Weigh-In-Motion System Market worth $1,730 million by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, March 23, 2021 /PRNewswire/ -- According to the new market research report "Weigh-In-Motion System Market by Type (In-Road, Bridge Weigh, Onboard), Vehicle Speed (Low, High), Component (Hardware, Software & Services), End Use Industry (Highway Toll, Oil & Refinery, Logistics), Sensors, Function, Region - Global Forecast to 2027", published by MarketsandMarkets™, the Weigh-In-Motion System Market is projected to reach USD 1,730 million by 2027 from USD 858 million in 2020, at a CAGR of 10.5% during the forecast period.
Browse in-depth TOC on "Weigh-In-Motion System Market"
196 – Tables
50 – Figures
207 – Pages
Increasing government initiatives toward intelligent transportation systems and increasing public-private partnerships (PPPs) is boosting the growth of the market for weigh-in-motion system. Low cost compared with static weigh scale is expected to further fuel the growth of the weigh-in-motion system market.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=242065043
Traffic data collection segment is expected to be the fastest-growing segment during the forecast period
The traffic data collection system provides real-time monitoring of specific situations and road areas, such as toll highways, bridges, and underpasses, with the help of dedicated video devices. The system extracts useful information about road mobility and traffic, helps enhance road safety, and gives information to users. Thus, the traffic data collection segment is expected to be the fastest-growing segment during the forecast period.
The in-road weigh-in-motion system segment by type is expected to hold the largest market share in 2020
In the in-road weigh-in-motion system, the sensors are installed beneath the road surface. These sensors capture and record the passing vehicle's information such as weight, length, and class in the data storage system. In-road weigh-in-motion systems help protect roads from overloaded vehicles. Mettler Toledo, International Road Dynamics, and Kistler are some of the major manufacturers of in-road WIM systems.
The in-road segment is expected to lead the market during the forecast period as it is the most popular and traditional weigh-in-motion system. In-road WIM systems are widely used in industries such as highway toll, logistics, oil & refinery, and mining.
Request FREE Sample Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=242065043
Asia Pacific is estimated to be the fastest growing market
The increasing number of megacities and the population growth in developed and developing countries has increased the use of various traffic sensors and weigh-in-motion systems in the Asia Pacific region. The weigh-in-motion system market in Asia Pacific is growing rapidly because of the demand in countries such as China, Japan, and India. Some of the key players in Asia Pacific region are Essae Digitronics, Ashbee Systems, and Jiangxi Zhongjiali High-Tech, among others.
Various countries in Asia Pacific have started recognizing traffic solutions using weigh-in-motion systems and traffic sensors for curbing traffic congestion, automated toll, vehicle detection, traffic control, and traffic management. The demand for weigh-in-motion systems in Asia Pacific is significantly driven by the strong economic growth, rising population, and rapid urbanization. Hence, Asia Pacific is estimated to be the fastest-growing market during the forecast period.
The outbreak of COVID-19 has impacted the Asian region substantially, and many end-use industries of weigh-in-motion systems are expected to register a decline in growth. According to Wood Mackenzie, the demand for oil products in Asia Pacific reduced by 1.8 million barrels per day (b/d) year-on-year in 2020. Such decline is expected to postpone the demand for new weigh-in-motion systems and their installations in 2020. However, the highway toll industry getting on track in China is expected to drive the demand for weigh-in-motion systems in the region from 2021.
Kapsch TrafficCom (Austria), Q-Free ASA (Norway), METTLER TOLEDO (US), and Avery Weigh-Tronix (Illinois Tool Works) (US) are the major companies operating in the global Weigh-In-Motion Systems Market. These companies adopted supply contracts, and expansion strategies to gain traction in the Weigh-In-Motion Systems Market.
Browse Related Reports:
Electric Commercial Vehicle Market by Propulsion Type, Vehicle Type, Range, Battery Type, Length of Bus, Power Output Type, Battery Capacity Type, Component Type, Autonomous Vehicles Type, End User and Region - Global Forecast to 2028
Artificial Intelligence in Transportation Market by Machine Learning (Deep Learning, Computer Vision, Context Awareness, NLP), Application (Semi & Full-Autonomous, HMI, Platooning), Offering (Hardware, Software), Process, and Region - Global Forecast to 2030
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/weigh-in-motion-market.asp Visit Our Web Site: https://www.marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/weigh-in-motion.asp
Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg
SOURCE MarketsandMarkets
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article