Press release
Increasing Usage of Digital Load Cells Market in Heavy Lifting Industry to Boost Market’s Growth
Hitherto, product innovations, strategic acquisitions and diversifying production operations have been the key strategies adopted by the leading players in this market to remain competitive. They are also expected to focus aggressively on OEM customers and the decreasing of manufacturing cost through relocation of production plants in emerging economies, notes the research study.
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Analysts at TMR estimated the global market for load cells to rise at a CAGR of 3.50% during the period from 2016 to 2024, increasing the market’s opportunity from US$1.87 bn in 2015 to US$2.55 bn by the end of the forecast period. Currently, analog load cells have been registering a higher demand than digital load cells and the scenario is projected to remain so throughout the period of the forecast.
Europe to Register Lead with 2.9% CAGR between 2016 and 2024
Geographically, the global market for load cells has been classified into Europe, North America, Asia Pacific, the Middle East and Africa, and Latin America in this research report. Among these, Europe has acquired the leading position, thanks to the increased application of these cells in the oil and gas, automotive, aerospace and defense, and the bulk material handling industries. Analysts project this regional market to remain leading throughout the forecast period, rising at a CAGR of 2.90%.
The presence of a large pool of companies, catering to bulk material handling industries, such as the cement, coal and iron ore mining, and railway sectors, is also expected to support the Europe market for load cells in the years to come. Germany and the U.K. are anticipated to surface as the prime domestic players in this regional market over the next few years.
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The report considers the bulk material handling, retail, healthcare, agriculture equipment, oil and gas, aerospace and defense, and the automotive industries as the key end users of load cells. The oil and gas industry has been recording a greater demand for load cells than other end user and is expected to continue doing so over the forecast period, states the research report.
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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