Albany, NY -- (SBWIRE) -- 10/18/2017 -- 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%.
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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.