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Chicago, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Weigh-in-Motion System Market is projected to reach USD 1.8 billion by 2027 from USD 1.1 billion in 2022, at a CAGR of 10.0% during the forecast period., according to a new report by MarketsandMarkets™.
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|Market size value in 2022:||USD 1.1 billion|
|Projected to reach 2027:||USD 1.8 billion|
|Base Year Considered:||2021|
|Region Covered:||Asia Pacific, North America, Europe, and RoW|
|Segments Covered:||End-Use Industry, Component, Weighing Technology, Application, Installation Method, and Vehicle Speed.|
|Companies Covered:||Avery Weigh-Tronix (US), Mettler Toledo (US), Kistler Instruments AG (Switzerland), International Road Dynamics Inc. (Canada), and Q-Free ASA (Norway).|
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. Road safety regulations by governments especially for Highway and Bridge infrastructure are expected to further fuel the growth of the Weigh-in-Motion System Market.
The highway toll segment is estimated to be the largest during the forecast period
The highway toll segment dominates the Weigh-in-Motion System Market, by end-use industries. The weigh-in-motion systems are mostly used for highway toll purposes to reduce traffic congestion while detecting overweight vehicles. Key technological innovations in ITS/TMS systems and stricter regulations posted for road usage for freight vehicles to prevent overloading and overspeeding and hence accidents and unexpected deterioration of road and associated infrastructure. Countries investing in ITS/TMS while building new roads and updating old infrastructure are key customers of WIM systems for highway toll and road safety segment.
The Piezoelectric Sensor Technology-based weigh-in-motion system segment by weighing technology is expected to be the fastest-growing segment during the forecast period
The Piezoelectric Sensor Technology-based Weigh-In Motion systems are expected to have the highest demand growth during the forecast period. The reason for this is its implementation in high-speed systems which are being implemented across most of the new road infrastructure being built in the Asia Pacific, Europe, and North American regions. The focus on the implementation of ITS/TMS systems and traffic data collection and analysis across highways to make them safer for travel, and the necessity of doing so without interruption in the traffic flow is another key factor for the expected growth in demand of Piezoelectric Sensor Technology-based Weigh-In Motion systems during the forecast period.
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Asia Pacific is estimated to register the fastest growth in the Weigh-In Motion System Market
Asia Pacific countries have started recognizing traffic solutions using weigh-in-motion systems and sensors to curb traffic congestion, automated toll, vehicle detection, traffic control, and traffic management. Traffic management projects are growing across the Asia Pacific, owing to the need to replace and upgrade conventional transportation systems. Following this, local and regional governments have implemented several traffic management projects, such as Gateway WA Perth Airport and Freight Access Project, Australia; Secondary National Roads Development Project (SNRDP), Philippines; Smart City Kochi, India; and Beijing Real-Time Traffic Information System, China. Such initiatives are projected to boost the demand for weigh-in-motion systems for traffic management in the Asia Pacific. Furthermore, road infrastructure development and ITS implementation in the region are expected to drive the demand for these systems. Consequently, Asia Pacific will likely be the fastest-growing region during the forecast period.
Key Market Players
The Weigh-in-Motion System Market is dominated by established players such as Avery Weigh-Tronix (US), Mettler Toledo (US), Kistler Instruments AG (Switzerland), International Road Dynamics Inc. (Canada), and Q-Free ASA (Norway). These companies adopted various strategies, such as new product developments, deals, and others to gain traction in the Weigh-in-Motion System Market.
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