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Weigh-In-Motion System Market 2024 - By Size, Trends, Opportunities And Forecast To 2033
Weigh-In-Motion System Market
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According to The Business Research Company's, The weigh-in-motion system market size has grown rapidly in recent years. It will grow from $1.12 billion in 2023 to $1.24 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to increasing road freight transport, government regulations on vehicle overloading, rising traffic congestion, the need for road safety and maintenance, and demand for efficient traffic management solutions.
The weigh-in-motion system market size is expected to see rapid growth in the next few years. It will grow to $1.84 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to a growing focus on road infrastructure development, rising investments in smart city initiatives, government initiatives for toll collection automation, demand for real-time traffic data analytics, need for effective traffic law enforcement. Major trends in the forecast period include integration with Internet of Things (IoT) devices, development of cloud-based data management solutions, adoption of machine learning and AI for traffic prediction, shift towards automated and autonomous vehicle technologies, and enhanced focus on cybersecurity for transportation systems.
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Market Drivers and Trends:
The exponential rise in road freight traffic is expected to propel the growth of the weigh-in-motion system market going forward. Road freight traffic pertains to the transportation of goods and commodities using trucks and other commercial vehicles on road systems. The surge in road freight traffic is driven by growing consumer demand, the expansion of e-commerce, the integration of global supply chains, urbanization resulting in increased local deliveries, and the adoption of just-in-time inventory strategies. Weigh-in-motion systems facilitate real-time monitoring of vehicle weights, ensuring adherence to weight limits, enhancing road safety, minimizing infrastructure wear and tear, and promoting efficient and sustainable freight transport operations amid the exponential growth in road freight traffic. For instance, in November 2021, according to data published by the Bureau of Transportation Statistics (BTS) and the Federal Highway Administration (FHWA), agencies within the Department of Transportation (DOT), a US-based federal government department, projected a 50% increase in U.S. freight tonnage from 2020 to 2050, reaching 28.7 billion tons, with the value doubling to $36.2 trillion. Therefore, the exponential rise in road freight traffic is driving the weigh-in-motion system market.
Major companies operating in the weigh-in-motion system market are increasing their focus on launching innovative solutions, such as the rail weigh-in-motion system, to improve accuracy, data collection, and overall system efficiency. A rail weigh-in-motion (Rail WIM) system is a technology used to measure the weight of railway vehicles while they are in motion. For instance, in August 2021, Kistler Group, a Switzerland-based measurement technology company, launched the next-generation rail weigh-in-motion (RWIM) system. The new solution delivers multiple parameters of rail vehicles based on an improved piezoelectric sensor and system design. The new RWIM system from Kistler provides accurate and reliable data for rail traffic monitoring, allowing operators to efficiently manage their rail networks. This latest innovation builds upon the company's extensive expertise in measurement technology and its commitment to supporting customers in the rail industry with advanced solutions.
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Major Key Players of the Market:
TE Connectivity Ltd., Mettler-Toledo International Inc., Kistler Group, Cardinal Scale, Kapsch TrafficCom AG, Essae Digitronics (P) Ltd., Oriux, Blickfeld GmbH, Intercomp, Sensys Networks Inc., Cross Zlin, CAMEA spol. s r.o., Precision Weighing Systems, Althen Sensors & Controls, Ashbee Systems Ltd., Avery Weigh-Tronix Inc., Marsden Weighing Machine Group Limited, Aditya Technologies, Imagic Solution, International Road Dynamics Inc., Matrix Weighing Systems Pvt. Ltd., OSMOS Group SA, Weigh-More Solutions Pty Ltd.
Weigh-In-Motion System Market 2024 Key Insights:
• The weigh-in-motion system market size is expected to see rapid growth in the next few years. It will grow to $1.84 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%.
• Growth In Road Freight Traffic Drives The Weigh-In-Motion System Market
• Innovative Solutions Drive Growth In The Weigh-In-Motion System Market
• Europe was the largest region in the weigh-in-motion system market in 2023
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