CHICAGO, April 30, 2019 /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 and Region-Global Forecast to 2026", published by MarketsandMarkets™, the Weigh-In-Motion System Market is estimated to be USD 913 million in 2019 and is projected to reach USD 1,656 million by 2026, at a CAGR of 8.89%. The increasing government initiatives towards intelligent transportation system, increasing public-private partnerships (PPPs), increasing traffic congestion, and low cost compared with static weigh system are projected to drive the Weigh-In-Motion System Market.
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The low-speed WIM system segment is estimated to be the largest Weigh-In-Motion System Market, by vehicle speed
The low-speed WIM system segment is estimated to dominate the Weigh-In-Motion System Market. The low-speed system offers various advantages such as low operating cost, low maintenance, ease of installation, and higher accuracy than the high-speed weigh-in-motion systems. Low-speed systems are installed in logistics centers, oil & refinery, agriculture, and mining industries. According to inputs from industry experts, industries such as mining and agriculture are potential markets for the low-speed WIM system. In Asia Pacific and North America, most of the highway tolls are equipped with low-speed weigh-in-motion systems. The key reason behind the high adoption rate of a low-speed weigh-in-motion system in the Asia Pacific region is the low cost compared to the high-speed weigh-in-motion system. In North America, regularity authorities do not allow a system with lower accuracy.
The onboard system is expected to grow at the highest CAGR in the Weigh-In-Motion System Market during the forecast period
The onboard weigh-in-motion system is fitted to the vehicles, rather than to the road. This system can transfer vehicle weight information at any point of time from a moving vehicle to the data storage system. As of 2019, the onboard system had a very less market share. However, it is expected to be the fastest growing market during the forecast period. According to insights from industry experts, the onboard system is the future of the WIM system market. Onboard weigh-in-motion system has numerous advantages over other systems. It has low cost, requires less maintenance, and can work at any vehicle speed.
Europe and Asia Pacific are estimated to be the largest and fastest growing market for weigh-in-motion system, respectively
Europe is estimated to be the largest Weigh-In-Motion System Market during the forecast period due to increased freight traffic and free movement of goods between European countries, which have increased traffic in national and international highways in toll plazas. WIM systems are used to detect overweight vehicles without disturbing the traffic flow. The Asia Pacific WIM system market is estimated to be the fastest growing market because of increasing investments in intelligent transportation system, smart traffic management, and smart cities, especially in China and India.
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Some of the key players in the Weigh-In-Motion System Market are Kapsch TrafficCom (Austria), Q-Free (Norway), METTLER TOLEDO (US), Avery Weigh-Tronix (Illinois Tool Works) (US), TE Connectivity (Switzerland), International Road Dynamics (Quarterhill) (US), Kistler (Switzerland), TransCore (Roper Technologies) (US), Axis Communications (Sweden), and EFKON (Austria).
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