Traffic Sensor Market Growth, Analysis, Statistics, Trends, Forecast Report, 2024: Global Market Insights, Inc. Traffic Sensor Market will set to grow at a high pace due to various factors such as government initiatives to modify transport infrastructure, growing need for real-time information systems, and increasing urbanization & population. Also, several countries focus on innovations and expansions in the existing projects in the traffic lights sector. This factor will also increase the demand for traffic sensors in the coming years. Continuously growing urban population is increasing the need for efficient traffic management solutions, propelling the traffic sensor market growth. Congestion in cities including New York, Shanghai, Mumbai, etc., has become a major point of concern for people dwelling in these cities. Congestions reduce the overall efficiency of the city and increase economic losses. These components help the analysis of parameters such as the number of vehicles that passed through an area at that instant and length, weight, and speed of vehicles. This allows the authorities to reduce congestions on the roads.
Governments of various countries have undertaken initiatives to improve the infrastructure of the cities, aiding the traffic sensor market growth. For instance, in the fiscal year 2017 – 18, under the Digital India initiative, the Government of Indi. allocated USD 4.03 billion for the Pradhan Mantri Gram Sadak Yojana (PMGSY) and USD 9.55 billion for the National Highways Authority of India (NHAI) projects. Such initiatives are propelling the traffic sensor market expansion into developing countries. The European Commission is introducing innovative means to finance the transport infrastructure in Europe. For instance, in February 2017, the European Union invited innovative transportation proposals that will be provided a combined grant of up to USD 1.23 billion. The major challenge in the growth of the traffic sensor market is the high cost of the systems implementing these components such as smart transportation and intelligent traffic management. These systems are equipped with the advanced software that requires a high degree of maintenance. The installation of the smart traffic management systems requires several hardware components including sensors, communication devices, and control systems, in addition to the software. Increased overall cost of these systems restricts the installation of these systems, restraining the traffic sensor market growth. The adoption of analysis-based transport solutions is expected to provide viable growth opportunities to the traffic sensor market. These solutions make use of traffic sensors to keep track of the status and location of vehicles. Vendors provide intelligent
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