Traffic Sensor Market Size Worth USD 1,090.2 Million in 2032 | Emergen Research

Vancouver, Nov. 27, 2023 (GLOBE NEWSWIRE) -- The global traffic sensor market size is expected to reach USD 1,090.2 Million in 2032 and register a steady revenue CAGR of 6.8% during the forecast period, according to the latest analysis by Emergen Research. Rising demand for real-time information systems is the primary factor driving market revenue growth. Traffic sensors are used to collect information about road traffic for signal control, and the obtained data is sent to the Vehicle Information and Communication System Centre (VICS Centre).

Proper traffic management ensures that traffic flows smoothly and efficiently, which as a result increases public safety on the roads. Sensors provide data on vehicle speed and trip times, which are utilized to enhance traffic signal timing and routing. For instance, pedestrian sensors increase pedestrian safety by removing pushbuttons and monitoring pedestrians crossing the street to lengthen the time of green signal.

In addition, integration of advanced Third Dimensional (3D) technology with radar sensors is another key factor driving revenue growth of the market. For instance, on 19 May 2023, Polysense Technologies Inc. (Polysense), a leading provider of LPWA industrial Internet of Things (IoT) solutions, announced the launch of new smart ultrasonic sensors based on iEdge 4.0. The ultrasonic sensors provide customizable alternatives for various use scenarios in smart cities, parking lot management, river level, and oil or water level in tanks, and are powered by its iEdge 4.0 OS modular and adjustable Bring-Your-Own-Device (BYOD) WxS platform.

However, high price for traffic sensors implementation and maintenance, especially for large areas, is a key factor, which could restrain market revenue growth. Regular maintenance is essential to ensure sensor reliability and sensor failures can disrupt traffic management.

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Traffic Sensor Report Summary

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Traffic Sensor Top Companies and Competitive Landscape

The global traffic sensor market is fragmented with large and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective sensors in the market.

Some major players included in the global traffic sensor market report are:

• Siemens
• Kapsch TrafficCom AG
• SWARCO
•  Sensys Networks, Inc.
• Iteris, Inc.
• Teledyne FLIR LLC
• Q-Free ASA
• TransCore
• Indra
• Axis Communications AB
• Image Sensing Systems, Inc.
• RTX
•  Wavetronix LLC.
• ECONOLITE
• Metro Infrasys Pvt. Ltd.
• Clearview Intelligence Limited
• Trigg Industries
• LeddarTech Inc.
• Quanergy Solutions, Inc.
• Genetec Inc.

Traffic Sensor Latest Industry News

• On 1 July 2021, Former Siemens Intelligent Traffic Systems (ITS) launched its new brand Yunex Traffic and began operations as a new Siemens Mobility. It was positioned in a fast-paced market where it was able to strategically use its industry-leading position in providing innovative, smart, and complete mobility solutions for roads and cities.

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Some Key Highlights From the Report

• The inductive loop sensors segment accounted for largest revenue share in the global traffic sensor market in 2022. This is due to rising demand for inductive loop detectors that use induced current from a wire loop that is anchored to the pavement to recognize different vehicle classes and are often utilized on highways because these are extremely accurate and cost-effective. Inductive loop detectors are used in open arterial networks to ensure traffic progress along a roadway by displaying successive green traffic flow signs.
• The magnetic sensors segment is expected to register steadily fast revenue growth rate in the global traffic sensor market during the forecast period. This is due to increasing need for magnetic sensors for traffic monitoring on motorways, at crossroads, and in parking lots, since wireless magnetic sensor networks are a low-cost alternative. Magnetic sensors help to create more efficient and safer transportation networks as they provide real-time data on the movement of vehicles, allowing for immediate response and traffic control adjustments.

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For the purpose of this report, Emergen Research has segmented the global traffic sensor market on the basis of type of sensor, technology, application, end-use, functionality, and region:

• Type of Sensor Outlook (Revenue, USD Million; 2019–2032)

• • Inductive Loop Sensors
  • Magnetic Sensors
  • Radar Sensors
  • Light Detection and Ranging (LiDAR) Sensors
  • Camera Sensors
  • Ultrasonic Sensors

• Technology Outlook (Revenue, USD Million; 2019–2032)

• • Two Dimensional (2D) Sensor
  • Three Dimensional (3D) Sensor
  • Radiofrequency (RFID)
  • Global System and Mobile (GSM) Communication
  • Others

• Application Outlook (Revenue, USD Million; 2019–2032)

• • Traffic Monitoring
  • Traffic Control
  • Parking Management
  • Speed Measurement and Enforcement
  • Incident Detection
  • Weather Monitoring

• End-use Outlook (Revenue, USD Million; 2019–2032)

• • Government and Transportation Authorities
  • Commercial and Industrial Users
  • Residential Users

• Functionality Outlook (Revenue, USD Million; 2019–2032)

• • Vehicle Detection
  • Traffic Flow Monitoring

• Regional Outlook (Revenue, USD Million; 2019–2032)
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • BENELUX
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Rest of Middle East & Africa
• • Traffic Enforcement

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