According to a new market report published by Transparency Market Research “Load Cell Market (By Technology – Analog Load Cells and Digital Load Cells, By Type – Single-Point, S-Type, Shear Beam and Others, By End Use – Medical Devices, Agriculture, Oil & Gas, Aerospace & Defense, Automotive, Bulk Material Handling, Retail and Others) – Global Industry Analysis Size Share Growth Trends and Forecast, 2016 – 2024” was valued in terms of revenue USD 1,870.0 million in 2015 and is anticipated to reach USD 2,551.1 million by 2024, at a CAGR of 3.5% from 2016 to 2024.
Load cells are sensors cum transducers which convert force or weight acting on it into an electrical signal. The electrical signal can be a frequency change or voltage change depending on the type and circuit used in load cells. Load cells are used in medical devices such as hemodialysis machines, infusion pumps, surgical instruments among others. In aerospace & defense, load cells are used for testing airframe, engine, pilot force input, landing gear, wheels, doors and breaking system, flight deck, cargo systems and throttle control. Rising demand for digital load cells in healthcare, agriculture equipment, oil & gas, aerospace & defense, automotive, bulk material handling, retail and others is anticipated to have a positive impact on the growth of the market. By geography, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa (MEA) and Latin America.
In North America rising demand from healthcare, aerospace & defense and oil & gas sector is expected to increase the demand for load cells. The U.S. is expected to hold the leading market in North American region including Canada and Mexico.
In Europe, oil & gas, aerospace & defense, automotive and bulk material handling are the key end user industries expected to increase demand for load cells. There are firms in Europe which specifically cater to bulk material handling applications including cement industry, coal & iron ore mining and rail industry among others. Germany is the leading region in European load cell market followed by other European countries and the trend is expected to continue for the forecast period. The load cell market in Europe is fragmented due to the presence of large number of mid-sized firms specializing in a particular country market. Heavy lifting industry in the U.K is anticipated to be the major consumer of load cells in Europe.
In Asia Pacific China, Japan, South Korea are the leading market for load cells. China is the largest market and the trend is expected to continue for the forecast period. Bulk material handing is expected to increase the demand of load cells in Asia Pacific region including China, Japan, South Korea, and India among others. China which is presently the second largest economy in the world and the export capital of the world is expected to be the major load cell market in Asia Pacific region. Japan, South Korea, India are anticipated to the major load cell markets in Asia Pacific.
In Middle East & Africa (MEA), United Arab Emirates (UAE), Saudi Arabia and South Africa are the key markets in the region. Rising demand of load cells from oil & gas sector is expected to be a major driver in load cell market in this region. Rising demand of load cells in heavy lifting applications is also expected to increase demand for load cells. In UAE rising demand for load cells in heavy lifting applications is anticipated to push the growth of the market.
In Latin America, Brazil is the single largest load cell market. Here the oil & gas sector is one of the major consumers of load cell and the demand from this sector is expected to drive the market for load cells in this region during the forecast period. Oil & Gas sector is expected to a major driver of load cell market in Latin America.
Some of the leading players operating in the market are Honeywell International Inc. (the U.S.), Vishay Precision Group (VPG) (the U.S.), Flintec Group AB (the U.K.), OMEGA Engineering Inc. (the U.S.), FUTEK Advanced Sensor Technology Inc. (the U.S.), Zhonghang Electronic Measuring Instruments Co., Ltd. (ZEMIC) (China), Hottinger Baldwin Messtechnik GmbH (HBM) (Germany), Novatech Measurements Ltd (the U.K.), Yamato Scale Co. Ltd (Japan), Thames Side Sensors Ltd. (the U.K.), Mettler Toledo International Inc. (the U.S.), Precia Molen (France) among others.
Browse Press Release of this Research Report : http://www.transparencymarketresearch.com/pressrelease/load-cells-market.htm