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(Wireless-NewsWire.Com, May 24, 2018 ) The weigh in motion 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% during the forecast period. The market growth can be attributed to several factors such as growing government initiatives toward intelligent transportation infrastructure, rising need for advanced traffic congestion solutions, and increasing need for the real-time information system. Also, many countries are focusing on innovations and expansions in the existing projects. This factor would increase the demand for weigh in motion in the coming years.
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The weigh in motion market has been segmented on the basis of component, which include hardware (sensors such as image sensors, piezoelectric sensors, bending plates, inductive loops, magnetic sensors, acoustic sensors, infrared sensors, radar sensors, LiDAR sensors, and thermal sensors; and controllers), and software and services. Among all sensor types, the market for image sensors is expected to lead the market during the forecast period. Image sensors are used for vehicle identification and vehicle classification, which is an important step in weigh in motion.
Moreover, the market is segmented on the basis of application into axle counting, vehicle profiling, weight enforcement, weight-based toll collection, and traffic data collection. Among all the applications, traffic data collection is expected to grow at the highest rate. Axle counting and weight enforcement are leading the weigh in motion application market during the forecast period.
The weigh in motion market has been segmented, on the basis of region, into North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW). North America accounts for the largest share of the weigh in motion market. In North America, the US is the major contributor to the growth of the weigh in motion market. Some of the factors driving the growth of the market in this region include initiatives by the government to implement effective weight enforcement solutions and increase in PPPs to install more weigh in motion stations across the region for effective enforcement, and traffic and infrastructure monitoring.
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Moreover, the weigh in motion market in APAC is expected to grow at the highest CAGR during the forecast period. The market growth can be attributed to several initiatives by the governments in APAC. China, Japan, and Australia are increasingly taking initiatives such as investing heavily in intelligent transportation systems, which is expected to boost the demand for weigh in motion in the near future. However, high cost and fulfillment of fundamental requirements for the installation nonintrusive sensors is a major restraint for the weigh in motion market.
The weigh in motion market is highly competitive, with a large number of global and local market players. The players in this market have adopted various strategies to expand their global presence and increase their market share. Partnerships, agreements, collaborations, and contracts were the key strategies adopted by industry players to achieve growth in the weigh in motion market. Rising demand for weight and traffic sensor-based products, as well as high growth in emerging markets has encouraged companies to adopt these strategies. International Road Dynamics (Canada), Siemens (Germany), Q-Free (Norway), and Kapsch TrafficCom (Austria) are some of the leading market players that have adopted aforementioned strategies to develop their businesses.
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