New York, NY, July 24, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Load Cells Market by Type (S-Type, Single-Point, and Shear-Beam), by End-Use Industries (Automotive & Transportation, Oil & Gas, Healthcare, Industrial Manufacturing & Material Handling, Defence & Aerospace, and Construction), by Technology (Digital and Analog): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, the global load cells market was valued USD 1.38 billion in 2017 and is expected to reach around USD 1.75 billion by 2024, at a CAGR of approximately 3.50% for the forecast period from 2018 to 2024.
The load cell is a device or a sensor that creates an electrical output. Although there are different types of load cells such as strain gauge, hydraulic load cells, and pneumatic, strain gauge load cells dominate the weighing industry. The pneumatic load cells are used in the sectors where the intrinsic hygiene and safety are required whereas; hydraulic load cells are preferred in remote locations. Designing of load cell could be differentiated according to the way of detecting weigh or according to different types of the output signal generated. The market for load cell is anticipated to expand at a CAGR of approximately 3.50% during the forecast period from 2018 to 2024 and market is expected to reach approximately USD 1.75 billion in terms of revenue by 2024.
Browse through 42 Tables & 32 Figures spread over 110 Pages and in-depth TOC on "Global Load Cells Market: By Type, Size, Industry Share, Segments, Analysis and Forecast, 2017 – 2024”.
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The global market for load cells is driven by rising investments in industrial automation technologies and its increasing use in automotive assembly lines, logistics, construction, and metal and mining industries. This market also forms an integral part of industrial weighing scales, weigh platforms, weighbridges, tensile testing machines, and dynamometers. Weighing of tanks, vehicles, vessels, silos, conveyors, quality control, R & D testing, fatigue testing, and crane performance monitoring of industrial environment are some of the typical applications of load cells.
The load cells market is segmented into type, end-use, technology, and regions. The type segment for the load cells market includes s-type, single-point, shear beam and the end-use segment holds automotive and transportation, oil and gas, healthcare, industrial manufacturing and material handling, defense and aerospace, and construction. Further, on the basis of technology, the market for load cells is segmented into digital and analog.
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The global market for load cells is bifurcated across North America, Europe, Asia Pacific, Latin America and Middle East and Africa. Among these, Europe has found out to be the growing regional market for load cells and is also anticipated to be leading over the forecast period. In the year 2015, the Europe load cell market contributed USD 561.0 Million in revenue. The booming requirement for load cells in the aerospace and defence, oil and gas, bulk material handling, and automotive industries are some of the factors driving this regional market significantly.
North America is another developing regional load cells market. The rising demand for load cells in the aerospace and defence, oil and gas, medical and healthcare sectors are anticipated to drive this regional market in the near future. Moreover, Canada and Mexico are also expected to show significant growth after North America in the U.S. Furthermore, the Asia Pacific region is also projected to show a healthy growth in the next few years.
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Going forward, the existence of a number of firms, which specifically cater to huge material handling industries, such as the coal and iron ore mining, cement, and railway sectors, is anticipated to boost the Europe load cells market in the near future. The UK and Germany are also expected to project as the key regional market players over the next few decades.
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Some of the leading manufacturers identified in the global load cells market include Vishay Precision Group Inc., OMEGA Engineering Inc., FUTEK Advanced Sensor Technology Inc., Hottinger Baldwin Messtechnik GmbH, Flintec Group AB, Thames Side Sensors Ltd., Yamato Scale Co. Ltd., Zhonghang Electronic Measuring Instruments Co. Ltd., Mettler Toledo International Inc., Novatech Measurements Ltd., and Precia Molen, among others.
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The report segments the load cells market as follows:
Load Cells Market: Type Segment Analysis
Load Cells Market: End-Use Segment Analysis
Load Cells Market: Technology Segment Analysis
Load Cells Market: Regional Segment Analysis
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