With a number of players, the global load cells market is demonstrating a highly fragmented business landscape, thanks to the presence of numerous market players and intense competition between them. In 2015, the top three participants, namely, PreciaMolen, Mettler-Toledo International Inc., and Vishay Precision Group Inc., accounted for only 20% of the overall market and the scenario is likely to remain more or less same in the years to come. Currently, the leading players in this market are relying on innovation and technological advancements for the growth in their businesses. However, over the coming years, they are likely to increasingly involve into partnerships, mergers, and acquisitions to expand their reach across the world, notes the market study.
According to the research report, the global market for load cells is anticipated to expand at a CAGR of 3.50% between 2016 and 2024, increasing the opportunity in this market from US$1.8 bn in 2015 to US$2.5 bn by the end of the period of the forecast. Hitherto, analog load cells have been reporting a greater demand than digital cells. However, thanks to the increasing digitization across the world, the demand for digital load cells will also witness a significant rise in the years to come. In terms of the geography, Europe has acquired the dominant position in the global market and is expected to remain seated here over the next few years, states the research report.
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Medical and Healthcare Sector to Create Lucrative Growth Opportunities
“With the increasing usage of load cells in the medical and healthcare sector, thanks to the rising demand for home hemodialysis (HHD) machines, the global market for load cells is observing a tremendous growth,” says an analyst at TMR. In addition to this, the market is expected to gain substantially from the augmenting need for infusion pumps, owing to the surge in the prevalence of chronic diseases among people, expanding base of geriatric population, and the escalating number of surgical procedures, in the near future, reports the research study.
Decreasing Demand for Analog Load Cells to Hamper Growth
On the other hand, the global load cell market may face significant challenge in the near future from the decreasing demand for analog load cells across a number of industries over the next few years. However, the growing uptake of digital load cells in the heavy lifting industry will rationalize the impact of the hindering factor in the years to come, notes the market report.