NEW YORK, Jan. 31, 2019 /PRNewswire/ -- Load monitoring system market to exhibit significant growth during 2018–2024
The load monitoring system market is estimated to grow from USD 2.6 billion in 2018 to USD 3.3 billion by 2024, at a CAGR of 4.0% during the forecast period. The key factors driving the growth of the market include rise in demand for load monitoring system in healthcare, increase in use of load monitoring system for testing and monitoring aircraft parts, decline in instrumental errors owing to technological innovations in load cells, and increase in demand for remote load monitoring. However, compliance with various standards and complex manufacturing process are the key restraining factors for the market growth.
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Indicator and controller to witness high growth potential during forecast period
The market for indicator and controller is expected to grow at the highest CAGR from 2018 to 2024.The indicators and controllers are basically display units that display the readings and data collected by the load cells.
The critical industrial applications are expected to create growth opportunities for load cell indicators and controllers.The load indicator and controller facilitate in increasing process control with ease of operation and enhance workers' safety.
In addition, the growing adoption of Industrial IoT and automation is expected to increase the demand for load cell indicators and controllers. The indicators and controllers play a major role in the load monitoring system as they help the users to understand the load measurements and carry out the further activities.
Market for digital load monitoring system to grow at higher CAGR during forecast period"
The digital load monitoring system market is estimated to grow at a higher CAGR from 2018 to 2024.Analog load cells can show errors owing to the number of environmental discrepancies, As a solution, a number of manufacturers have inbuilt A/D converter to the load cells, thereby eliminating the disturbance due to use of connecting wires between strain gauge and A/D converter.
Factors such as increased digitization, IoT adoption, higher accuracy, and digital load cell durability are fuelling the digital load monitoring system market. Furthermore, the rising demand for precision weighing in heavy lifting applications is expected to drive the growth of the digital load monitoring system market.
Load monitoring system market for healthcare to grow at highest CAGR during forecast period
The load monitoring system market for the healthcare industry is expected to grow at the highest CAGR from 2018 to 2024.The development in technology and functionality of medical devices and digitization in healthcare operations are the factors fuelling the growth of load cells in the healthcare industry.
The use of load monitoring system plays a vital role in R&D process of pharmaceutical manufacturing as scientists have to precisely weigh chemicals and substance samples.One of the major applications of load cell is prosthetics.
The load cells used in prosthetics are sensitive, reliable, and durable, and are used for detecting minute changes in the load. Further, load cells are expected to be used in several applications, including a wide range of preventive medical equipment, in the coming year.
Europe to be largest market for load monitoring system during forecast period
Europe is expected to lead the load monitoring system market, in terms of size, from 2018 to 2024.The load monitoring system market in Europe is mainly concentrated in Western Europe with countries including Germany, the UK, and France.
The presence of a large manufacturing base of automotive and aerospace industries that cater to material handling activities drives the demand for load monitoring system in Europe.The pharmaceuticals industry is among the major contributors to the growth of the European economy.
According to the IMS Health Data (MIDAS, May 2017), Europe accounted for 21.5% of the world pharmaceuticals sales in 2016. Major pharmaceutical companies such as Accord, Novo Nordisk, Sanofi, Novartis, Roche, and Bayer have their manufacturing facilities setup in this region. These companies are expected to increasingly adopt advanced and customized load monitoring systems for meeting their pharmaceuticals manufacturing demands.
Break-up of the profile of primary participants for the report is given below:
• By Company Type – Tier 1 – 42%, Tier 2 – 36% and Tier 3 – 22%
• By Designation – C level – 35%, Director level – 41%, Manager level – 24%
• By Region – North America - 21%, Europe – 32%, APAC – 42%, RoW – 5%
The key players in the market include Flintec (Sweden), Mettler Toldo (Switzerland), Precia Molen (France), Spectris (UK), Vishay Precision Group (US), Dynamic Load Monitoring (UK), JCM Load Monitoring (UK), LMC Systems (UK), Load Monitoring Systems (UK), Straightpoint (UK), Wirop Industrial (Taiwan), Eilersen Electric Digital Systems (Denmark), Euroload (UK), Futek Advanced Sensor Technology (US), Mantracourt Electronics (UK), PCE Deutschland (Germany), Standard Loadcells (India), Strainsert (US), Tecsis (Germany), and Thames Side Sensors (UK).
The global load monitoring system market has been segmented on the basis of offering, technology, industry, and geography.The market, by offering, has been segmented into load cell, indicator and controller, and data logging software.
Based on technology, the load monitoring system market has been split into analog and digital.The industries that are included in the study of load monitoring system market include automotive, marine, construction, food & beverages, aerospace, oil & gas, healthcare, and agriculture.
The load monitoring system market is segmented into 4 regions, namely, North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).
Reasons to buy the report:
• Illustrative segmentation, analysis, and forecast for markets based on offering, technology, industry, and region have been conducted to give an overall view of the load monitoring system market.
• The value chain analysis has been performed to provide an in-depth insight into the load monitoring system market.
• Major drivers, restraints, opportunities, and challenges for the load monitoring system market have been detailed in this report.
• The report includes a detailed competitive landscape along with key players, in-depth analysis, and revenue of key players.
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