A load monitoring system is a combination of load cells, load indicators and controllers, and data logging software that helps monitoring strain or compression in various industries such as marine, construction, automotive, food & beverages, healthcare, aerospace, and agriculture. The types of load cells used for load monitoring includes single beam, S-type, dual shear, bending beam, compression, load link, load pin, and load shackle. Load monitoring system uses either analog or digital technology. The growth of the market is mainly attributed to the growing demand for load cells in the healthcare industry, increasing use of load monitoring system for testing and monitoring aircraft parts and reduce instrumental errors, and rising demand for remote load monitoring. The load monitoring system market is expected to reach USD 3.33 billion by 2024 from USD 2.63 billion by 2018, at a CAGR of 4.0% during 2018–2024. Spectris (UK), Mettler Toledo (Switzerland), and Precia Molen (France) are the leading players in the load monitoring system market.
Spectris is a major precision instrumentation and controls supplying company with a huge network of subsidiaries catering to various aspects of measurements and controls across a number of industries. The subsidiaries of Spectris, HBM and Omega Engineering, have an extensive product portfolio covering all products and services related to the load monitoring system market. The financial support from the parent company enables these companies to expand their distribution across the world. HBM has been following the strategy of product innovation to expand its product portfolio and increase market share. Omega Engineering formed an agreement with Newark element14, which makes Newark a high service distributor to stock their full portfolio of Omega products. This helps Omega in increasing its sale probability in a day and helps it to reach customers more quickly.
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Mettler Toledo has a broad portfolio of load monitoring system solutions. The company has attained its leadership position in the load monitoring system market through significant investments in R&D for product innovations and developments. The R&D investment of the company in 2017 was USD 129.3 million, which is significantly higher than other players in the market. Further, in FY2016 and FY2017, the company launched a number of products in the load monitoring system market, which improved its product offerings and increased customer base.
Precia Molen is a leading industrial and commercial weighing solution provider with presence in 18 countries. The company is currently focusing on expanding its presence in APAC. Precia Molen also focuses on launching new products to expand its product offerings and customer base. The company offers a wide range of products, which include weighing instruments, components, control systems, management systems, and load cells. With the continuous focus on organic and inorganic growth strategies, the company is expected to witness a positive growth over the coming years in the load monitoring system market.
Load Monitoring System Market by Offering (Load Cell, Indicator & Controller, Data Logging Software), Technology (Analog, Digital), Industry (Automotive, Healthcare, Marine, Construction), and Geography - Global Forecast to 2024
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