Global Precision Balances Market: Introduction

  • Precision balance is a weighing instrument used to weigh or measure quantities of products or substances. Precision instrument is also termed as ‘top loading balances’. This instrument is available in a wide range of capacities and readabilities.
  • Precision balance can effectively complete several activities such as quality control, density determination, formulation, purity analysis, packaging and filling, etc. This instrument is most commonly used in retail, foods & beverages, chemical labs, pharmaceutical, and other industries.

Growth in Retail and Chemical Industries is anticipated to drive the Precision Balances Market

  • Rapid increase in demand for precision balances in retail, chemical, pharmaceuticals, and other industries is anticipated to drive the global market during the forecast period. Increase in the number of supermarkets, hypermarkets, specialty stores, and retail outlets in emerging economies is projected to augment the global precision balances market in the near future. Precision balances are often used in chemical and pharmaceutical industries for weighing test samples and chemicals.

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Strict rules and regulations imposed regarding product safety in Foods & Beverages and Pharmaceutical Industries

  • Stringent rules and regulations imposed by regulatory authorities of various countries across the globe regarding products and food safety and precise calculation of the weight of products and chemicals etc. is estimated to increase the demand of precision balance in the near future. Pharmaceutical and biotechnology testing laboratories also use precision balances for measuring substances for research and development activities.

Asia Pacific Precision Balances Market to Expand at Significant Rate

  • In terms of region, the global precision balances market can be divided into: Europe (EU), North America (NA), Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SA)
  • North America is considered as  the biggest market for precision balances. Advancements in technology of laboratory balances and scales used in testing labs in countries, such as the U.S. and Canada are estimated to drive the market for precision balances in the region during the forecast period.
  • This market in Asia Pacific is anticipated to grow at a rapid rate during the forecast period. Growth of foods & beverages and construction industries and digitalization in countries, such as China, India, and Japan, are factors fueling the demand for precision balances in Asia Pacific.

Key Players Operating in Global Precision Balances Market

Manufacturers of precision balances are projected to face competition in the near future. Prominent players, such as Adam Equipment Inc., METTLER TOLEDO, Tanita, PCE Deutschland GmbH, etc., are expected to focus on innovation and upgrade their products to strengthen their presence in the global precision balances market. Companies are focusing on joint ventures and mergers & acquisitions with local players or brands to expand their product portfolio and presence in different regions. Companies are making heavy investments to develop new technology and putting efforts to reduce the cost of production and increase the profitability and growth of the business. The companies are offering exclusive range of precision balances to testing laboratories such as food testing labs, biotechnology labs, petrochemical laboratories, and drug testing laboratories etc. Boom in e-commerce industry has created significant opportunities for the manufacturers and distributors of precision balance in the near future. Companies are also making promotion and advertising of its weighting products on various online and social-media platforms.

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Some of the key players operating in the global precision balances market are:

  • Adam Equipment Inc.
  • METTLER TOLEDO
  • PCE Deutschland GmbH
  • Sartorius AG
  • Tanita
  • KERN & SOHN GmbH
  • OHAUS
  • SAUTER GmbH
  • A&D Company, Limited
  • Contech Weighing Scales

Global Precision Balances Market: Research Scope

Global Precision Balances Market, by Weighing Capacity

  • Below 500 grams
  • 500 grams – 1,500 grams
  • 1,500 grams – 4,000 grams
  • 4,000 grams – 8,000 grams
  • 8,000 grams – 12,000 grams
  • 12,000 grams – 16,000 grams
  • Above 16,000 grams

Global Precision Balances Market, by Mechanism

  • Automatic
  • Semi-automatic

Global Precision Balances Market, by End-use Industry

  • Chemical Laboratories
  • Pharmaceutical
  • Food & Beverages
  • Construction
  • Industrial Manufacturing
  • Retail
  • Jewelry
  • Transport & Logistics
  • Others (Oil, Education, etc.)

Global Precision Balances Market, by Price

  • Below US$ 50
  • US$ 50 – US$ 100
  • US$ 100 – US$ 200
  • Above US$ 200

Global Precision Balances Market, by Distribution Channel

  • Offline
  • Online

Global Precision Balances Market, by Region

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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