The Worldwide Weigh-In-Motion System Industry is Projected to Reach $1.7 Billion by 2027 at a CAGR of 10.5% from 2020
DUBLIN, April 9, 2021 /PRNewswire/ -- The "Global 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 - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global 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.
To make transportation safe, more efficient, and sustainable, the governments of various countries such as the US, China, Japan, and many European countries have defined a roadmap for intelligent transportation infrastructure. For instance, the ITS Strategic Plan 2015-2019, started by the US Department of Transportation (USDOT), focuses on intelligent vehicles, intelligent infrastructure, and the creation of intelligent transportation systems.
In the fiscal year 2020, the US Department of Transportation's Federal Highway Administration (FHWA) awarded Advanced Transportation and Congestion Management Technologies Deployment (ATCMTD) grants worth USD 49.6 million to 10 projects using advanced intelligent transportation systems (ITS) that will improve mobility and safety and support vehicle connectivity. The Virginia Department of Transportation (US) issued an order worth USD 135.9 million to construct a 6.24-mile long bypass for Rout6e 29 in Charlottesville (US) and Albemarle County (US). It planned to install an ITS and traffic control devices on the 6.24-mile long bypass. In FY 2020, the Regional Transportation Commission of Southern Nevada (RTC) issued an order worth USD 6 million for the Integrated Safety Technology Corridor project.
In 2015, the Government of the Netherlands announced substantial investments in 12 regions and allocated more than USD 77.7 million for ITS until 2018, which involved the use of innovative technologies for traffic management, leading to better traffic distribution. Further, the Delhi government (India) planned to invest about USD 1 billion in 2019 in intelligent traffic management systems, with an aim to renovate the existing traffic system.
ITS applications offer benefits of combining information, data processing, communication, and sensor technology and apply them to vehicles and traffic infrastructure and management software to provide a more efficient transport network. A WIM system enables intelligent use of the available transportation infrastructure and vehicles by allowing real-time information and data flow. The system collects data from sensors located in or above the infrastructure. It helps in smooth traffic flow, increases road safety by identifying overweight vehicles, and reduces road wear over a period. Thus, the growing demand for ITS all over the world is expected to drive the WIM market during the forecast period.
Globally, the 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.
Europe is projected to be the largest regional market
In 2020, Europe is estimated to dominate the market for weigh-in-motion systems. The region is expected to be a key revenue pocket for the weigh-in-motion market with growing investments by regional governments for transportation infrastructure development projects in national and international highways. Moreover, Europe is dominated by the high-speed weigh-in-motion system, which costs 50-60% higher than low-speed systems. Furthermore, a major reason for the European dominane of the weigh-in-motion system market is the free trade agreements between the EU countries.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends in Weigh-In-Motion System Market
7 Analyst's Recommendations
8 Weigh-In-Motion System Market, by Vehicle Speed
9 Weigh-In-Motion System Market, by Type
10 Weigh-In-Motion System Market, by End-use Industry
11 Weigh-In-Motion System Market, by Component
12 Weigh-In-Motion System Market, by Sensor Type
13 Weigh-In-Motion System Market, by Function
14 Weigh-In-Motion System Market, by Region
15 Competitive Landscape
16 Company Profiles
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SOURCE Research and Markets