$3.3 Bn Load Monitoring System Market - Global Forecast to 2024: Rise in Demand for LMS in Healthcare & Testing and Monitoring Aircraft Parts
DUBLIN, Feb. 27, 2019 /PRNewswire/ -- The "Load Monitoring System Market by Offering (Load Cell, Indicator & Controller, Data Logging Software), Technology (Analog, Digital), Industry (Automotive, Healthcare, Marine, Construction), and Geography - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The load monitoring system market is estimated to grow from USD 2.6 billion in 2018 to USD 3.3 billion by 2024, at a CAGR of 4.0% during the forecast period.
The key factors driving the growth of the market include a rise in demand for a load monitoring system in healthcare, increase in use of load monitoring system for testing and monitoring aircraft parts, the decline in instrumental errors owing to technological innovations in load cells, an increase in demand for remote load monitoring. However, compliance with various standards and complex manufacturing process are the key restraining factors for market growth.
Indicator and controller to witness high growth potential during forecast period
The market for indicator and controller is expected to grow at the highest CAGR from 2018 to 2024. The indicators and controllers are basically displayed units that display the readings and data collected by the load cells. The critical industrial applications are expected to create growth opportunities for load cell indicators and controllers. The load indicator and controller facilitate in increasing process control with ease of operation and enhance workers' safety.
In addition, the growing adoption of Industrial IoT and automation is expected to increase the demand for load cell indicators and controllers. The indicators and controllers play a major role in the load monitoring system as they help the users to understand the load measurements and carry out the further activities.
Market for a digital load monitoring system to grow at higher CAGR during forecast period
The digital load monitoring system market is estimated to grow at a higher CAGR from 2018 to 2024. Analog load cells can show errors owing to the number of environmental discrepancies, As a solution, a number of manufacturers have inbuilt A/D converter to the load cells, thereby eliminating the disturbance due to use of connecting wires between strain gauge and A/D converter.
Factors such as increased digitization, IoT adoption, higher accuracy, and digital load cell durability are fuelling the digital load monitoring system market. Furthermore, the rising demand for precision weighing in heavy lifting applications is expected to drive the growth of the digital load monitoring system market.
"Load monitoring system market for healthcare to grow at highest CAGR during forecast period
The load monitoring system market for the healthcare industry is expected to grow at the highest CAGR from 2018 to 2024. The development in technology and functionality of medical devices and digitization in healthcare operations are the factors fuelling the growth of load cells in the healthcare industry. The use of the load monitoring system plays a vital role in the R&D process of pharmaceutical manufacturing as scientists have to precisely weigh chemicals and substance samples.
One of the major applications of the load cell is prosthetics. The load cells used in prosthetics are sensitive, reliable, and durable, and are used for detecting minute changes in the load. Further, load cells are expected to be used in several applications, including a wide range of preventive medical equipment, in the coming year.
Europe to be the largest market for load monitoring system during forecast period
Europe is expected to lead the load monitoring system market, in terms of size, from 2018 to 2024. The load monitoring system market in Europe is mainly concentrated in Western Europe with countries including Germany, the UK, and France. The presence of a large manufacturing base of automotive and aerospace industries that cater to material handling activities drives the demand for a load monitoring system in Europe.
The pharmaceuticals industry is among the major contributors to the growth of the European economy. According to the IMS Health Data (MIDAS, May 2017), Europe accounted for 21.5% of the world pharmaceuticals sales in 2016. Major pharmaceutical companies such as Accord, Novo Nordisk, Sanofi, Novartis, Roche, and Bayer have their manufacturing facilities set up in this region. These companies are expected to increasingly adopt advanced and customized load monitoring systems for meeting their pharmaceuticals manufacturing demands.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Load Monitoring System Market, 2018-2024 (USD Billion)
4.2 Load Monitoring System Market, By Offering
4.3 Load Monitoring System Market, By Technology
4.4 Load Monitoring System Market, By Industry
4.5 Load Monitoring System Market, By Geography
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rise in Demand for LMS in Healthcare
5.2.1.2 Increase in Use of LMS for Testing and Monitoring Aircraft Parts
5.2.1.3 Decline in Instrumental Errors Owing to Technological Innovations in Load Cells
5.2.1.4 Increase in Demand for Remote Load Monitoring
5.2.2 Restraints
5.2.2.1 Compliance With Various Standards
5.2.2.2 Complex Manufacturing Process
5.2.3 Opportunities
5.2.3.1 Rise in Demand for Digital Load Cells
5.2.3.2 Increase in Demand for Customized Load Monitoring System
5.2.4 Challenges
5.2.4.1 Entry Barriers for New Vendors From International Players
5.2.4.2 Volatility in Demand for LMS
5.3 Value Chain Analysis
6 Load Monitoring System Market, By Offering
6.1 Introduction
6.2 Load Cell
6.2.1 Single Beam Load Cell
6.2.1.1 Single Beam Load Cell Holds Largest Share of Load Monitoring System Market
6.2.2 S-Type Load Cell
6.2.2.1 S-Type Load Cell to Grow at Highest Rate During Forecast Period
6.2.3 Dual Shear Load Cell
6.2.3.1 Dual Shear Load Cells are Mainly Used for Heavy-Load Industrial Applications
6.2.4 Bending Beam Load Cell
6.2.4.1 Bending Beam Load Cell is Popularly Used in Commercial Weighing Applications
6.2.5 Others
6.2.5.1 Compression Load Cell
6.2.5.2 Load Link
6.2.5.3 Load Pin
6.2.5.4 Load Shackle
6.3 Indicator and Controller
6.3.1 Indicators and Controllers to Grow at Highest CAGR From 2018 to 2024
6.4 Data Logging Software
6.4.1 Software Helps in Easy Analysis and Monitoring of Load
7 Load Monitoring System Market, By Technology
7.1 Introduction
7.2 Analog
7.2.1 Analog Technology to Hold Larger Share of Load Monitoring System Market in 2018
7.3 Digital
7.3.1 Digital Technology to Grow at Higher CAGR From 2018 to 2024
7.4 Difference Between Analog and Digital Load Cell
8 Load Monitoring System Market, By Industry
8.1 Introduction
8.2 Automotive
8.2.1 Increasing Competition in Automotive Industry Compelling Players to Follow Safety and Quality Standards
8.3 Marine
8.3.1 Increasing Globalization Led to Shipbuilding Industry Growth
8.4 Construction
8.4.1 Construction Industry Growth Fuelled By Ever-Increasing Population
8.5 Food & Beverages
8.5.1 Increase in Automation in F&B Industry Propelling LMS Market Growth
8.6 Aerospace
8.6.1 Globalization Led to Increase in Airline Passengers Fuelling Demand for Aircrafts
8.7 Oil & Gas
8.7.1 Harsh Environmental Conditions at Oil & Gas Exploration Sites Fuelling Demand for LMS
8.8 Healthcare
8.8.1 Development in Medical Technology Supporting LMS Market Growth
8.9 Agriculture
8.9.1 Increasing Adoption of Automation in Agriculture Industry Fuelling Demand for LMS
9 Geographic Analysis
9.1 Introduction
9.2 North America
9.2.1 US
9.2.1.1 Presence of Heavy Industries Supports LMS Market Growth in Us
9.2.2 Canada
9.2.2.1 Manufacturing Industry in Canada Propels LMS Market Growth
9.2.3 Mexico
9.2.3.1 Increasing Medical Device Manufacturing Supports LMS Market Growth
9.3 Europe
9.3.1 Germany
9.3.1.1 Automotive and Shipbuilding Industry in Germany is Among Major End-Users of LMS
9.3.2 UK
9.3.2.1 F&B and Oil & Gas Industries Drive LMS Market Growth in the UK
9.3.3 France
9.3.3.1 Industrial Manufacturing Sector Propels LMS Market Growth in France
9.3.4 Rest of Europe
9.3.4.1 Rising Number of Manufacturing Facilities and High Safety Standards Propel LMS Market Growth in Rest of Europe
9.4 APAC
9.4.1 China
9.4.1.1 Rapidly Growing Industrial Manufacturing Along With Agriculture Industry Propels LMS Market Growth in China
9.4.2 Japan
9.4.2.1 Highly Advanced Automotive Industry Keeps Steady Demand for LMS in Japan
9.4.3 India
9.4.3.1 Rising Investments in Automotive Industry Propel Demand for LMS in India
9.4.4 Rest of APAC
9.4.4.1 Increasing Automation in Industrial Manufacturing Supports LMS Market Growth in Rest of APAC
9.5 RoW
9.5.1 South America
9.5.1.1 Developing Economies of South America Drive Demand for LMS in the Manufacturing Sector
9.5.2 Middle East
9.5.2.1 Oil & Gas and Marine Industries are Major Drivers of LMS Market in the Middle East
9.5.3 Africa
9.5.3.1 Agriculture and Automotive Markets Drive LMS Market Growth in Africa
10 Competitive Landscape
10.1 Overview
10.2 Ranking of Players in Load Monitoring System Market
10.3 Competitive Leadership Mapping
10.3.1 Visionaries
10.3.2 Innovators
10.3.3 Dynamic Differentiators
10.3.4 Emerging Companies
10.4 Strength of Product Portfolio
10.5 Business Strategy Excellence
10.6 Competitive Situations & Trends
10.6.1 Product Launches
10.6.2 Expansions
10.6.3 Contracts and Partnerships
10.6.4 Mergers and Acquisitions
11 Company Profiles
11.1 Key Players
11.1.1 Flintec
11.1.2 Mettler Toledo
11.1.3 Precia Molen
11.1.4 Spectris
11.1.5 Vishay Precision Group
11.1.6 Dynamic Load Monitoring
11.1.7 JCM Load Monitoring
11.1.8 LCM Systems
11.1.9 Load Monitoring Systems
11.1.10 Straightpoint
11.1.11 Wirop Industrial
11.2 Other Key Players
11.2.1 Eilersen Electric Digital Systems
11.2.2 Euroload
11.2.3 Futek Advanced Sensor Technology
11.2.4 Mantracourt Electronics
11.2.5 PCE Deutschland
11.2.6 Standard Loadcells
11.2.7 Strainsert
11.2.8 Tecsis
11.2.9 Thames Side Sensors
For more information about this report visit https://www.researchandmarkets.com/research/k8wd3t/3_3_bn_load?w=5
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets
Share this article