With a number of players, the global load cells market is demonstrating a highly fragmented business landscape, thanks to the presence of numerous market players and intense competition between them. In 2015, the top three participants, namely, PreciaMolen, Mettler-Toledo International Inc., and Vishay Precision Group Inc., accounted for only 20% of the overall market and the scenario is likely to remain more or less same in the years to come. Currently, the leading players in this market are relying on innovation and technological advancements for the growth in their businesses. However, over the coming years, they are likely to increasingly involve into partnerships, mergers, and acquisitions to expand their reach across the world, notes the market study.
According to the research report, the global market for load cells is anticipated to expand at a CAGR of 3.50% between 2016 and 2024, increasing the opportunity in this market from US$1.8 bn in 2015 to US$2.5 bn by the end of the period of the forecast. Hitherto, analog load cells have been reporting a greater demand than digital cells. However, thanks to the increasing digitization across the world, the demand for digital load cells will also witness a significant rise in the years to come. In terms of the geography, Europe has acquired the dominant position in the global market and is expected to remain seated here over the next few years, states the research report.
Medical and Healthcare Sector to Create Lucrative Growth Opportunities
“With the increasing usage of load cells in the medical and healthcare sector, thanks to the rising demand for home hemodialysis (HHD) machines, the global market for load cells is observing a tremendous growth,” says an analyst at TMR. In addition to this, the market is expected to gain substantially from the augmenting need for infusion pumps, owing to the surge in the prevalence of chronic diseases among people, expanding base of geriatric population, and the escalating number of surgical procedures, in the near future, reports the research study.
Decreasing Demand for Analog Load Cells to Hamper Growth
On the other hand, the global load cell market may face significant challenge in the near future from the decreasing demand for analog load cells across a number of industries over the next few years. However, the growing uptake of digital load cells in the heavy lifting industry will rationalize the impact of the hindering factor in the years to come, notes the market report.
The review is based on a report by Transparency Market Research, titled “Load Cell Market (Technology - Analog Load Cells and Digital Load Cells; Type - Single-point, S-type, and Shear Beam; End-use Industry - Healthcare, Agriculture Equipment, Oil & Gas, Aerospace & Defense, Automotive, Bulk Material Handling, and Retail) - Global Industry Analysis Size Share Growth Trends and Forecast 2016 – 2024.”
- Analog load cells have been reporting a greater demand than digital cells.
- Europe has acquired the dominant position in the global market.
The global load cell market has been segmented as follows:
- Analog Load Cells
- Digital Load Cells
- Shear Beam
By End-use Industries
- Agriculture Equipment
- Oil & Gas
- Aerospace & Defense
- Bulk Material Handling
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East and Africa (MEA)
- United Arab Emirates
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of Latin America
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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