The load monitoring system measures and displays weights of different objects to warn the workers in case of weight overload. It is widely used for various applications across energy, construction, marine, manufacturing, and civil engineering industries.
The global load monitoring system market is estimated to grow rapidly over the estimated timeline due to increase in demand for the product from the healthcare sector and rapid technological advancements the need. In addition, increase in use of these load monitoring systems for testing and monitoring of aircraft parts is also likely to impact the market growth positively. However, the manufacturing process of load monitoring system is quite difficult, which may restrict the global load monitoring system market. Moreover, the rapid expansion of customized load monitoring systems is projected to offer new growth opportunities for the load monitoring system market in the future.
COVID-19 scenario analysis:
- COVID-19 pandemic has shut-down the production of various products in the chlorine compressor market, owing to the prolonged lockdown in major countries. This has hampered the growth of the chlorine compressor market significantly from the last few months, and is likely to continue during 2020.
- COVID-19 has already affected the sales of equipment and machinery in the first quarter of 2020, and is likely to cause a negative impact on the market growth during the year.
- The major demand for equipment and machinery was previously noticed from giant manufacturing countries, including the U.S., Germany, Italy, the UK, and China, which are badly affected by the spread of coronavirus, thereby halting the demand for equipment and machinery.
- Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on their cash reserves. Equipment and machinery companies can afford a full lockdown only for a few months, after which the players would have to modify their investment plans.
- Equipment and machinery manufacturers must focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19.
Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
Load monitoring system has its use in the automotive industry and its high demand is a major driving factor for the market growth.
Need for better vehicles safety lends impetus to application in the automotive industry
Automotive manufacturing has made rapid progress in numerous emerging economies, notably in Asia Pacific, thereby opening new avenues in the global load monitoring systems market. Intensifying demand for advanced and next-generation automotive to bolster the performance of vehicles spurs the demand for load monitoring systems. New opportunities have emerged from growing popularity of digital load cells.
Increase in revenue of the global load monitoring system market comes from the healthcare industry for engineering applications in a wide variety of medical equipment and devices. There is huge demand for load cells in priority medical devices, thereby accounting for high revenue in the global load monitoring system market. In addition, there is wide variety of life-saving technologies, such as cardiopulmonary resuscitation, equipped with load monitoring systems that form an inherent part of their functioning. Furthermore, drug making activities make extensive use of load monitoring systems. Increase in use of load monitoring system in research applications across the globe boosts the load monitoring system market. In the coming years, the healthcare industry is expected to emerge as one of the most prominent revenue generating end industries.
The automotive industry drives the load monitoring system market
Developing interest for vehicles and expanding need to guarantee opportune upkeep of vehicles are the key factors that drive the interest for load cell-based material taking care of apparatus. This diminishes lead time and increment profitability in the car business. Moreover, the heap checking framework assumes a significant job in estimating pressure during perseverance testing, approval, confirmation, and capability in the car business. The uses of burden cells in the car business incorporate tire plan advancement, dynamometer, toughness test stage, part testing, auxiliary testing, R&D, pedal power testing, safety belt pressure testing, suspension testing, focal point of gravity testing, and vehicle load testing. In addition, it helps to keep up the obligatory security guidelines required for the vehicle to be popularized in the market. In addition, significant pharmaceutical organizations, for example, Accord, Novo Nordisk, Sanofi, Novartis, Roche, and Bayer, are required to progressively embrace the progressed and rigid load observing frameworks to satisfy their pharmaceutical assembling needs.
Key benefits of the report:
- This study presents the analytical depiction of the load monitoring system market along with the current trends and future estimations to determine the future of the market.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the load monitoring system market share.
- The current market is quantitatively analyzed to highlight the load monitoring system market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed analysis based on competitive intensity and how the competition will take shape in coming years.
Load Monitoring System Market Report Highlights
By End User Industry
Key Market Players
Straightpoint, JCM Load Monitoring, Dynamic Load Monitoring, Wirop Industrial, LMC Systems, Precia Molen, Flintec, Spectris, Vishay Precision Group, Eilersen Electric Digital Systems, Mettler Toldo, Load Monitoring Systems