According to estimates, the Traffic Sensor Market would be worth USD 566 million in 2021 and USD 809 million in 2026, growing at a 7.4% CAGR. The government initiative to enhance the transportation infrastructure and the growing demand for real-time information systems are the main drivers of market expansion. Similar to how increased bicycle infrastructure would lead to greater use of bicycle counting sensors in the traffic sensor market, creating profitable prospects for market participants. The installation of nonintrusive sensors comes at a considerable cost, and market growth is anticipated to be constrained by these factors.
EFKON (Austria), Siemens (US), International Road Dynamics (Canada), Kapsch TrafficCom (Austria), and Q-Free ASA dominated the traffic sensor market in 2020. (Norway). Product launches, developments, partnerships, and acquisitions were the main strategies used by the top 5 Players in the Traffic Sensor Market to innovate on their product offerings and expand their client base.
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Top 2 Players in the Traffic Sensor Markets are:
EFKON (Austria)
STRABAG SE (Austria), which was established in 1994 and has its headquarters in Raaba, Austria, is the parent company of EFKON AG, one of the leading businesses in the traffic sensor market. One of the top construction firms in Europe is STRABAG SE. The business offers civil engineering, project development, tunnelling, building and road construction, and other services. The business and its subsidiaries frequently work on power plants, schools, and highways.
All of the main electronic tolling technologies are a major emphasis for EFKON AG, which also offers fully tailored turnkey solutions. The company also offers training programmes for a variety of staff, from toll plaza operators to administration managers, and is involved in the financing, planning, building, operation, and maintenance of toll plazas. Additionally, the business offers consulting engineering services, system integration, and maintenance for hardware and software systems.
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Siemens (US)
The key business areas of Siemens, a multinational technology company, are electrification, automation, and digitalization. It is one of the top manufacturers in the world, concentrating on the digital, infrastructure, mobile, and healthcare industries.
For product categories under the headings of power and gas, wind power and renewables, energy management, building technologies, digital factory, mobility, process industries and drives, healthcare, and financial services, Siemens offers solutions and services that have been divided into specific business units. Digital Industries, Smart Infrastructure, Mobility, Siemens Healthineers, Siemens Financial Services (SFS), and Portfolio Companies are the company's six business divisions (POS). The company delivers its traffic sensors, intelligent transportation system (ITS) technologies, and solutions in the market through its Mobility sector. The Siemens passenger and freight transportation businesses, comprising rail cars, rail automation systems, rail electrification systems, road traffic technology, digital solutions, and related services, are all included in the Mobility division.
Recent Developments
Sqills, a prominent Software as a Service (SaaS) provider of inventory management, reservations, and ticketing software, was bought by Siemens Mobility business in October 2021. The acquisition is meant to enhance Siemens' aim of boosting accessibility, capacity, and use of public transit.
A contract between EFKON AG and Varanasi Smart City Limited (VSCL) was signed in August 2020, and it states that EFKON India will be solely responsible for assisting VSCL with the design, development, implementation, and maintenance of the advanced surveillance system across Varanasi for a period of at least five years after Go-Live.
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