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Payload Weighing System Market – 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 Geography - Global Opportunity Analysis & Industry Forecast, 2023-2030
Payload Weighing System Market Overview:
Payload Weighing System Market size is estimated to reach $2.7 billion by 2030, growing at a CAGR of 7.8% during the forecast period 2023-2030. Increasing demand for efficient and accurate weight measurement of payloads and wireless technology integration in payload weighing system are propelling the Payload Weighing System Market growth.
Additionally, the significant investments by the government in infrastructure development and increasing mining activities are creating substantial growth opportunities for the Payload Weighing System Market. According to Statistics Canada, total investments in building construction in November 2022 was $20.4 billion. Simultaneously, the technological advancements in the payload weighing systems and growing e-commerce and logistics industries are some of the major Payload Weighing System Market opportunities. These factors positively influence the Payload Weighing System industry outlook during the forecast period.
Market Snapshot:
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Payload Weighing System Market - Report Coverage:
The “Payload Weighing System Market Report - Forecast (2023-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Payload Weighing System Market.
COVID-19 / Ukraine Crisis - Impact Analysis:
● 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.
● 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.
Key Takeaways:
● Fastest Growth of Asia Pacific Region
Geographically, in the global Payload Weighing System market, Asia Pacific is analyzed to grow with the highest CAGR of 8.9% during the forecast period 2023-2030. The rapid industrialization and ongoing infrastructure development projects in countries like China, India, Indonesia, Vietnam and others have increased the need for efficient and accurate payload weighing systems in various industries, such as construction, mining, and transportation. India's Union Budget 2023–24 has turned out to be a comprehensive budget that strives to promote infrastructure and development efforts. For the first time, infrastructure development has been allocated 10 trillion rupees ($121 bn), this is five times the amount spent during the previous nine years.
● Mining category is Leading the Market
In the Payload Weighing System Market analysis, the Mining category held a major market share of 42.1% in 2022. Payload weighing systems help to ensure that mining trucks and equipment comply with weight limits and safety regulations, preventing overloading and its associated risks. The Indian Ministry of Coal has received a remarkable growth of 7.10% in coal production reaching 76.26 million tonnes in May 2023, which stood at 71.21 MT coal during the same period in 2022.
● Technological advancements in weighing systems
With the increasing use of automation and the Internet of Things (IoT), payload weighing systems are becoming more advanced and sophisticated. For example, some systems nowadays use sensors and cameras to capture data in real-time, providing more accurate and detailed measurements. For example, the Lift log 1000 is an RDS Technology innovation that provides a weighing system solution with 0.5% accuracy. It has been specifically designed for forklift trucks that operate in the fastest loading environments, offering a cost-effective solution that is successful in reducing loading cycle times while maximizing the tons per hour performance.
● Safety and Risk Mitigation of overload vehicles driving the market
Overloading vehicles and equipment can lead to safety hazards such as reduced vehicle stability, increased braking distances, and potential accidents. Payload weighing systems help prevent overloading, enhance safety, and mitigate risks. For instance, on January 1, 2023, the Cabinet Secretariat of Indonesia stated that the Ministry of Transportation will fully ban over-dimensioned and Overloaded (ODOL) Vehicles, including the purchase of new vehicles without ODOL qualifications.
● Maintenance and repair costs hamper the market growth
Payload weighing systems require regular maintenance to ensure accuracy and reliability. If a system breaks down, repair costs can be high, which can be a financial burden for companies that rely heavily on these systems. Payload weighing systems can be complex, especially in heavy machinery and industrial applications. Maintenance and repair require specialized knowledge and skilled technicians, which can lead to higher service costs.
Payload Weighing System Market Share (%) By Region, 2022
Key Market Players:
Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Payload Weighing System Market. The top 10 companies in this industry 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
Scope of the Report:
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Report Code: AIR 0025
Report Code: AIR 0263
Report Code: AIR 0290
1. Payload Weighing System Market - Overview
1.1 Definitions and Scope
2. Payload Weighing System Market - Executive Summary
3. Payload Weighing System Market – Comparative analysis
3.1 Market Share Analysis - Major Companies
3.2 Product Benchmarking - Major Companies
3.3 Top 5 Financials Analysis
3.4 Patent Analysis - Major Companies
3.5 Pricing Analysis (ASPs will be provided)
4. Payload Weighing System Market - Startup companies Scenario Premium Premium
4.1 Major startup company analysis:
4.1.1 Investment
4.1.2 Revenue
4.1.3 Product portfolio
4.1.4 Venture Capital and Funding Scenario
5. Payload Weighing System Market– Industry Market Entry Scenario Premium Premium
5.1 Regulatory Framework Overview
5.2 New Business and Ease of Doing Business Index
5.3 Successful Venture Profiles
5.4 Customer Analysis – Major companies
6. Payload Weighing System Market- Market Forces
6.1 Market Drivers
6.2 Market Constraints
6.3 Porters Five Force Model
6.3.1 Bargaining Power of Suppliers
6.3.2 Bargaining Powers of Buyers
6.3.3 Threat of New Entrants
6.3.4 Competitive Rivalry
6.3.5 Threat of Substitutes
7. Payload Weighing System Market – Strategic Analysis
7.1 Value/Supply Chain Analysis
7.2 Opportunity Analysis
7.3 Product/Market Life Cycle
7.4 Distributor Analysis – Major Companies
8. Payload Weighing System Market - By Type (Market Size – US$ Million/Billion)
8.1 Hydraulic
8.2 Pneumatic
8.3 Strain Gauge
8.4 Others
9. Payload Weighing System Market - By Application (Market Size – US$ Million/Billion)
9.1 Trucks
9.2 Loaders
9.3 Excavators
9.4 Mobile Crushers
9.5 Forklifts
9.6 Others
10. Payload Weighing System Market - By End User (Market Size – US$ Million/Billion)
10.1 Construction
10.2 Mining
10.3 Transportation & Logistics
10.4 Agriculture
10.5 Others
11. Payload Weighing System Market - By Geography (Market Size - US$ Million/Billion)
11.1 North America
11.1.1 The U.S.
11.1.2 Canada
11.1.3 Mexico
11.2 Europe
11.2.1 UK
11.2.2 Germany
11.2.3 France
11.2.4 Italy
11.2.5 Spain
11.2.6 Russia
11.2.7 Rest of Europe
11.3 Asia-Pacific
11.3.1 China
11.3.2 India
11.3.3 Japan
11.3.4 South Korea
11.3.5 Australia & New Zealand
11.3.6 Rest of Asia-Pacific
11.4 South America
11.4.1 Brazil
11.4.2 Argentina
11.4.3 Chile
11.4.4 Colombia
11.4.5 Rest of South America
11.5 Rest of the World
11.5.1 Middle East
11.5.2 Africa
12. Payload Weighing System Market - Entropy
13. Payload Weighing System Market – Industry / Segment Competition landscape Premium Premium
13.1 Market Share Analysis
13.1.1 Market Share by Product Type – Key Companies
13.1.2 Market Share by Region - Key Companies
13.1.3 Market Share by Country - Key Companies
13.2 Competition Matrix
13.3 Best Practices for Companies
14. Payload Weighing System Market– Key Company List by Country Premium Premium
15. Payload Weighing System Market Company Analysis - Business Overview, Product Portfolio, Financials and Developments
15.1 Deere & Company
15.2 Hitachi, Ltd.
15.3 Caterpillar Inc.
15.4 Volvo Group
15.5 Komatsu Ltd.
15.6 MVEI Group
15.7 Walz Scale
15.8 RDS Technology
15.9 Mettler-Toledo International Inc.
15.10 Avery Weigh-Tronix LLC
* "Financials would be provided to private companies on best-efforts basis."
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The Payload Weighing SystemMarket is projected to grow at 7.8% CAGR during the forecast period 2023-2030.
Global Payload Weighing System Market size is estimated to be $1.6 billion in 2023 and is projected to reach $2.7 billion by 2030
The leading players in the Payload Weighing System Market are Deere & Company, Hitachi, Ltd., Caterpillar Inc., Volvo Group, Komatsu Ltd. and others.
Elimination of Wired Connections and the implementation of data analytics and artificial intelligence (AI) in payload weighing systems are some of the major Payload Weighing System Market trends in the industry which will create growth opportunities.
Increasing construction activities of commercial and residential buildings and the growth of mining industry are the driving factors of the market. Demand for efficient and accurate weight measurement, incorporating wireless connectivity options such as Bluetooth, Wi-Fi, and cellular networks in payload weighing systems are the major opportunities for the market growth.