Global Load Monitoring Systems market
As per a detailed analysis by Market Research Future (MRFR), the global load monitoring system market is anticipated to garner USD 3.06 billion, demonstrating a CAGR of 4.9% during the forecast period (2018-2013). The high adoption of load monitoring systems in the automotive sector drives the market globally. The load monitoring system is considered as a set of software and hardware tools which is used for weighing and test & measurement of several products during the time of manufacturing. The system ensures the manufacturing of premium-quality products, which is further characterized by efficiency, accuracy, control, and responsiveness. The system measures and displays the weight of the objects and warns the workers in case of overload. Load monitoring systems find application in construction, energy, manufacturing, marine, and civil engineering industries.
Market Potential and Pitfalls
The load monitoring system is expanding at breakneck speed and is likely to expand at a rapid pace in the long run due to the escalating product demand from the healthcare industry. The advancing technologies related to load monitoring systems is anticipated to promote its market growth. Load monitoring systems are largely used for testing and monitoring of aircraft parts, which is likely to dictate the growth trajectory. Precision engineered technologies for applications like operational load monitoring in several industries has gained traction in the last few years. Load monitoring systems find extensive application in the aerospace sector and the healthcare sector for testing and monitoring. These systems also find use in industries like construction, marine, and energy due to the surging need for minimizing errors related to instrumentation. Moreover, the rising focus on improving the environmental footprint of load monitoring systems generates growth avenues for the market. The high adoption of industrial IoT and automation is anticipated to promote the demand for load cell indicators and controllers. These indicators and controllers play a significant role in load monitoring systems. They help their users to have an understanding regarding measurements and carry out activities. Such factors are estimated to influence the market growth across the globe.
On the contrary, the complexities associated with the manufacturing process coupled with the dearth of standards are some of the top concerns likely to deter the growth of the market during the review period.
Global Load Monitoring System Market: Segmental Analysis
The Global load monitoring system market has been segmented on the basis of product, technology, and industry vertical.
By mode of product, the load monitoring system market comprises indicator & controller, load cell, and data logging software. Among these, the load cells segment is considered to be the largest contributor due to the surging demand for display units for easy reading of the test results. The booming adoption of IoT in industrial manufacturing is anticipated to propel the segment’s growth.
The technology segment of the load monitoring system market constitutes of analog and digital.
Based on industry verticals, the load monitoring system market includes marine, aerospace, healthcare, and automotive. Among these, the automotive segment is considered to be the largest contributor. The healthcare segment is predicted to expand with the highest CAGR due to the surging need for smart health devices. The development in functionality and technology of medical digitization and devices is anticipated to influence the segment’s growth.
Geographically, the load monitoring system market span across regions, namely, Europe, Asia Pacific, North America, and the Rest-of-the-World (RoW).
Considering the global scenario, the European region is considered to dominate the load monitoring system market. The region is one of the most advanced regions in terms of adoption and development of the latest technologies in the field of industrial manufacturing. The region also has a high potential for revenue generation, especially from verticals like aerospace, automotive, healthcare, and marine. This is likely to contribute to the growth of the regional market. Moreover, the presence of a large manufacturing base of aerospace and automotive sectors catering to material handling activities triggers the demand for a load monitoring system in the European region.
The Asia Pacific region will expand at the fastest rate in the global market. Countries like India, China, and Japan are some of the leading nations promoting the growth of the market in this region. With the booming manufacturing and industrial sector, the market in this region is likely to gain prominence.
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The prominent players operating in the global load monitoring system market comprises Precia Molen (France), Spectris (UK), LCM Systems (UK), Fllintec (US), Vishay Precision Group (US), Straightpoint (UK), Wirop Industrial (Taiwan), Dynamic Load Monitoring (UK), Mettler Toledo (US), and JCM Load Monitoring (UK).
Browse Complete Report "Load Monitoring System Market Research Report – Global Forecast till 2023" @ https://www.marketresearchfuture.com/reports/load-monitoring-system-market-7419