USD 2.85 billion
Load Monitoring System Market Size, Share, Growth Analysis, By Technology(Analog, Digital), By Vertical(Automotive, Healthcare, Marine, Construction), By Region - Industry Forecast 2024-2031
Report ID:
SQSG45J2010 |
Region:
Global |
Published Date: April, 2024
Pages:
260
|Tables:
64
|Figures:
75
Load Monitoring System Market Insights
Global Load Monitoring System Market size was valued at USD 2.85 billion in 2019 and is poised to grow from USD 3.11 billion in 2023 to USD 6.75 billion by 2031, growing at a CAGR of 9% in the forecast period (2024-2031).
Load monitoring technology has become more and more popular as a consequence of the many advantages it provides, including low installation costs, simplicity in setup and configuration, and remote operating capability, to name a few. Load monitoring systems are used in a range of industrial applications to determine the operational state of an appliance. Load monitoring systems are commonly used for testing and monitoring aircraft components in the defense and aerospace industries, as well as in the healthcare industry. These systems are also necessary for industries such as maritime, construction, and energy because of the increased demand for eliminating equipment errors.
The need for load monitoring systems is notably expanding in the healthcare sector, along with rising utilization for monitoring and testing, which has significantly contributed to the market's expansion. Because of constant technological advancements in load cells, remote monitoring technology development enables data transmission via Bluetooth rather than physical cords. This advancement decreased the number of errors caused by disruptions in connecting connections. Errors caused by difficult environmental conditions were corrected by employing high-quality IP67 protection, which allows the operation of load cells in a demanding industrial environment. These technological advancements in load cells have reduced instrumental errors, increasing their demand in a variety of industries.
US Load Monitoring System Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Digital
Fastest Growth
Digital
Growth Rate
9% CAGR
Global Load Monitoring System Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Load Monitoring System Market Segmental Analysis
Global Load Monitoring System Market is segmented based on the Technology, Vertical, and region. Based on the Technology, the Global Load Monitoring System Market is segmented as Analog and Digital. Based on Vertical, the Global Load Monitoring System Market is segmented as Automotive, Healthcare, Marine, Construction, and Others. Based on Region Load Monitoring System Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Load Monitoring System Market Analysis by Technology
Based on technology the market is divided into analog and digital. The market is being led by digital load monitoring systems. It is a network-based, digital load monitoring system that keeps track of how much electricity is being used by various electrical loads. The digital load monitoring system indicates when, where, and what type of appliances are in use at any given time. It also has a remote operation feature that allows customers to control their energy consumption by remotely turning off or on appliances from anywhere in the world. The Digital load monitoring system is the most expensive option, but it offers a number of advantages to customers, including remote control and ease of maintenance.
Load Monitoring System Market Analysis by Vertical
Based on Vertical the Load Monitoring System market is segmented into Automotive, Healthcare, Marine, Construction, and Others. The automotive category held the most market share, and throughout the projection period, the online retail segment is anticipated to grow at the fastest rate. The automotive industry is undergoing significant changes on multiple fronts due to the emergence of next-generation technologies. The demand for load monitoring systems among participants in the auto industry is primarily being driven by leading automakers' efforts to reduce their environmental impact without having to sacrifice their business productivity.
Global Load Monitoring System Market By Technology , 2021(%)
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Load Monitoring System Market Regional Insights
Europe leads the global Load Monitoring Systems Market, followed by North America. The United Kingdom and Germany dominated the European market due to the open vast industrial base of automotive and aerospace sectors supplying material handling operations. Asia-Pacific is expected to grow significantly in the global market during the forecasted period. This is because the region's developing economies, like China, are seeing an increase in foreign investment in the construction and automotive sectors, providing opportunities for manufacturers and service providers of load monitoring systems to enter the market. Furthermore, the Make in India program has aided in the growth of India's industrial, food and beverage, and automotive industries. Japan's Load Monitoring Systems Market is expanding due to the expansion of the shipbuilding and pharmaceutical industries.
Global Load Monitoring System Market By Geography, 2021 - 2028
- Largest
- Fastest
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Load Monitoring System Market Dynamics
Load Monitoring System Market Driver
- The growing demand for automobiles and the growing necessity to ensure timely vehicle repair are the primary aspects driving the enthusiasm for load cell-based material handling gear. This reduces lead time and increases profitability in the automobile industry. Furthermore, the heap checking framework plays an important role in estimating pressure throughout perseverance testing, approval, confirmation, and capability in the automobile industry. Tyre plan advancement, dynamometer, toughness test stage, part testing, auxiliary testing, R&D, pedal power testing, safety belt pressure testing, suspension testing, center of gravity testing, and vehicle load testing are all applications for burden cells in the automobile industry. Furthermore, it aids in maintaining the mandatory security criteria required for the vehicle's market acceptance.
- Continuous technological advancements in load cells and remote monitoring technology development permitted data transmission via Bluetooth rather than physical connections. This advancement decreased the number of errors caused by disruptions in connecting connections. Errors caused by difficult environmental conditions were corrected by employing high-quality IP67 protection, which allows the operation of load cells in a demanding industrial environment. These technological advancements in load cells have reduced instrumental errors, increasing their demand in a variety of industries. Furthermore, analog load cells must communicate data while going through an A/D converter, which may cause mistakes owing to converter instabilities. Various firms have integrated the A/D converter into the load cell to reduce these mistakes.
Load Monitoring System Market Restraint
- A variety of quality and safety requirements must be met by load monitoring system manufacturers. The criteria that must be followed in end-user industries for load monitoring systems are stringent, and compliance with these standards necessitates precision load cell fabrication. It is required in the healthcare industry to ensure that the load cell metals do not react with the load components being measured. The casing of load cells must be tight; otherwise, liquids or minute particles can damage the load cell's electrical circuit. To sustain the tremendous pressure, the load cells used in the aerospace sector must also be sturdy and have high tensile strength.
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Load Monitoring System Market Competitive Landscape
Global load monitoring system market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Load Monitoring System Market Top Player's Company Profiles
- Flintec
- Spectris plc
- FUTEK Advanced Sensor Technology, Inc.
- Rice Lake Weighing Systems
- Vishay Precision Group, Inc.
- LCM Systems Ltd.
- Mantracourt Electronics Ltd.
- Straightpoint UK Ltd.
- Dynamic Load Monitoring Ltd.
- Strainsert Company
- Tecsis GmbH
- Hirschmann Automation and Control GmbH
- Mecmesin Ltd.
- Comptel S.r.l.
- DLM (UK) Ltd.
- Eilersen Electric A/S
- Cervis, Inc.
- Wirop Industrial Co., Ltd.
- HAENNI Instruments Inc.
- Applied Measurements Ltd.
Load Monitoring System Market Recent Developments
- In May 2022, LexisNexis Risk Solutions has acquired BehavioSec in an effort to bolster its identity verification and fraud prevention portfolio. BehavioSec is best known for its behavioral biometrics technology, and LexisNexis Risk Solutions is planning to integrate that into its existing ThreatMetrix solution to provide clients with a higher level of passive security.
- In Jun 2022, Foundry Partners LLC reduced its stake in shares of Vishay Precision Group, Inc. The institutional investor owned 48,015 shares of the scientific and technical instruments company’s stock after selling 35,950 shares during the period. Foundry Partners LLC’s holdings in Vishay Precision Group were worth $1,544,000.
Load Monitoring System Key Market Trends
- To enhance their position, major load monitoring businesses are focusing on building IoT solutions. The increased use of automation and industrial IoT is expected to enhance demand for load cell controllers and indicators. The indicators and controllers assist users in understanding load readings and carrying out subsequent tasks. To harness sensor data, M2M connectivity, and automation technologies, Industrial IoT includes big data and machine learning technology. IoT bridges the gap between traditional industrial infrastructure and modern technologies such as edge computing, cloud, mobile, and machine learning also it assists industries in optimizing industrial operations in order to boost production and efficiency.
Load Monitoring System Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Load Monitoring System Market Analysis, in terms of technology, the digital category held the largest share and is estimated to maintain a similar trend over the forecast period. In terms of vertical, automotive accounted for a maximum market share followed by the healthcare sector because of numerous life-saving technologies, including cardiopulmonary resuscitation, come with load monitoring systems as a standard component of their operation. Engineering applications in a wide range of medical devices and equipment in the healthcare sector are driving revenue growth in the global load monitoring system market. Because of the high demand for load cells in priority medical devices, the global market for load monitoring systems generates significant revenue.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 2.85 billion |
| Market size value in 2031 | USD 6.75 billion |
| Growth Rate | 9% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Load Monitoring System Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Load Monitoring System Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Load Monitoring System Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Load Monitoring System Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Load Monitoring System Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Load Monitoring System Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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