Load Cell Market Overview
The market for load cell looks promising due to several reasons such as increased use of load cells in mining activities, and logistics and metal industries; increase in production of heavy manufacturing/industrial machinery, and rapid industrialization across the globe. Load Cells are classified into various products such as single-point, dual-shear, shear-beam, and others. The Load Cell Market is estimated to grow at a CAGR of 3.73% during the forecast period 2018–2023. APAC is forecast to be the fastest growing market with a CAGR of 5.87%, which can be mainly attributed to the adoption of the distributed ledger technology for controlling weights in tanks, hoppers, mills, vehicles, and so on.
Load Cell Market Outlook
Load cells are connected to various measuring devices for measuring purposes, and to display, record, control, and keep track of the loads. Applications are diverse varying from small sensors for use in electronic scales, bath scales, game consoles and home electronics to those for general industrial uses such as truck scales, measuring systems in production lines, and tank scales.
Load Cell Market Growth Drivers
Increasing demand for load cells from industries such as healthcare and oil & gas is driving the Load Cell market. Load cells are used in healthcare devices and equipment such as infusion pumps and surgical instruments, and also in a wide range of delicate fluid-monitoring applications including blood transfusions, kidney dialysis, and blood donation. In such applications, the load cells ensure that the amount of fluids entering, leaving, or being replaced in the body are started, stopped, or recirculated at the right time and in the proper dosage or ratios.
Load Cell Market Challenges
Meeting the required regulatory standards is a major challenge for the load cell market. The companies that manufacture load cells need to ensure that their devices really do perform as proposed. Most countries have a set of legal requirements that manufacturers have to follow. The regulations that are adopted by many countries outside the U.S. have as their basis a recommendation made by an intergovernmental organization called the International Organization of Legal Metrology.
Load Cell Market Research Scope
The base year of the study is 2017, with forecast done up to 2023. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. These provide the key market participants with the necessary business intelligence and help them understand the future of the Load Cell market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.
Load Cell Market Report: Industry Coverage
Types of Products in the Load Cell Market: S-Type, Dual-Shear, Single-Point, Shear-Beam, Bending-Beam, and Others
The Load Cell market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- North America: U.S, Canada, Mexico
- South America: Brazil, Argentina, Colombia
- Europe: U.K, Germany, Italy, France, Poland, Belgium, Spain, Russia
- APAC: China, Australia, South Korea, India, Japan
- Rest of the World: Middle East, Africa
Load Cell Market Key Players Perspective
ABB Group is a major manufacturer of Load Cells. The company has its headquarters in the Switzerland and operates in Europe, The Americas, Asia-Pacific, Middle East and Africa. ABB Group, through its broad range of products, constant product launches, and innovation has been successful in catering to a variety of customers, consequently maintaining its hold over the market.
Spectris, headquartered in the U.K, is the next leading player in the Load Cell market. The company offers load cells through its 100% owned subsidiary HBM.
Load Cell Market Trends
- Automation and artificial intelligence (AI) are changing the nature of industries. Advances in robotics, artificial intelligence, and machine learning are ushering in a new age of automation, as machines match or outperform human performance in a range of activities, including ones requiring cognitive capabilities. The growing demand for industrial robots is expected to fuel the demand for load cells in the market. According to Industry experts, smart automation will power the fourth industrial revolution, combining the innovation in industrial and IT processes to drive global manufacturing productivity gains. Another industry revolution is now underway, which industry experts believe will transform the future of manufacturing. It is powered by smart automation (SA). As Industry 4.0 rises in importance, the market for load cell is forecast to thrive.