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.

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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.

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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.

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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.

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