The load monitoring system market is expected to grow at USD 3.06 Billion by 2023, at 4.9% of CAGR between 2017 and 2023.
Globally, the size of the Load Monitoring System Market is set to grow at a CAGR of 4.9% from a value of USD 2.41 billion in 2018 to hit USD 3.06 billion in 2023 driven by these parts and products are often used in aircraft and other craft where precision and weight load matter.
Load monitoring systems consist of software and AI tools that are used to measure and monitor items for weight and stress tolerance while they are being manufactured. These items are also tested for stress tolerance and endurance. The objective is to ensure that they are resilient and durable before being marketed.
Some industries are embracing load monitoring systems much more than others are. For example, companies in the pharmaceuticals sector are using these systems to control and keep track of their research and development processes. This is crucial since even minor deviations in R&D can result in these companies producing dangerous and deadly medicines instead of powerful blockbuster drugs that save lives, improve the overall quality of life, and increase lifespans.
The companies in the pharma industry are also finding that these systems can help them produce more in less time and it can make the entire manufacturing process much safer by making it much more efficient.
COVID-19 has changed the destiny and direction of the world. The most marked thing that it did was put the world on a digital trajectory. New industries thrived while traditional industries suffered. Since most manufacturing is in traditional industries, the load monitoring system market took a dive.
COVID-19 disrupted the supply chains and natural supply and demand capacities of these industries. Many companies in these industries were forced to shut down because they were unable to stay financially viable.
Load monitoring system market growth is being driven by greater demand for reliable products that last and work as advertised. Also, many manufacturing firms (especially those in the West) are investing heavily in technologies that are designed to produce products that are precise and perfect in function and performance.
These systems indicate if the weight burden for a particular product or part is too high. It’s crucial since these parts and products are often used in aircraft and other craft where precision and weight load matter. Too high of a weight load in these crafts can make the difference between landing safely and being subjected to a fatal crash.
With an increase in demand for load monitoring systems comes an increase in demand for the parts that operate these systems. These include digital cells and customized load monitoring systems.
Major companies in a variety of industries that do smart manufacturing are resorting to automating more and more tasks to increase productivity in the post-pandemic world. They are also ramping up production. These companies are doing all of this while adopting newer technologies that allow them to produce more while using energy more efficiently. They end up using much less energy while doing so.
IoT is used much more often now that smart manufacturing is coming to dominate the Western manufacturing landscape. These manufacturing systems need more load monitoring systems that are more sophisticated and technologically advanced to operate well. That’s why companies in the global load monitoring system market are investing more in research and development to try to develop and monitor these systems.
Smart manufacturing is a complex and long-drawn-out process. Also, there is a complete lack of standards in most industries that engage in smart manufacturing. This makes sophisticated and advanced load monitoring systems hard to use. This is a major restraint in the global load monitoring system market.
The greatest challenge that the companies that manufacture load monitoring systems face lies in making those systems that can conform to the latest manufacturing standards and are technologically sophisticated and advanced while keeping the price points low.
Cumulative Growth Analysis
The global load monitoring system market is expected to register a CAGR of 4.9% from 2018 to 2023. The market was worth USD 2.41 billion in 2018. It should be worth USD 3.06 billion in 2023.
Precision Group is a major American company in the global load monitoring system market. It became an industry leader by investing heavily in research and development. Therefore, it was able to develop and market those sophisticated and technologically advanced systems that gave companies that did smart manufacturing a competitive edge by allowing them to manufacture more sophisticated and precise products.
Load Monitoring System Market, By Product
Load Monitoring System Market, By Load Cell
Load Monitoring System Market, By Technology
This segment can be grouped as follows:
Load Monitoring System Market, By Vertical
Load Monitoring System Market Regional Analysis
The global load monitoring system market can be grouped into the following geographic regions:
The different geographic regions can be broken down into the following countries:
The European Union
The Rest of the World
The European Union is expected to enjoy the largest load system monitoring market share for the time period that this report covers. The reason for this is that the European Union has traditionally been a first-mover in terms of adapting to the latest technologies that are used in smart, industrial manufacturing.
Many pharmaceutical companies are also located in the European Union. These companies are adopting load monitoring systems at a breakneck pace since doing so will allow them to develop many more powerful blockbuster medicines much faster. It will also allow them to make medicines that heal better while protecting the lives of the patients who take them.
This region also generates the greatest amount of revenue in the load system monitoring market. The reason for this is that all of the industries that use load monitoring systems are located throughout the nations in the European Union.
These industries include:
The Asia-Pacific region is projected to enjoy the fastest regional CAGR for the time period that this report covers. The countries that dominate the Load Monitoring system market are China, India, and Japan.
Automotive manufacturing is increasing dramatically in India and China. It’s even starting to pick up in Japan, once again. People in Western markets want to drive safer and smarter vehicles and they’re willing to pay a premium for these vehicles.
These vehicles must be manufactured in a certain way and according to certain standards. Automotive manufacturers throughout the Asia-Pacific region are using load monitoring systems to ensure that they can manufacture these types of vehicles that can run more efficiently while doing so in a manner that keeps their occupants safe.
China and India, in particular, are industrializing rapidly. Japan itself is entering into smart manufacturing much more intensively. As these countries are doing so, they are doing much more of the manufacturing that requires the usage of load monitoring systems much more often.
The global load monitoring system market is extremely fragmented and this is what makes it highly competitive. There are few barriers to entry in this industry and the market is lucrative. It’s also registering a high CAGR for at least a 5-year period.
Therefore, larger companies with huge treasuries are being enticed to enter the market. These companies are investing heavily in research and development (they have the resources to do so!) They are developing and marketing more sophisticated and technologically advanced load monitoring systems that have more useful and innovative applications.
The resulting companies find that they have to invest heavily in research and development to develop those systems that will allow them to stay ahead of the competition.
These companies also find that they can enter into strategic partnerships with other successful companies. The resulting company can combine its resources to help it gain a sustainable competitive advantage over the competition.
Incidentally, mergers and acquisitions accomplish similar objectives to strategic partnerships.
The pharma industry is expected to help the market become more competitive because this industry needs to use load cells to complete several key manufacturing processes
Spectris is a major British player in the global load monitoring system market. It became a prominent player by investing heavily in research and development. It was, therefore, able to market those systems that gave it a sustainable competitive advantage in relation to the other companies in the load monitoring system market.
|Market Size||USD 3.06 Billion|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, Technology, Industry Vertical|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Spectris (UK), Precia Molen (France), Fllintec (US), LCM Systems (UK), Straightpoint (UK), Vishay Precision Group (US), Dynamic Load Monitoring (UK), Wirop Industrial (Taiwan), JCM Load Monitoring (UK), and Mettler Toledo (US)|
|Key Market Opportunities||The increasing adoption of IoT in industrial manufacturing.|
|Key Market Drivers||
A CAGR of 4.9% is estimated to provide favorable traction to the market in the coming years.
LCM Systems (UK), Straightpoint (UK), Fllintec (US), Dynamic Load Monitoring (UK), Wirop Industrial (Taiwan), Vishay Precision Group (US), and JCM Load Monitoring (UK) are the notable market contenders.
The European region is estimated to gain the topmost spot owing to the expansion and implementation of ground-breaking technologies in the arena of industrial manufacturing.
The segments of technology, product, industry vertical, and region are the strong segments in the market.
The flourishing demand for display units is expected to augment the market share in the coming period.