Market Trends of Traffic Sensors Industry
This section covers the major market trends shaping the Traffic Sensors Market according to our research experts:
Traffic Monitoring to Witness Significant Growth
- Installation of traffic sensors will now be an integral part of traffic monitoring and to analyze the pattern of the moving vehicles and their interaction in the traffic. This is expected to help in enhancing the efficiency in traffic management, such as jams.
- Since there is a significantly increasing number of commercial vehicles, the players and institutions are coming up with advanced traffic monitoring systems. For instance, the Indian Institute of Technology (IIT) Delhi, India completed the prototype of smart traffic monitoring systems on the campus.
- Also, the major players and researchers are testing traffic monitoring using the latest emerging technologies. The researchers from the Texas Advanced Computing Center (TACC) commenced the test of traffic monitoring using AI, which in the future is likely to increase the utilization of traffic sensors.
- The increasing number of passenger cars is driving the need for advanced and optimized traffic management system. Since 2015, the number of passenger cars has witnessed a growth of over 7% and is expected to increase owing to the emerging electric vehicles. As a result, it is likely to boost the demand for intelligent traffic monitor and control system, thereby having a positive impact on the utilization of traffic sensors.
- As a result, it creates an immense opportunity and potential in the region for the industry players in the region to invest and tap the early market garnering higher market share.
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North America to Dominate the Traffic Sensor Market
- North America contains the most urbanized landscapes in the world. In the United States and Canada, approximately 80% of the population is in the urban areas. These volumes of urbanization create challenges for the government to manage traffic.
- The region is engaged in both internal and external research and development, in an effort to introduce new types of traffic sensors to enhance the effectiveness, ease of use, safety, and reliability of its existing traffic sensors and to expand applications for which the uses of current products are appropriate.
- Sometimes the urgent transport of goods, as well as the movement of people, is delayed because of the jams at traffic signals, so today it has been optimized to a large degree using traffic control and safety systems. Traffic sensors are installed at various places in the region for measuring different types of data extracted from the number of vehicles and regulates the signals accordingly. This would also help to maneuver the demand of the traffic sensors in North America.
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