Overview:
The global market report, with details on the load monitoring system market, is expected to scale past valuation of USD 3.06 billion by 2023 with a CAGR of 4.9% to cover the forecast period of 2018 to 2023. Market Research Future (MRFR) claims that this growth would be backed by the growing demand for the same from the automotive and transportation sector, demand for better test and measurement features, accuracy, efficiency, and others. However, the complexity regarding its manufacturing process and lack of standard measures can hold back the growth.
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Segmentation:
The global report on the load monitoring systems market analysis was studied by MRFR analysts who came up with a segmentation that includes the product, technology, and industry vertical. This understanding has the capacity to provide data on several aspects that can bolster strategic decisions.
By product, the load monitoring system market has been segmented into indicator & controller, load cell, and data logging software. The load cell has been segmented further for a study into dual shear load cell, single beam load cell, S-type load cell, bending beam load cell, and others.
By technology, the load monitoring systems market analysis was segmented into analog and digital. The digital segment is picking up momentum real fast.
By industry vertical, the report on the load monitoring system market includes a profound understanding of marine, automotive, aerospace, healthcare, construction, oil & gas, food & beverages, and agriculture.
Regional Analysis
The global market for global load monitoring system is estimated to grow at a moderate rate during the forecast period from 2018 to 2023. The geographical analysis of the market is studied for North America, Europe, Asia-Pacific, and the rest of the world.
Europe is presumed to be the largest contributor in the load monitoring system market. The UK, Germany, and France are the leading countries in the region. This largest contribution can be attributed to the presence of many manufacturing plants for automotive and aerospace products in the region. Asia-Pacific is anticipated to be the fastest growing region in the load monitoring system market over the forecast period. China, Japan, and India are the leading countries in the load monitoring system market. The major factors driving the load monitoring system market in the region is the growing industrial and manufacturing sector, particularly in the automotive, marine, and healthcare industry verticals.
Competitive Landscape:
The global market report on the load monitoring market is expected to benefit from an understanding of companies operating in the market like Precia Molen (France), Spectris (UK), LCM Systems (UK), Fllintec (US), Vishay Precision Group (US), Straightpoint (UK), JCM Load Monitoring (UK), Wirop Industrial (Taiwan), Dynamic Load Monitoring (UK), and Mettler Toledo (US). These companies have deployed strategic tools to ensure proper growth from which the market can benefit in notable ways and can provide a solid footing for the companies.
Industry News:
In September 2020, Continental, a company known for its technology development capacity, announced that it has come up with a high-performance and reliable On Board Weighing System. The device will record and display the weight of various commercial vehicles that would cover trailers and semitrailers. Its additional functions would make it possible to extend its efficiency beyond the specifications of EU Directive 2015/719. This directive makes sure that EU Member States measure the gross commercial vehicle weight more frequently. This encourages drivers and fleet operators to know how much load they are carrying before they start a trip. This is quite difficult to maintain as in several cases like where semitrailer is provided by the forwarder.
To meet these new regulatory standards, EU countries are mostly relying on a comprehensive, stationary solution. But the On Board Weighing System promises some added values that would offer better regulatory stipulations. Such a development would encourage both governments and private operators to increase their intake of such a device and support the growth of the market.
The load monitoring system industry may find it difficult initially to cope up with the situations created by the COVID-19 crisis. However, in the coming years, the market will witness a rise in its takers.
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About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
Our rapidly expanding market research company is assisted by a competent team of research analysts who provide useful analytics and data on technological and economic developments. Our deemed analysts make industrial visits and collect valuable information from influential market players. Our main goal is to keep our clients informed of new opportunities and challenges in various markets. We offer step-by-step assistance to our valued clients through strategic and consulting services to reach managerial and actionable decisions.
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