Load monitoring systems market is anticipated to remain fragmented over the forecast period due to presence of many key players with less than 10 Mn revenue generation from the sales of load monitoring systems. The load monitoring systems has gained huge traction globally over the last few years owing to increasing production of automobile vehicles, crude oil, and increasing demand for load monitoring systems in marine, construction, healthcare, aerospace industries.
The proliferation of load monitoring systems in the heavy commercial vehicles, oil & gas and marine industry has ushered the global load monitoring systems market into a new phase of the industry models, and strong competition among regional and global players. To cope with current industry trends, many load monitoring systems manufacturing companies are planning to cater the demand of the load monitoring systems across the developed as well as emerging economies. As a result, the companies is expected to witness he amplified supply chain over the forecast period.
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Moreover, continuous rising demand for highly accurate and cost-effective load monitoring systems in the end use industries is upsurging the overall sales, in turn, resulting in increasing demand for load monitoring systems across the globe. The expansion in the manufacturing facilities and global presence of the companies is further estimated to create remunerative incremental opportunities for the load monitoring systems market.
According to OICA survey results, the global production of heavy commercial vehicles was pegged at over 4 Mn units in 2017 and production is expected to grow by nearly 2.3% in next years. A recent Fact.MR research activity foretells the load monitoring systems market to register an expansion at over 3.9% CAGR in terms of value sales, during the forecast period (2018-2027).
Load monitoring systems market continues to witness amplified traction among the end use industries due to its wide application during load endurance testing, research & development activities, verification of the equipments, and others. However, among end use industries, sales of the load monitoring systems in automotive industry accounted for over 30% in 2018 which is expected to witness marginal decline in the market share by 2027 end.
Continuous Developments in the Market to Upsurge the Overall Sales of the Load Monitoring Systems
The recent development in the global load monitoring systems market from key manufacturing companies for amplifying their market reach has created a rise in the growth of the market. The increasing presence of manufacturing companies in the developing economies is estimated to increase the overall revenue generation from the market. Some of the notable developments in the load monitoring systems market are mentioned below:
- In July 2018, the global leader in the load monitoring industry, HBM (a subsidiary of Spectris) announced a new product launch in the load monitoring technology, C6B force transducer (load cell), a better solution for measuring a load of large constricting forces ranging from 200 kN to 10 MN. HBM Company has designed this cost-effective sensor for its use in dynamic and rugged applications.
- On 11, April 2018, the manufacturer of load cells, DLM Ltd has announced the expansion of its product reach in Singapore as well. Talurit Pte Ltd (a distributor of DLM in Singapore), offers load cells which can monitor the large forces ranging from 0 to 50 tons load in tension/compression, and from 75 tons to 300 tons in tension.
- In April 2018, Key manufacturing company in the load monitoring segment, Spectris announced the merger of HBM and Brüel & Kjær Sound & Vibration (BKSV), known as Hottinger, Brüel & Kjær (HBK).
High Penetration of Load Cells to Create Enormous Opportunity for the Load Monitoring Systems Market
The wide applications of load monitoring systems in the end use industries are likely to increase the adoption of the load monitoring systems across the globe. Even high penetration of the load cells is expected to register significant growth in the overall sales during the forecast period owing to increased industrial investment in the manufacturing sector, increased manufacturing output, and consequent rising demand for weighing technology across the globe. Key market participants in the load monitoring systems market includes Spectris, Flintec, Precia Molen, Mettler Toledo, Vishay Precision Group, Wirop Industrial Co., Ltd., Strainsert, Futek Advanced Sensor Technology, Tecsis, Eilersen Electric Digital Systems A/S, Euroload Ltd., and other key market participants who are actively engaged in the manufacturing of the load monitoring systems across the world.
The global market for load monitoring systems is segmented as per offerings, loading capacity, end use industry, technology, and region. The market for load monitoring systems has been divided broadly into six regions namely, North America, Latin America, Europe, Japan, Asia-Pacific excluding Japan (APEJ), the Middle East and Africa.