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.
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During the anticipated period, the market for traffic sensors would have the highest CAGR from automated tolling (E-Toll).
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 expressways. 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.
In the upcoming years, the 2D segment will have the fastest increase.
By 2026, the Traffic Sensor Market is anticipated to have the maximum growth in the 2D segment. 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. Although the 2D sensor will continue to rule the traffic sensor market, these factors.
The Traffic Sensor market's highest CAGR over the anticipated timeframe is attributable to APAC (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.
Market Players
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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