The advancements in the transportation technologies is one of the major factors which is driving the growth of transportation sensors market. The rising need for connected technologies, such as IoT, smart sensors, and GPS, for real-time information about traffic congestion in different areas is creating the huge demand for transportation sensors worldwide. Moreover, deployment of new technology in smart cities, and IoT sensors are revolutionizing the demand for transportation sensors market. Also, an increase in the number of smart cities projects is expected to drive the growth of Transportation Sensors Market. Furthermore, various initiatives undertaken by the government of various countries such as U.S., Japan, Germany, and Canada to make connected infrastructure is expected to positively impact the growth of the transportation sensors market. Also, the growing need for real time information regarding the traffic congestion is also driving the growth of transportation sensors market.
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Furthermore, rapid urbanization and improved lifestyle have transformed the transportation infrastructure thereby driving the transportation sensors demand. Nowadays, transportation systems have become a fundamental base for the economic growth of all nations. Nevertheless, many cities around the world are facing an uncontrolled growth in traffic volume, causing serious problems such as delays, traffic jams, higher fuel prices, increase of CO2 emissions, accidents, emergencies, and the degradation of quality of life in modern society. Such factors are anticipated to boost the transportation sensors market during the forecast period.
Transportation Sensors Market: Drivers and Challenges
The increasing urbanization across the globe and accelerated use of automobiles are expected to propel the growth of transportation sensors market over the forecast period. Also, the rising use of semiconductor components in transportation management is further accelerating the growth of transportation sensors.
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Consumers are increasingly adopting smartphones and devices that support mobile applications that provides real time traffic information due to this factor, the demand for transportation tensors is increasing rapidly. In parallel, government institutions are implementing roadside infrastructures such as cameras and sensors to collect data about environmental and traffic conditions, owning to these factors are towering the growth of transportation sensors market.
Apart from this, the growing need for real-time information system is anticipated to increase the demand for transportation sensors market. Furthermore, increasing demand for smart infrastructure in developed and developing nations are spurring the need for transportation sensors.
However, configuration complexity is one of the major factors that hamper the growth of the transportation sensors market. Furthermore, the major restraint for the transportation sensors is the high cost and fulfillment of fundamental requirements for the installation of transportation sensors.
Transportation Sensors Market: Competition Landscape
Some of the major players in the global transportation sensors market are AMO, Agd Systems Ltd., Axis Communications Ab, Diablo Controls Inc., Efkon Ag, Flir Systems, Inc., Image Sensing Systems, Inc. (Iss), International Road Dynamics, Inc., Jenoptik Ag, Kapsch Trafficcom Ag, Kistler Group, Leddartech Inc., Miovision Technologies Inc., and, and other transportation sensors providers.
Transportation Sensors Market: Regional Overview
On the basis of geography, North America is expected to capture a large share in the transportation sensors market owing to the presence of various transportation sensors providers in the region. Europe is also expected to gain a substantial share in the transportation sensors market due to for smart infrastructure in the region. The transportation sensors market in Asia Pacific is expected to register a high growth rate during the forecast period owing to the rise in digital technologies in infrastructure technologies and rapid urbanization in various countries of the region. Moreover, the transportation sensors market in Latin America is also expected to grow rapidly due to the continuous initiatives taken by various countries of the region towards the development of smart cities. The transportation sensors in MEA is also expected to rise rapidly due to the growing demand for utilization of connected technologies in the region.
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Global Transportation Sensors Market Growth during the Forecast Period, 2018-2026
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