Market Synopsis —
Globally, the load monitoring system market is expected to grow from USD 2.41 billion in 2019 to USD 3.06 billion by 2023, at a CAGR of 4.9% during the forecast period, 2019–2013. 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 global Load Monitoring System 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.
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The prominent players in load monitoriong system market are Spectris (UK), Precia Molen (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).
The global load monitoring system market is segmented into product, technology, industry vertical, and region/country.
By product, the market is segmented into load cell, indicator & controller, and data logging software. Load cell is futher segmented into single beam load cell, dual shear load cell, bending beam load cell, S-type load cell, and others.
By technology, the market is segmented into analog and digital.
By industry vertical, the market is segmented into aerospace, marine, automotive, construction, healthcare, food & beverages, oil & gas, and agriculture.
By region, the market is segmented into North America, Europe, Asia-Pacific and the rest of the world.
The global market for load monitoring system market is estimated to grow at a significant rate during the forecast period from 2019 to 2023. The geographical analysis of global load monitoring system market is studied for North America, Europe, Asia-Pacific, and rest of the world.
Europe is expected to dominate the load monitoring system 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 market, particularly from automotive, aerospace, marine, and healthcare industry verticals. The UK is expected to be the dominating country in the load monitoring system market in Europe region during the forecast period.
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 market. The major factors driving the load monitoring system market in the region is the growing industrial and manufacturing sector, particularly in the automotive, marine, and healthcare industry verticals.
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The market for global load monitoring system is highly competitive with the presence of many innovative vendors in the market that are also operating in the market for more than 20 years. These companies are majorly strategizing on enhancing their product capabilities and thus significantly investing on their research & development (R&D) activities. The other strategies, such as partnership & collaboration, and acquisition are other preferred inorganic growth strategies of the leading vendors to innovate on product offerinngs and expand their customer bases, globally.
• Load Monitoring System Manufacturers
• Automotive Industry
• Aerospace Industry
• Shipbuilding Industry
• Manufacturing Industries
• Distributors and Value-added Resellers (VARs)
• Standard Making Bodies
• Test & Measurement Service Providers
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