Fact.MR recently published a comprehensive study, which found that the demand for load monitoring systems reached US$ 2.9 billion in 2018. The study features comprehensive…
Key Drivers Behind Investment in Load Monitoring Systems in Asia-Pacific
Fact.MR recently published a comprehensive study, which found that the demand for load monitoring systems reached US$ 2.9 billion in 2018. The study features comprehensive information about the current market dynamics as well as future trends in the load monitoring systems market.
“With the palpable scarcity of natural resources, energy management has become a pivotal aspect of business management strategies across a wide range of industrial sectors. Many industry players are exploring opportunities to improve their product quality and to reduce power consumption for cost saving as well as for greener environment with help of the energy management trend. Thereby, load monitoring systems are witnessing burgeoning demand a wide range of industries, including oil & gas, construction, food & beverage, aerospace & defense, automotive, and healthcare,” says the Fact.MR study.
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The Fact.MR study finds that the automotive industry accounted for more than 30% revenue share in the load monitoring systems market in 2018. The study predicts that the automotive industry will retain its largest share in the load monitoring systems in the upcoming years, as the performance and safety of automobiles remains the primary focus for automotive manufacturers.
With the emergence of next-generation technologies in the automotive industry, the automotive industry is undergoing remarkable changes on multiple fronts. Meanwhile, leading automakers are aiming to mitigate their environmental footprint while without having to compromise their business productivity, which is primarily driving demand for load monitoring systems among auto industry players.
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Market Segmentation
Global Load Monitoring Systems Market Size and Forecast By Load Cells, 2013-2027
Beam Load Cells
Single Point Load Cells
Tension / Compression Load Cells
S-Beams Load Cells
Load Links
Load Pins
Load Shackles
Global Load Monitoring Systems Market Size and Forecast By Loading Capacity, 2013-2027
Up to 50 Tons
50 – 100 Tons
Above 100 Tons
Global Load Monitoring Systems Market Size and Forecast By End Use Industry, 2013-2027
- Automotive
- Construction
- Oil & Gas
- Marine
- Aerospace & Defense
- Healthcare
- Food & Beverages
- Agriculture
Taking into account the large market share of the automotive industry, leading manufacturers in the load monitoring systems market are introducing advanced vehicle load cell sensors that can improve various automotive features, such as tire design optimization, temperature compensation, and mechanical overload protection.
However, the Fact.MR report predicts that the increasing growth of the healthcare industry will become the fastest growing end-user industry in the load monitoring system in the upcoming years. Even though the automotive industry remains at the forefront of the load monitoring systems market, the healthcare industry will create more lucrative opportunities in the coming future.
Load monitoring systems are witnessing tremendous demand across the healthcare industry with an unprecedented rise in the manufacturing of medical devices. As the global medical devices market is estimated by The International Trade Administration (ITA) to surpass the US$ 400 billion mark through 2020, the healthcare industry is likely to redefine future prospects of the load monitoring systems market in the coming decade.
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Additional Questions Answered
- Which factors are encouraging market players to invest in the load monitoring systems market in the Asia-Pacific region excluding Japan (APEJ)?
- Who are the key players in the load monitoring systems market in developed regions and what are their prominent business strategies?
- What is the impact of developments in industrial instrumentation practices on growth of the load monitoring systems market?
- What are the advanced technologies used by leading manufacturers in the load monitoring systems market to scale higher on the competitive environment in the market?
- What are the challenges faced by market players that are hampering growth of the load monitoring systems market?
Stringent Calibration Standards and Certification Requirements Create Manufacturing Challenges
Even though the adoption of load monitoring systems is on the rise across various end-user industries, manufacturers are struggling to comply with high international standards while maintaining lower production costs. International organizations, including ASTM International, have set high verification standards for testing instruments such as load monitoring systems.
Furthermore, stakeholders in the load monitoring systems market have to obtain approvals and certifications from regulatory bodies before launching their products. For example, all the load cell manufacturers need to ensure accuracy of their products by providing necessary certifications to internationally recognized standards, which include UKAS, ASTM E74, and BS EN ISO 376.
Raising international standards and lengthy approval procedures are precluding load monitoring system manufacturers from reducing the production cost to maintain competitive prices, making it difficult to scale up in the highly fragmented market.
Thereby, conforming to high calibration standards and strict certification requirements are create severe, albeit short term, manufacturing issues for load monitoring systems market players.
The Fact.MR study offers futuristic overview of development of the load monitoring systems market during the period 2019-2027. Based on thorough research, the study opines that the load monitoring systems market will grow at a healthy 3.9% value CAGR through 2027.
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