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The Load Monitoring System Market size is estimated to grow by USD 770.8 million accelerating at a CAGR of 4.25% between 2023 and 2027. The report also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growing demand for wireless load monitoring systems is a key factor driving the market growth. Load monitoring systems, crucial in challenging industries like oil and gas, often rely on outdated strain gauge technology, causing accuracy issues due to signal fluctuations with changing loads. Wireless load monitoring systems, calibrated with NIST traceable standards, offer durability and non-intrusive operation, achieving approximately 0.52% accuracy.
Vendors like Airtec and Mantracourt Electronics provide solutions like Airtec's 89AXM system and Mantracourt's BroadWeigh Crosby load cell shackle, offering real-time wireless monitoring, easy installation, and high precision. The growing demand for remote load monitoring systems is expected to drive substantial growth in the global load monitoring systems market.
The growing number of product launches is a key trend shaping the market. The mature state of the load monitoring systems market has intensified competition among vendors, prompting them to compete on price, product quality, efficiency, supply chain, and product variety. Both global and regional vendors are engaged in product launches to maintain and expand their market shares. An example is Mettler-Toledo International Inc., which introduced the Flash Cell load monitoring system for packaging and pharmaceutical applications in June 2021. Such product launches play a significant role in driving market growth.
The market witnesses a substantial number of product launches, driven by vendor competition and the expansion of end-user industries, particularly automotive and cargo sectors. Vendors use new product launches to tap into unexplored consumer segments, a trend expected to persist as the global load monitoring systems market matures. Consequently, the market is projected to experience growth due to the increasing frequency of product launches during the forecast period.
Issues associated with the failure of load monitoring systems is a key challenge causing hindrance in the market. As load monitoring systems advance in complexity across industries, pinpointing potential causes of failure becomes crucial for technicians and engineers. Identifying these causes can be intricate, given the array of issues that may contribute. Common issues include corrosion, misalignment, dust, hardened grease, and damaged parts, as well as external factors, defective components, and issues with current sensors.
Additional factors leading to failure include power quality problems, variable frequency drive issues, and mechanical faults. Failures can undermine user trust in these systems, impacting market growth. Consequently, challenges related to load monitoring system failures may hinder the global market's growth in the forecast period.
The load cell segment will account for a major share of the market's growth during the forecast period.?Load cells are used in industrial environments for applications such as weighing vehicles, tanks, silos, ships, quality control systems, conveyors, fatigue testing systems, test systems, and other performance monitoring of the crane. Some common types of load cells are pneumatic, strain gauges, and hydraulics. In addition to these load cells, piezoelectric load cells and magnetostrictive sensors are some of the other types of load cells used in load monitoring systems.
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The load cell segment was valued at USD 1,423.62 million in 2017 and continued to grow until 2021. The load cell market is expanding due to the growing demand for high-accuracy measurement methods to ensure product quality and production productivity. Furthermore, increased investment in industrial automation technology and raised use of load cells in automotive assembly lines, construction, logistics, metals, and mining will promote the adoption of load cells during the forecast period.
Based on technology, the analog segment holds the largest market share. Analog technology is easy to implement, requires low cost and is highly demanded by various industries, such as food and beverages, agriculture, mining, and automotive industries. The increasing demand from all those industries boosts the growth of the analog load monitoring technology segment.
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Europe is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Germany, the UK, France, and Italy are key players in Europe's load monitoring systems market, driven by thriving automotive and cargo industries. These systems, crucial for optimizing freight loading, align with EU Directive 2015/719, enforcing vehicle weight standards to avoid penalties and cargo issues. The rising preference for SUVs and crossovers among European consumers prompts automakers like Kia to introduce new models, boosting demand. Investments in vehicle production, including electric vehicles like Ford's billion-dollar plant in Germany, fuel the need for load monitoring systems.
Moreover, Europe's flourishing food and beverage sector, fueled by increased income levels and organic product demand, contributes to the market. Load monitoring systems are pivotal in packaging machinery, supporting dynamic weighing, distribution, and production of organic foods and beverages. This growth trend is set to persist during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Interface Inc.- The company offers load monitoring system products such as compression load cells, planar beam load cells, and SLB beam load cells, through its subsidiary Flintec Sales Pvt Ltd.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Airtec Corp., Dynamic Load Monitoring UK Ltd., Eilersen Electric Digital Systems AS, FUTEK Advanced Sensor Technology Inc., Indutrade AB, Interface Inc., James Fisher and Sons Plc, JCM Load Monitoring Ltd., Load Monitoring Systems, Mantracourt Electronics Ltd., Mettler Toledo International Inc., Spectris Plc, Standard Loadcells, Strainsert Co., Thames Side Sensors Ltd., The Crosby Group LLC, Vishay Precision Group Inc., WIKA Alexander Wiegand SE and Co. KG, Euroload, and Precia SA
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the market growth and trends opportunities from 2017 to 2027.
The market is witnessing significant growth, especially in industries like food & beverages, where precise measurement and control are crucial. Technological innovations, including digital load cells and load indicators and controllers, are driving this growth, enabling more accurate monitoring and management of loads.
In the healthcare sector, the trend towards digitization is driving the adoption of load monitoring systems for preventive medical equipment, ensuring compliance with quality and safety standards. These systems are also increasingly used in packaging, filling, sorting machines, and check weighers, where they play a critical role in maintaining efficiency and product quality.
Despite the volatility in demand, the market is expected to continue its growth trajectory, driven by the increasing need for precise load measurement and control across various industries.
Load Monitoring System Market Scope |
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Report Attributes |
Details |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 34% |
Key countries |
US, Canada, China, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Airtec Corp., Dynamic Load Monitoring UK Ltd., Eilersen Electric Digital Systems AS, FUTEK Advanced Sensor Technology Inc., Indutrade AB, Interface Inc., James Fisher and Sons Plc, JCM Load Monitoring Ltd., Load Monitoring Systems, Mantracourt Electronics Ltd., Mettler Toledo International Inc., Spectris Plc, Standard Loadcells, Strainsert Co., Thames Side Sensors Ltd., The Crosby Group LLC, Vishay Precision Group Inc., WIKA Alexander Wiegand SE and Co. KG, Euroload, and Precia SA |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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