period, according to the report "Traffic Sensor Market by Type (Inductive Loop, Piezoelectric Sensor, Bending Plate, Image Sensor, Infrared Sensor, Radar Sensor, LiDAR Sensor, Magnetic Sensor, Acoustic Sensor, Thermal Sensor), Technology, Application, and Region - Global Forecast to 2026" from MarketsandMarketsTM (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.
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Lidar sensor segment is projected to witness the highest CAGR for the forecast period
During the forecast period, the CAGR for lidar sensors 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.
Automated Tolling (E-Toll) to account for the highest CAGR of Traffic Sensor market during the forecast period
During the projection period, Automated Tolling (E-Toll) is anticipated to develop at the highest CAGR, with the rise of this sector being due to automated tolling's quick emergence as the preferred method for commuters to pay for tolls on motorways and motorways. They now live with it every day as a necessity. These systems operate quickly and provide an effective method for collecting toll fees at toll plazas. Because the toll is automatically deducted from the vehicle's account, passing vehicles via the toll plaza do not need to stop to pay the toll, which saves a lot of time.
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2D segment will have the highest growth in the coming years
By 2026, the traffic sensor market is anticipated to experience its largest growth in the 2D sector. Many traffic control authorities still only use 2D sensors for quality control procedures, despite the many advantages of 3D sensor technology for high-quality traffic monitoring applications. While effective in some situations, the 2D sensor's inability to attain 100% quality control is viewed as a major worry, particularly in situations involving multilane and heavy urban traffic congestions, when close to 100% quality control is preferred. Despite these factors, the 2D sensor will continue to rule the market for traffic sensors.
APAC is attributed to growing at the highest CAGR in Traffic Sensor market during the forecast period (2021-2026)
China, Japan, and Australia have been identified as the fastest-growing markets for traffic sensors in the APAC region. The APAC traffic sensor market is anticipated to grow at the quickest rate due to the rise in megacities and population in both developed and emerging nations.
EFKON (Austria), Siemens (US), International Road Dynamics (Canada), Kapsch TrafficCom (Austria), and Q-Free ASA (Norway) dominated the traffic sensor industry in 2020.
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