WILMINGTON, DE / ACCESSWIRE / January 31, 2023 / Transparency Market Research Inc. - As per a recent study by Transparency Market Research, the global load cell market was valued at US$ 201.7 Bn in 2021 and is anticipated to reach US$ 285.2 Bn by 2031. The market is expected to expand at a CAGR of 3.6% during the forecast period from 2022 to 2031. Load cells are used in a range of end-use industries, such as maritime, agriculture, oil & gas, robotics, pharmaceutical, and automotive. These are considered essential components of industrial automation setups and technical machinery. Rise in demand in these industries is augmenting market growth. Load cells are also widely used for various material testing applications, which is bolstering market demand.
Load Cell Market: Key Findings of Report
- Increase in Demand for Material Testing Applications: Load cells are used in various material testing applications, such as quality control, packaging, pile testing, destructive testing, and check-weighing. In order to cater to specific requirements of end-users in different industries, leading players focus on developing innovative new devices, particularly for material testing applications. For example, a new technology for check-weighing was launched by Mettler-Toldeo in 2021. This new technology allows for rapid product processing and reduces product give-away by increasing the accuracy of weighing.
- Surge in Demand for Strain Gauge Load Cell Products: Based on product type, the global load cells market can be segmented into hydraulic load cell, fiber optic, strain gauge load cell, pneumatic load cell, and others. The strain gauge load cells segment is expected to account for leading market share during the forecast period. Strain gauge load cells are used to monitor axial spin, bending strain, pressure, and torque in aircrafts. Furthermore, these are used in railway tracks for monitoring and measuring rail-line stress. Strain gauge load cells are also used for various types of testing, such as ship hull testing, structural component testing, and automotive testing.
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Load Cell Market: Growth Opportunities
- Increase in adoption of load cell products in marine industry for various underwater operations
- Rise in demand for medium-capacity load cells
- Surge in deployment of load cells in aircrafts for aerospace testing and overload detection applications
Load Cell Market: Key Players
Leading companies operating in the global industry are ABB Ltd., Flintec, HBK, Load Cell Central, Sensors and Synergy S.A., Vishay Precision Group, Inc., Alfa Laval AB, Force Switch Corp., Honeywell International, Inc., Mettler-Toldeo International, Inc., Siemens AG, WIKA Alexander Wiegand SE & Co. KG, Interface, Inc., FUTEK Advanced Sensor Technology, Inc., OMEGA Engineering, Inc., and TE Connectivity.
Industry players are focusing on producing new generation of load cells, using latest and cutting-edge manufacturing and automation techniques. Leading companies are adopting innovative manufacturing methods, including Six Sigma, cellular manufacturing, Kaizen, and lean production to develop new types of product with reduced manufacturing costs. Other strategies employed by key players are increase in research & development investment, collaborations, new product launches, and strategic partnerships.
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Load Cell Market: Regional Growth Assessment
Asia Pacific is likely to account for the largest share of the global market during the forecast period. This is ascribed to rapid expansion of food & beverage industry, where these products are used for ingredient control systems, packaging, and batch weighing applications. Surge in demand in regional maritime sector for applications such as winch line testing, salvage operations, and conducting mooring tests is another driver of the market in Asia Pacific.
Load Cell Market: Segmentation
Load Cell Market, by Type
- Strain Gauge Load Cell
- Single Point Load Cell
- Bending Beam Load Cell
- Shear Beam Load Cell
- S-Type Load Cell
- Canister Load Cell
- Others (Button Load Cell, Pancake Load Cell, etc.)
- Hydraulic Load Cell
- Pneumatic Load Cell
- Others (fiber optic, piezo-resistive, etc.)
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Load Cell Market, by Weight Capacity
- Low-capacity Load Cell
- Medium-capacity Load Cell
- High-capacity Load Cell
Load Cell Market, by Application
- Checkweigher
- Pile Dynamic Analysis (PDA)
- Industrial Process Control & Component Testing
- Medical Equipment Testing & Process Control System
- Semiconductor Equipment Testing
- Hygienic Process Weighing & Measurement System
- Others (wire tension measurement, rolling mills, etc.)
Load Cell Market, by End-use Industry
- Food & Beverage
- Pharmaceutical
- Automotive
- Industrial
- Aerospace & Defense
- Marine
- Electronics & Semiconductor
- Others (construction, agriculture, healthcare, etc.)
Load Cell Market, by Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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About Transparency Market Research
Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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