Load Monitoring System Market Projected to reach $3.3 billion by 2024 | Key players include Flintec, Mettler Toldo, Precia Molen and Spectris
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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