New Delhi, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Global weigh in motion (WIM) market is flourishing owing to an increasing focus on managing traffic congestions, a surging demand for effective systems at reasonable prices, high adoption of intelligent transportation systems, governments’ growing investments in building roads, and rising commercial and freight transportation.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global weigh in motion (WIM) market size at USD 1,030 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global weigh in motion market size to grow at a significant CAGR of 10.24% reaching a value of USD 2,026.33 by 2029. Major growth drivers for global weigh in motion market include public-private partnerships, low cost, and rising traffic congestion are expected to emerge as significant factors accelerating the growth of the weigh-in-motion market. Government regulations governing intelligent transportation are expected to grow quickly. The market for weigh in motion will advance due to rising government investments in intelligent transportation systems and growing awareness of its advantages, such as increased traffic monitoring and analysis, cost reduction, overload vehicle detection, and road safety. The market for weigh in motion is predicted to benefit from the rising investment in smart cities. However, high cost of installation & maintenance and interference with other systems are anticipated to hinder the overall market growth.
Sample Request @ https://www.blueweaveconsulting.com/report/weigh-in-motion-market/report-sample
Global Weigh in Motion Market – Overview
Weigh in motion (WIM) devices, also known as weighing-in-motion (WIM) devices, are essentially pieces of software that record and measure the weight of moving vehicles by measuring axle loads as the trucks pass over installed sensors. It provides several advantages, such as cost savings, traffic monitoring and analysis, road management, overload vehicle enforcement, and road safety. The weigh in motion system promotes weigh in motion system sales by allowing local governments and transportation agencies to plan systematically while ensuring road safety through continuous monitoring, recording, and law enforcement methods.
Opportunity: Increasing traffic snarl
Traffic congestion is one of the main issues, and it is expected to get worse during the forecast period as more cars are sold around the world. This is particularly true at toll plazas. As urbanization and population growth around the world continues, costs are going up. The WIM system offers a solution to the congested traffic issue. To ease traffic congestion, many nations, including the US, UK, Germany, India, China, and Japan, have installed WIM systems on their highways. Throughout the forecast period, WIM systems are anticipated to be used for enforcement, monitoring, and forecasting congestion-causing causes. Traveler information systems, analytics and decision support, advisory services, traffic projection solutions, ticketing, and toll collection systems are just a few of the services provided by WIM.
Challenge: Substantial upfront costs
High initial costs and restrictive installation specifications for nonintrusive sensors are expected to limit the market growth for weigh-in motion systems. The use of commercial heavy vehicle transportation is expanding quickly due to industrial developments. To control traffic and monitor how rules are being followed, a weigh-in-motion system needs to be installed.
Please Visit the Press Release: https://www.blueweaveconsulting.com/press-release/global-weigh-in-motion-wim-market-size-almost-doubles-to-cross-usd-2-billion-by-2029
Impact of COVID-19 on Global Weigh in Motion Market
COVID-19 pandemic had a detrimental impact on end-use industries in 2020, which reduced global revenue generation significantly and hampered the market expansion for weigh-in-motion systems. The demand for weigh-in-motion systems is directly impacted by the expansion of end-use industries such as highway toll, oil & refinery, and logistics. 2020 witnessed a 15% to 25% decline in road traffic in Europe as a result of travel restrictions and a dismal macroeconomic environment. According to the International Energy Agency, the world's oil consumption dropped from 90,000 barrels per day in 2019 to 99.9 million barrels per day in 2020. The high installation costs and declining revenue from end-use industries are expected to limit the market growth for weigh-in-motion systems. However, due to the introduction of vaccines, the relaxation of lockdowns, and the restart of economic and social activities supported by high traffic, the market for weigh-in-motion systems as a whole grew in 2021.
Global Weigh in Motion Market – By Technology
The global weigh-in-motion market is divided into four categories based on technology: load cell, strain gauge strip, bending plate, and piezoelectric sensor. The fastest rate of growth is anticipated in the piezoelectric sensors segment. Compared to other systems, piezoelectric sensors have a more straightforward and portable design. Additional benefits include a broad measurement system range and a shallower road implementation depth. Piezoelectric sensors are more frequently required in weigh-in-motion applications worldwide due to their advantages over other sensors. The typical form of piezoelectric polymer sensor is a long cable or tape enclosed inside a sizable block of elastomeric material. These blocks are set into grooves in the pavement that have been cut parallel to the direction of traffic. The piezoelectric output of the most recent sensor technology varies.
Competitive Landscape
Global weigh in motion (WIM) market is fiercely competitive. Prominent players in the global weigh in motion (WIM) market include Kapsch TrafficCom AG., International Road Dynamics Inc., Kistler Group., SWARCO, Teledyne FLIR LLC., Infogix Inc, Reltio, TE Connectivity., Axis Communications AB., Raytheon Technologies Corporation., Siemens., Sensys Networks, Inc., Cross Zlin a.s, Intercomp, EFKON India Pvt. Ltd, SICK AG., Image Sensing Systems, Inc., and LeddarTech Inc. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in global weigh in motion Market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Weigh in Motion Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Weigh in Motion Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
Recent Developments
- In April 2021 - SWARCO AG released MyCity 1.0, an urban transportation management solution for smarter, cleaner cities.
- In April 2021 - Q-Free expanded Georgia DOT licenses for nationwide traffic signal control software for enhancements to Kinetic Signals.
Scope of the Report
| Attributes | Details |
| Years Considered | Historical Data – 2019–2022 |
| Base Year – 2022 | |
| Estimated Year – 2023 | |
| Forecast Period – 2023–2029 | |
| Facts Covered | Revenue in USD Million |
| Market Coverage | North America, Europe, Asia Pacific (APAC), Latin America, Middle East and Africa (MEA) |
| Product/ Service Segmentation | Vehicle Speed, Component, Installation Type, Technology, Application, End User, Region |
| Key Players | Kapsch TrafficCom AG., International Road Dynamics Inc., Kistler Group., SWARCO, Teledyne FLIR LLC., Infogix Inc, Reltio, TE Connectivity., Axis Communications AB., Raytheon Technologies Corporation., Siemens., Sensys Networks, Inc., Cross Zlin a.s, Intercomp, EFKON India Pvt. Ltd, SICK AG., Image Sensing Systems, Inc., LeddarTech Inc. |
By Vehicle Speed
- High Speed
- Low Speed
By Component
- Hardware
- Software & Services
By Installation Type
- In-Road System
- Weigh Bridge System
- Onboard System
By Technology
- Load Cell
- Strain Gauge Strip
- Bending Plate
- Piezoelectric Sensor
By Application
- Vehicle Profiling
- Axle Counting
- Weight Enforcement
- Weight-Based Toll Collection
- Traffic Data Collection
By End User
- Highway Toll
- Oil & Refinery
- Logistics
By Region
- North America
- Europe
- Asia Pacific (APAC)
- Latin America
- Middle East and Africa (MEA)
Please Find Below Related Topics:
- Automotive Traction Motor Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019–2029
- Europe Construction Equipment Market - Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019–2029
- Angola Tire Market - Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019–2029
- UAE OTR Tire Market - Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019–2029
- Qatar Tire Market - Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019–2029
About Us
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing qualitative and quantitative data to boost the performance of your business solutions. BlueWeave has built its reputation by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
Contact Us:
BlueWeave Consulting & Research Pvt. Ltd
+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662
info@blueweaveconsulting.com
https://www.blueweaveconsulting.com/
https://www.linkedin.com/company/blueweaveconsulting/
