Traffic Sensor Market to Reach $809M by 2026 with 7.4% CAGR
Chicago, Feb. 17, 2023 (GLOBE NEWSWIRE) — 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, The growing need for real-time information system, and government initiative to upgrade transport infrastructure are the key factors driving the growth of the market. Likewise, Growth in cycling infrastructure leading to higher adoption of bicycle counting sensors in traffic sensor market are expected to create lucrative opportunities for the players in the traffic sensor market. However, high cost and fulfilment of fundamental requirements for the installation of nonintrusive sensors are expected to restraint market growth.
Top 2 players in the traffic sensor markets are:
EFKON (Austria),
One of the major companies in the traffic sensor market, EFKON AG, is a subsidiary of STRABAG SE (Austria), which was founded in 1994 and is headquartered in Raaba, Austria. STRABAG SE is one of the leading construction companies in Europe. The company provides civil engineering, building and road construction, project development, tunneling, and other services. The company and its subsidiaries often work on motorways, schools, and power plants.
EFKON AG has a significant focus on all major electronic tolling technologies and also provides customized turnkey solutions. The company is also engaged in financing, design, construction, operation, and maintenance of toll plazas and provides training programs for various personnel, ranging from toll plaza operators to administration managers. In addition, the company provides system integration and consulting engineering services as well as support services for software and hardware systems
Recent Developments
- In Augest 2020, an agreement between EFKON AG and Varanasi Smart City Limited (VSCL), where EFKON India will be solely responsible for helping Varanasi Smart City Limited (VSCL) with the design, development, implementation and maintenance of the implementation of advance surveillance system across Varanasi for a period of at least 5 years following Go-Live was signed..
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Scope of the Report:
| Report Metric | Details |
| Estimated Value | USD 566 million in 2021 |
| Projected Value | USD 809 million by 2026 |
| Growth Rate | CAGR of 7.4% |
| Market size available for years | 2018–2026 |
| Base year | 2020 |
| Forecast period | 2021–2026 |
| Units | Value USD Million |
| Segments covered | Sensor Type, Technology, Application, And Geography |
| Geographic regions covered | North America, APAC, Europe, and RoW |
| Companies covered | The companies covered in the traffic sensor market are EFKON AG (Austria) Kapsch TrafficCom AG (Austria), International Road Dynamics, Inc. (Canada), FLIR Systems, Inc. (US), TE Connectivity Ltd. (Switzerland), SWARCO AG (Austria), Sick AG (Germany), TransCore (US), Axis Communication AB (Sweden), Raytheon Company (US), Q-Free ASA (Norway), Kistler Group (Switzerland), and Siemens (Germany). The other company profiles included in the scope are Sensys Networks (US), LeddarTech (Canada), Image Sensing Systems (ISS) (US), AGD Systems(UK), Jenoptik (Germany), Miovision (Canada), Diablo Controls (US), |
Siemens (US)
Siemens is a globally operating technology company with core activities in the fields of electrification, automation, and digitalization. It is one of the worlds leading manufacturers focused on digital industry, infrastructure, mobility, and healthcare segments.
Siemens offers solutions and services that have been classified into specific business units for product categories under power and gas, wind power and renewables, energy management, building technologies, digital factory, mobility, process industries and drives, healthcare, and financial services. The company operates through six business divisions: Digital Industries, Smart Infrastructure, Mobility, Siemens Healthineers, Siemens Financial Services (SFS), and Portfolio Companies (POS). Through its Mobility segment, the company offers its traffic sensors, and intelligent transportation system (ITS) products and solutions in the market. The Mobility division encompasses all of Siemens passenger and freight transportation businesses, including rail vehicles, rail automation systems, rail electrification systems, road traffic technology, digital solutions, and related services.
Recent Developments
- In October 2021, Siemens Mobility division acquired Sqills, a leading Software as a Service (SaaS) provider of inventory management, reservation, and ticketing software. The acquisition is intended to advance Siemens strategy of increasing public transportation availability, capacity, and utilization.
“Browse in-depth TOC on “Traffic Sensor Market“
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APAC is attributed to grow at the highest CAGR in traffic sensor market during the forecast period (2021-2026)
The APAC is expected to grow at the highest CAGR in the overall traffic sensor market. The fastest growth of the APAC traffic sensor market is expected to be driven by the increasing number of mega cities and growing population in developed and developing countries.
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This report categorizes the traffic sensor market based on By Sensor Type, By Technology, By Application, and by Region.
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