PUNE, India, February 1, 2018 /PRNewswire/ --
According to the new market research report "Weigh in Motion Market by Component (Hardware (Sensor and Controller), Software & Services), Application (Axle Counting, Weigh Enforcement, Weight-Based Toll Collecion, Vehicle Profiling, Traffic Data Collection), and Geography - Global Forecast to 2023", published by MarketsandMarkets™ , the market is expected to grow from USD 572.2 Million in 2018 to USD 875.7 Million by 2023, at a CAGR of 8.88% between 2018 and 2023. Increasing government initiatives toward intelligent transportation infrastructure, and growing need for advanced traffic congestion solutions and real-time information systems are the major factors driving the weigh in motion market.
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Browse 61 market data Tables and 43 Figures spread through 141 Pages and in-depth TOC on "Weigh in Motion Market - Global Forecast to 2023"
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Hardware to hold largest share of weigh in motion market between 2018 and 2023
Hardware is expected to hold the largest market share during the forecast period. The hardware segment includes sensors and controllers used in WIM. The weigh-in-motion hardware system uses multiple sensors and controllers to collect traffic data and transmit it to the weigh-in-motion station. As a weigh-in-motion system uses multiple sensors and other related hardware components, the hardware component is expected to hold the largest share during the forecast period.
Sensors to drive weigh in motion market for hardware during forecast period
The market for sensors is expected to witness significant growth during the forecast period. Image sensors held the largest share of the weigh in motion market for sensors in 2017. Image sensors are primarily used in cameras for vehicle detection and identification. Inductive loops are the most widely used vehicle sensors in modern traffic signal control systems. Inductive loop is one of the most accurate technologies for vehicle (especially heavy vehicles) counting, and it meets stringent vehicle flow error specifications required for intelligent transportation system and weight enforcement applications. Inductive loops are also being used along with other sensor technologies, such as cameras, for higher efficiency, driving the growth of the sensor market.
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Weigh in motion market for axle counting application to witness significant growth during forecast period
Axle counting is important in weigh in motion as it helps in understanding per-axle load, thus weight-based toll can be implemented. Governments across the world have set permissible load standards to be tolled and allowed for a given infrastructure roadways or bridges. Owing to this factor, the market for axle counting application is expected to grow significantly during the forecast period.
North America likely to hold largest share of weigh in motion market during forecast period
The adoption of intelligent transportation systems to counter traffic congestion and increase safety on roads is propelling the growth of the weigh in motion market in North America. Government funding and support toward the implementation of intelligent transportation systems in North America is another major driver for the weigh in motion market growth. In North America, the US is the major contributor to the growth of the weigh in motion market.
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Major players operating in the weigh in motion market are Kapsch TrafficCom (Austria), Q-Free (Norway), International Road Dynamics (Canada), Kistler (Switzerland), and SWARCO (Austria), among others.
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