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Load Monitoring System Market Worth $3.3 Billion By 2024 With A Growing Cagr Of 4.0%
According to the new market research report "Load Monitoring System Market by Offering (Load Cell, Indicator & Controller, Data Logging Software), Technology (Analog, Digital), Industry (Automotive, Healthcare, Marine, Construction), and Geography - Global Forecast to 2024", the load monitoring system market is estimated to be worth USD 2.6 billion in 2018 and is expected to reach USD 3.3 billion by 2024, at a CAGR of 4.0% during the forecast period. The major factors fueling the growth of the load monitoring system 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.
“Load cell to lead load monitoring system market by 2024”
Load cell is the most widely used offering of load monitoring system market.
The recovery of the industrial manufacturing sector resulting in increased industrial output and the consequent demand for industrial weighing equipment is expected to drive demand for load cells across the world. Further, increased investments in industrial automation technologies and steady growth in demand from load monitoring applications are the factors that are expected to drive the demand for load cells during the forecast period. The load cells are used in equipment such as industrial scales, platform scales, and universal testing machines. Based on the working mechanism, shape, size, and capacity of the load cell, they are classified into various types.
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“Analog technology to be the largest market for load monitoring system during forecast period”
Analog load monitoring is the most widely used technology owing to its ease of implementation and low cost. Various industries such as food & beverages, agriculture, mining, and automotive have a high demand for analog load monitoring system. The analog load cells use strain gauge for measuring the strain or compression applied by the load. In analog load cell, the strain gauge is attached to the spring element of the load cell. The strain gauge is the most important component of analog load cell. The strain gauge is constructed in sections using thin metal pieces. The thinner the metal piece, finer would be the readings of load.
“Automotive industry to lead load monitoring system market by 2024”
The automotive industry holds the maximum share of load monitoring system market. Growing demand for vehicles and increasing need to ensure timely maintenance of vehicles are the key factors driving the demand for load cell-based material handling machinery, which reduce lead time and increase productivity, in the automotive industry. Furthermore, load monitoring system plays a vital role in measuring tension and compression during endurance testing, validation, verification, and qualification in the automotive industry. The load monitoring system plays a vital role in measuring tension and compression during endurance testing, validation, verification, and qualification in the automotive industry. The applications of load cells in the automotive industry include tire design optimization, dynamometer, durability test platform, component testing, structural testing, R&D, pedal force testing, seat belt tension testing, suspension testing, center of gravity testing, and vehicle load testing. It also helps in maintaining the mandatory safety standards required for the vehicle to be commercialized in the market.
“Europe to be largest market for load monitoring system during forecast period”
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 construction, industrial manufacturing, and automotive are major contributors to the load monitoring system market in Europe.
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Major players involved in the load monitoring system 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).
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