Payload Weighing System Market Size Worth $2.7 Billion By 2030: IndustryARC
Research Reports
Oct 05, 2023
Global Payload Weighing System Market size is predicted to reach $2.7 billion by 2030, growing at a CAGR of 7.8% during the forecast period 2023-2030 according to the latest market research report published by IndustryARC. The surging demand for efficient and accurate weight measurement of payloads, incorporating wireless connectivity options such as Bluetooth, Wi-Fi, and cellular networks in payload weighing systems are poised to propel the market growth, finds IndustryARC in its recent report, titled “Payload Weighing System Market Size, Share & Trends Analysis Report By Type ( Hydraulic, Pneumatic, Strain Gauge), By Application (Trucks, Loaders, Excavators, Mobile Crushers, Forklifts, Cranes), By End Users (Construction, Mining, Transportation & Logistics, Agriculture, Others), By Sales Channel (OEM, Aftermarket), By Region and Segment Forecasts, 2023–2030”.
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Asia Pacific to Register Highest Growth:
The Payload Weighing System Market in this region is expanding due to the rise in demand for efficient and accurate payload weighing systems in various industries, such as construction, mining, and transportation. Additionally, Asia Pacific is home to many developed economies such as China, India and Indonesia that has a strong presence of major manufacturers who continuously invests in rapid industrialization and ongoing infrastructure development projects that are the major factors propelling the market growth in this region.
For instance, In January 2023, the Construction arm of Larsen & Toubro has secured orders for its power transmission & distribution and buildings & factories businesses to establish a 112.5MW Solar Power Plant in West Bengal and to construct a 600-bed super specialty hospital at Mumbai, respectively.
Payload Weighing System Market 2023-2030: Scope of the Report
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Report Metric |
Details |
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Base Year Considered |
2022 |
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Forecast Period |
2023–2030 |
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CAGR |
7.8% |
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Market Size in 2030 |
$2.7 billion |
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Segments Covered |
Type, Application, End Users, Sales Channel and Region |
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Geographies Covered |
North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, New Zealand and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), Rest of the World (Middle East and Africa). |
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Key Market Players |
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Payload Weighing System Market Report – Key Takeaways:
- Expansion of Mining and Construction Industries driving the market
The growth of the mining and construction industries worldwide has increased the demand for payload weighing systems to optimize material handling processes and ensure safe and efficient operations. This trend is expected to continue as companies seek to improve efficiency and streamline operations. For instance, in July 2022, a joint venture between Tata and Hitachi, known as Tata Hitachi launched 5-Tonne Wheel Loader ZW225 from its Kharagpur plant in India.
- Transportation & Logistics category to Register Highest Growth
Transportation & Logistics category is analyzed to grow with the highest CAGR of 8.8% during the forecast period. In transportation and logistics, achieving the optimal load distribution is essential for safety, fuel efficiency, and overall performance. Payload weighing systems help in evenly distributing the load, minimizing the risk of accidents and reducing fuel consumption, drives the market growth.
- North America is Leading the Market
North America region held a major market share of 41% in 2022. The strong presence in this region can be attributed to the exponential growth of the construction industry and the demand for payload systems in residential and commercial projects. September 2022, Toll Brothers, a leading US luxury real estate developer, announced its newest luxury single-family residential development, Enclave at Baxley, in the Charlotte area. Located in charming Weddington, Enclave at Baxley comprises just 35 luxury properties with spacious floor plans and a range of customization options from Toll Brothers Design Studio.
- Growing opportunities through expanding business into new industries
The payload weighing system market is global, and there may be opportunities for companies to expand into new international markets. This could involve developing products that meet local regulations and standards, as well as establishing partnerships and distribution networks in new regions.
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Key Opportunity Analysis:
Growing e-commerce and logistics industries
Weighing systems are widely used in the e-commerce and logistics industry to measure the weight of cargo accurately, which helps to ensure safe and efficient transport. With the growth of e-commerce and online shopping, the demand for payload weighing systems in this industry is expected to continue to rise. In February 2022 Xpressbees a logistics ecommerce platform become a unicorn valued at US$ 1.2 billion in 2022. The firm raised US$ 300 million in its Series F funding.
Demand for efficient and accurate weight measurement
Payload weighing systems are essential for accurate weight measurement. With the growing emphasis on efficiency and productivity, companies are seeking more accurate and efficient ways to measure the weight of payloads. Accurate weight measurement allows for precise load management, ensuring that vehicles and equipment are loaded to their maximum capacity without exceeding weight limits. This optimization leads to improved fuel efficiency and reduced operational costs, which is opportunity for the demand for payload weighing systems.
Adoption of wireless technology
With wireless connectivity, payload weighing systems can be remotely monitored and controlled. Operators and managers can access data, receive alerts, and adjust settings from a central location, improving overall system management. The increasing use of wireless technology, payload weighing systems are also incorporating wireless connectivity options such as Bluetooth, Wi-Fi, and cellular networks. This provides greater flexibility and ease of use for operators, gives the opportunity for market growth in future.
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The Report also Covers the Following Areas:
- Payload Weighing System Market Size and Forecast
- Payload Weighing System Market Trends
- Payload Weighing System Market Analysis by Type
Payload Weighing System Market 2023-2030: Key Highlights
- CAGR of the market during the forecast period 2023-2030
- Value Chain Analysis of key stake holders
- Detailed analysis of market drivers and opportunities during the forecast period
- Payload Weighing System Market size estimation and forecast
- Analysis and predictions on end users’ behavior and upcoming trends
- Competitive landscape and Vendor market analysis including offerings, developments, and financials
- Comprehensive analysis of challenges and constraints in the Payload Weighing System Market
Covid and Ukrainian Crisis Impact:
Impact of Covid-19: COVID-19 has led to increased demand for payload weighing systems in some industries. For example, the transportation and logistics industry has seen a surge in demand due to the growth of e-commerce and online shopping, which has increased the need for accurate and efficient weighing systems over a period of time, propelling market growth in COVID pandemic times, and it still continues as people adopt e-commerce purchases.
Impact of Russia-Ukraine war: Ukraine is a major transit country for goods moving between Europe and Asia. Disruptions to trade flows impacted the transportation and logistics industries, which are major users of payload weighing systems. As most companies prohibited business operations in Russia, the Payload Weighing System Market faced challenges.
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List of Key Market Players in Payload Weighing System Market:
The Global Payload Weighing System Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
- Deere & Company
- Hitachi, Ltd.
- Caterpillar Inc.
- Volvo Group
- Komatsu Ltd.
- VEI Group
- Walz Scale
- RDS Technology
- Mettler-Toledo International Inc.
- Avery Weigh-Tronix LLC
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Mr. Venkat Reddy IndustryARC Email: sales@industryarc.com USA: (+1) 518-282-4727
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