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Load monitoring systems are used in numerous industrial applications for obtaining the operating condition of an appliance. Load monitoring systems are used prominently in the defence and aerospace industry for testing and monitoring aircraft components as well as in the healthcare industry. Furthermore, these systems are also needed in industries, such as marine, construction, and energy owing to the rising need for minimizing the equipment errors. Therefore, the increasing demand of load monitoring systems in various industries would boost the growth of the market during the forecast period.
Key Market Driver -
• The rising demand for precision weighing in heavy lifting applications • Increased digitization, IoT adoption, higher accuracy, and digital load cell durability is creating more demand for load monitoring systems
Key Market Restraint -
• Incidents of load monitoring systems failures caused due to defective units as well as high maintenance costs.
The recent trends in the load monitoring system market include, use of load monitoring systems for minimizing production costs by limiting energy consumption and improving product quality is expected to fuel the demand for these systems during the forecast period. Also, the growing focus on improving the environmental footprint of load monitoring systems and the increasing popularity for customized load monitoring systems is anticipated to offer new and more growth opportunities for the load monitoring systems market during the forecast period, 2019 – 2026.
The leading players in the market are focusing on evolving innovative designs, and advanced features of load monitoring systems offering potential failure alters to end-users to reduce the risk of accidental system failures and loss of production. The major companies comprising the global load monitoring system market include Vishay Precision Group, Spectris, PreciaMolen, Wirop Industrial Co. Ltd., Euroload Inc., Mantracourt Electronics, Futek Advanced Sensor Technology Inc., Dynamic Load Monitoring Ltd., Flintec, LCM Systems Ltd., Straightpoint etc.
The analog load monitoring systems are the most widely used load monitors, which are used in numerous industries, such as food & beverages, agriculture, mining, automotive etc. owing to its low cost and ease of implementation. The analog load monitors are projected to hold most of the market share. However, the digital load monitoring systems are also expected to have the highest growth rate during the forecast period owing to its increasing popularity.
Europe followed by North America dominates the global load monitoring system market. The U.K. and Germany were the dominant countries in load monitoring systems market in Europe, owing to the presence of an enormous manufacturing base of automotive and aerospace industries providing material handling activities.
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Furthermore, China is expected to be the key contributor to the growth of the load monitoring system market in APAC, owing to its expanding industrial and manufacturing sectors as well as increasing domestic production. Therefore, Asia Pacific is anticipated to be the most lucrative region offering substantial growth opportunities for the players in the load monitoring system market. Additionally, the launch of “Make in India” initiative has assisted in promoting the growth of manufacturing, food & beverages as well as automotive sectors in India. Japan is also witnessing a steady growth in the load monitoring system market owing to the increase in shipbuilding, pharmaceuticals markets, etc.
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