According to a new research report by Transparency Market Research
(TMR), the global load cell market demonstrates a highly competitive
and a fragmented structure due to the presence of a large number of
players. The top three players, namely, Mettler-Toledo International
Inc., Precia Molen, and Vishay Precision Group Inc., could hold only
20% of the overall market in 2015.
Hitherto, product innovations, strategic acquisitions and
diversifying production operations have been the key strategies
adopted by the leading players in this market to remain competitive.
They are also expected to focus aggressively on OEM customers and the
decreasing of manufacturing cost through relocation of production
plants in emerging economies, notes the research study.
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Analysts at TMR estimated the global market for load cells to rise at
a CAGR of 3.50% during the period from 2016 to 2024, increasing the
market’s opportunity from US$1.87 bn in 2015 to US$2.55 bn by the
end of the forecast period. Currently, analog load cells have been
registering a higher demand than digital load cells and the scenario
is projected to remain so throughout the period of the forecast.
Europe to
Register Lead with 2.9% CAGR between 2016 and 2024
Geographically, the global market for load cells has been classified
into Europe, North America, Asia Pacific, the Middle East and Africa,
and Latin America in this research report. Among these, Europe has
acquired the leading position, thanks to the increased application of
these cells in the oil and gas, automotive, aerospace and defense,
and the bulk material handling industries. Analysts project this
regional market to remain leading throughout the forecast period,
rising at a CAGR of 2.90%.
The presence of a large pool of companies, catering to bulk material
handling industries, such as the cement, coal and iron ore mining,
and railway sectors, is also expected to support the Europe market
for load cells in the years to come. Germany and the U.K. are
anticipated to surface as the prime domestic players in this regional
market over the next few years.
The report considers the bulk material handling, retail, healthcare,
agriculture equipment, oil and gas, aerospace and defense, and the
automotive industries as the key end users of load cells. The oil and
gas industry has been recording a greater demand for load cells than
other end user and is expected to continue doing so over the forecast
period, states the research report.
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Increasing Usage
of Digital Load Cells in Heavy Lifting Industry to Boost Market’s
Growth
“With the growing demand for home hemodialysis (HHD) machines, the
usage of load cells has increased phenomenally in the medical and
healthcare sector, impacting the global load cell market greatly,”
says a TMR analyst. The rising need for infusion pumps, on account of
the increasing prevalence of chronic diseases, surging geriatric
population, and the upswing in the number of surgical procedures, is
likely to drive this market further in the near future.
Although the future of this market looks thriving, it may face
obstacles, such as the declining demand for analog load cells across
various industries over the forecast period. However, the augmenting
demand for digital load cells in the heavy lifting industry will
create new growth opportunities for market players in the years to
come, report the market study.
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material for business reports.
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