Global load monitoring system market: The increasing demand for reliable and efficient products drives growth of the load monitoring system global market while complexities in the manufacturing processes and lack of standards are acting as restraining factors for the market.
Published Date: 07/05/2021
The load monitoring system market was valued at USD 2.88 billion in 2020 and is expected to reach USD 3.79 billion by 2027, at a CAGR of 4.0 % from 2020 to 2027. Load monitoring system is a set of hardware and software tools that is used for test & measurement, and weighing various products during their manufacturing. The system, as a whole, ensures manufacturing of high-quality products, characterized by accuracy, efficiency, responsiveness, and control. The increasing demand for reliable and efficient products drives growth of the load monitoring system global market while complexities in the manufacturing processes and lack of standards are acting as restraining factors for the market.
Among various products, load cells segment is the largest contributor whereas load indicator and controller segment is expected to grow with the highest CAGR during the forecast period. The growth can be attributed to increasing demand for display units for easy reading of the test results. The increasing adoption of IoT in industrial manufacturing is expected to further contribute in the growth rate of load indicator and controller segment.
Load monitoring system has a wide adoption in the industry verticals of automotive, aerospace, marine, healthcare, oil & gas, construction, food and beverages, and agriculture. Among these, automotive segment is expected to be the largest contributor while healthcare is expected to grow with the highest CAGR. Rising need for smart health devices drives the adoption of load monitoring system in the healthcare industry vertical.
The manufacturers of the load monitoring system have to comply with a number of quality and safety standards. The standards to be followed in end-user industries of load monitoring system are strict, and complying with these standards requires precise manufacturing of load cells. In the healthcare industry, it is mandatory to ensure that the load cell metals do not react with the components of load that is being measured. The casing of load cells needs to be tight, else either liquid materials or minute particles can damage the electronic circuit of the load cell. Also, the load cells used in the aerospace industry must be robust and possess high tensile strength to withstand the high pressure.
The demand for load monitoring system is based on the requirement of end-user industries. The increasing competition and having endless options in products lead to volatile demand for the load monitoring system. This acts as a challenge for manufacturing companies. Further, the rejection rate by end-user industries is quite high either due to damage or quality standards, which can reduce the overall production capacity of a manufacturing company or uneven production plans.
The prominent players in load monitoriong system market are Spectris (UK), PreciaMolen (France), Fllintec (US), LCM Systems (UK), Straightpoint (UK), Vishay Precision Group (US), Dynamic Load Monitoring (UK), Wirop Industrial (Taiwan), JCM Load Monitoring (UK), and Mettler Toledo (US).
Asia-Pacific is anticipated to be the fastest growing region in the load monitoring system market over the forecast period. China, Japan, and India are the leading countries in the load monitoring system global market. The major factors driving the load monitoring system global market in the region is the growing industrial and manufacturing sector, particularly in the automotive, marine, and healthcare industry verticals.
Europe is expected to dominate the load monitoring system global market during the forecast period. The region is considered as most advanced region in terms of development and adoption of innovative technologies in the field of industrial manufacturing. The region has a huge potential for revenue generation in the load monitoring system industry, particularly from automotive, aerospace, marine, and healthcare industry verticals. The UK is expected to be the dominating country in the market of load monitoring system in Europe region during the forecast period.
Among various products, load cells segment is the largest contributor whereas load indicator and controller segment is expected to grow with the highest CAGR during the forecast period. The growth can be attributed to increasing demand for display units for easy reading of the test results. The increasing adoption of IoT in industrial manufacturing is expected to further contribute in the growth rate of load indicator and controller segment.
Load monitoring system has a wide adoption in the industry verticals of automotive, aerospace, marine, healthcare, oil & gas, construction, food and beverages, and agriculture. Among these, automotive segment is expected to be the largest contributor while healthcare is expected to grow with the highest CAGR. Rising need for smart health devices drives the adoption of load monitoring system in the healthcare industry vertical.
The manufacturers of the load monitoring system have to comply with a number of quality and safety standards. The standards to be followed in end-user industries of load monitoring system are strict, and complying with these standards requires precise manufacturing of load cells. In the healthcare industry, it is mandatory to ensure that the load cell metals do not react with the components of load that is being measured. The casing of load cells needs to be tight, else either liquid materials or minute particles can damage the electronic circuit of the load cell. Also, the load cells used in the aerospace industry must be robust and possess high tensile strength to withstand the high pressure.
The demand for load monitoring system is based on the requirement of end-user industries. The increasing competition and having endless options in products lead to volatile demand for the load monitoring system. This acts as a challenge for manufacturing companies. Further, the rejection rate by end-user industries is quite high either due to damage or quality standards, which can reduce the overall production capacity of a manufacturing company or uneven production plans.
The prominent players in load monitoriong system market are Spectris (UK), PreciaMolen (France), Fllintec (US), LCM Systems (UK), Straightpoint (UK), Vishay Precision Group (US), Dynamic Load Monitoring (UK), Wirop Industrial (Taiwan), JCM Load Monitoring (UK), and Mettler Toledo (US).
Asia-Pacific is anticipated to be the fastest growing region in the load monitoring system market over the forecast period. China, Japan, and India are the leading countries in the load monitoring system global market. The major factors driving the load monitoring system global market in the region is the growing industrial and manufacturing sector, particularly in the automotive, marine, and healthcare industry verticals.
Europe is expected to dominate the load monitoring system global market during the forecast period. The region is considered as most advanced region in terms of development and adoption of innovative technologies in the field of industrial manufacturing. The region has a huge potential for revenue generation in the load monitoring system industry, particularly from automotive, aerospace, marine, and healthcare industry verticals. The UK is expected to be the dominating country in the market of load monitoring system in Europe region during the forecast period.
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