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Load Monitoring System Market worth $3.3 Billion by 2024
January 25, 2019 | PRNewswireEstimated reading time: 2 minutes
The load monitoring system market is estimated to be worth $2.6 billion in 2018 and is expected to reach $3.3 billion by 2024, at a CAGR of 4.0% during the forecast period. The major factors fueling the growth of the load monitoring system market include rise in demand for load monitoring system in healthcare, increase in use of load monitoring system for testing and monitoring aircraft parts, decline in instrumental errors owing to technological innovations in load cells, and increase in demand for remote load monitoring.
Load cell is the most widely used offering of load monitoring system market. The recovery of the industrial manufacturing sector resulting in increased industrial output and the consequent demand for industrial weighing equipment is expected to drive demand for load cells across the world. Further, increased investments in industrial automation technologies and steady growth in demand from load monitoring applications are the factors that are expected to drive the demand for load cells during the forecast period. The load cells are used in equipment such as industrial scales, platform scales, and universal testing machines. Based on the working mechanism, shape, size, and capacity of the load cell, they are classified into various types.
Analog load monitoring is the most widely used technology owing to its ease of implementation and low cost. Various industries such as food & beverages, agriculture, mining, and automotive have a high demand for analog load monitoring system. The analog load cells use strain gauge for measuring the strain or compression applied by the load. In analog load cell, the strain gauge is attached to the spring element of the load cell. The strain gauge is the most important component of analog load cell. The strain gauge is constructed in sections using thin metal pieces. The thinner the metal piece, finer would be the readings of load.
The automotive industry holds the maximum share of load monitoring system market. Growing demand for vehicles and increasing need to ensure timely maintenance of vehicles are the key factors driving the demand for load cell-based material handling machinery, which reduce lead time and increase productivity, in the automotive industry. Furthermore, load monitoring system plays a vital role in measuring tension and compression during endurance testing, validation, verification, and qualification in the automotive industry. The load monitoring system plays a vital role in measuring tension and compression during endurance testing, validation, verification, and qualification in the automotive industry. The applications of load cells in the automotive industry include tire design optimization, dynamometer, durability test platform, component testing, structural testing, R&D, pedal force testing, seat belt tension testing, suspension testing, center of gravity testing, and vehicle load testing. It also helps in maintaining the mandatory safety standards required for the vehicle to be commercialized in the market.
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