Load Monitoring System Market

Global Load Monitoring System Market Size & Growth Report (2023 – 2028)

The global load monitoring system market was valued at $ 2.95 billion in 2022 and is anticipated to reach $ 4.30 billion by 2028, at an annual growth rate of 4.0% between 2023 and 2028.

The load monitoring system measures and displays the weights of various objects to warn workers of overweight. These monitoring systems are widely used for various applications in the energy, construction, marine, manufacturing, and civil engineering sectors.

In various industries, technologies precisely engineered for operational load monitoring applications have gained strength in recent years. Freight monitoring systems find significant use in the aerospace industry for testing and monitoring aircraft components and in the healthcare industry. In addition, these systems have gained ground in sectors such as marine, construction and energy due to the need to reduce instrumentation errors. The growing focus on improving the environmental footprint of load monitoring systems unleashes exciting potential in end-use industries.

Market players are adopting aggressive expansion strategies, such as increasing auto production, rapid industrialization and energy demand, to increase market uptake of freight monitoring systems. The introduction of custom load monitoring systems allowed end users to modify these systems to suit their needs and tasks. It helps them to cover all the parameters and capacities corresponding to their applications. Suppliers also integrate detection elements with freight monitoring systems to support their customers by improving their delivery times.

Recent DEVELOPMENTS:

• HBM introduced a novel C6B load cell in July 2018, which is touted to be a flexible solution to digitally acquire information with high compression force. The sensor is also considered as a cost effective solution.
• Precia Molen introduced the latest product, i.e., R1TP platform in September 2017, which is known to provide high build quality, accuracy and dependency.
• During February 2017, the VPG Transducers developed its load pins of models 5113 and 5117. These pins can offer reliable and reproducible measurements related to force, voltage, load, and overload parameters.

Market Growth and Trends:

The automotive industry is the driving force behind the load monitoring system market:

The growing demand for vehicles and the rising need for timely vehicle maintenance are the key factors driving the demand for load monitoring machines. This reduces delivery times and increases productivity in the automotive industry. In addition, the load monitoring system plays an important role in the measurement of tension and compression, during stress tests, validation, verification and qualification in the automotive industry. Load cell applications in the automotive industry include optimizing tire design, dynamometer, durability testing platform, component testing, structural testing, R&D, tire strength testing pedals, seat belt tension test, suspension test, center of gravity test and vehicle load test. In addition, it helps to maintain the mandatory safety standards required for the vehicle in order to be marketed. Major pharmaceutical companies, such as Accord, Novo Nordisk, Sanofi, Novartis, Roche and Bayer, are expected to increasingly adopt advanced and customized load monitoring systems to meet their pharmaceutical manufacturing demands.

Market Drivers and Restraints:

The global market for load monitoring systems is expected to grow rapidly during the forecast period due to increasing demand for products by the health sector and rapid technological advances related to cargo monitoring systems. Furthermore, the increasing use of these cargo monitoring systems to test and monitor aircraft parts is likely to have a positive impact on market growth. However, the complex manufacturing process of cargo monitoring systems can hamper the global market for cargo monitoring systems. In contrast, the rapid expansion of custom cargo monitoring systems should provide new growth opportunities for the global load monitoring system market in the future.

LOAD MONITORING SYSTEM MARKET REPORT COVERAGE:

Load Monitoring System Market segmentation:

The global market for cargo monitoring systems can be segmented by offering, type and application.

Load Monitoring System Market By Offering:

 the global load monitoring system includes a load cell, indicator and controller, and data logging software. In addition, the load cell is divided into single beam load cell, s-type load cell, double shear load cell, bending beam load cell, and others. Load cell supply dominated the market in 2018 and is expected to continue to dominate the market even in the future.

Load Monitoring System Market By Technology:

 the market includes an analog load monitoring system and a digital load monitoring system. The segment of the digital load monitoring system is expected to have the highest CAGR in the coming years.

Load Monitoring System Market By Application:

the market includes the automotive, marine, construction, energy, aerospace, healthcare, and other industries. The automotive industry had the largest share of the world market for cargo monitoring systems in 2018, and the healthcare industry is expected to grow at the fastest rate in the coming years. Technological and functional development related to medical devices and the digitization of healthcare operations are expected to increase demand for load cells in the healthcare industry, thus boosting the market for load monitoring systems.

Regional Analysis:

In 2018, Europe dominated the global market for cargo monitoring systems and is also expected to continue to dominate the schedule. The UK and Germany dominated the European market for cargo monitoring systems, due to the presence of a huge manufacturing base of automotive and aerospace industries that provide handling activities. The cargo monitoring systems market in Asia-Pacific is expected to have the highest CAGR during the review period.

Key players in the market:

Key players in the global market for load monitoring systems include Vishay Precision Group, Straightpoint, Spectris, LCM Systems, PreciaMolen, Flintec, Wirop Industrial, Mettler Toledo, Euroload, Mantracourt Electronics, Eilersen Electric Digital Systems and Futek Advanced Sensor Technology, among others.