Load Monitoring System Market to grow by USD 4.10 billion from 2022 to 2027; The growing demand for wireless load monitoring systems to drive the growth- Technavio

NEW YORK, Jan. 11, 2024 /PRNewswire/ — The load monitoring system market is expected to grow by USD 770.8 million between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 4.25% during the forecast period. A load monitoring system is employed to assess the load, weight, and tension of goods, assisting businesses in preventing overloading and adhering to diverse regulations. The load cells within the monitoring system transform mechanical force (such as pressure or compression) into quantifiable electrical output. Typical uses of load monitoring systems encompass weighing in silos, tanks, and vessels.

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Key Highlights:

• The report recognizes the following as some of the key players in the load monitoring system market: Airtec Corp., Dynamic Load Monitoring UK Ltd., Eilersen Electric Digital Systems AS, FUTEK Advanced Sensor Technology Inc., Indutrade AB, Interface Inc., James Fisher and Sons Plc, JCM Load Monitoring Ltd., Load Monitoring Systems, Mantracourt Electronics Ltd., Mettler Toledo International Inc., Spectris Plc, Standard Loadcells, Strainsert Co., Thames Side Sensors Ltd., The Crosby Group LLC, Vishay Precision Group Inc., WIKA Alexander Wiegand SE and Co. KG, Euroload, and Precia SA
• Load Monitoring System Market is fragmented in nature.
• Market to observe 3.98% YOY growth in 2023.

Market Dynamics:

Major driver

The growing demand for wireless load monitoring systems is a key factor driving the market growth. This growth is derived from the integration of strain gauges, sensor technology, and pressure transducers, offering real-time monitoring capabilities. The utilization of torque sensors enables wireless load monitoring, specifically in crane load monitoring and hoist load monitoring applications. Moreover, the incorporation of load monitoring software further enhances the efficacy and functionality of these systems, fostering their market demand.

Major Trend

• The major trend in the market is the growing number of product launches, catalyzed by the integration of the Internet of Things (IoT) in load monitoring. This trend is manifest in remote monitoring, structural health monitoring, heavy machinery monitoring, load monitoring in construction, transportation load monitoring, and offshore load monitoring. The inclusion of environmental conditions monitoring augments load limiters, overload protection systems, tension monitoring, and vibration monitoring, collectively shaping the market’s trajectory.

Significant Challenge

• Issues associated with the failure of load monitoring systems is a significant challenge restricting market growth. This encompasses concerns over energy-efficient load monitoring, compliance, and safety monitoring. Moreover, the incorporation of predictive maintenance in load monitoring systems remains crucial. Challenges also revolve around data logging, weight sensors, load cells, force measurement, industrial weighing, and the implementation of load balancing systems to mitigate these issues effectively.

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Keg Segments:

The market is segmented by Product (Load cell, Indicator and controller, and Data logging software), Technology (Analog and Digital), and Geography (Europe, North America, APAC, South America, and Middle East and Africa).

• The load cell segment will account for a major share of the market’s growth during the forecast period. In industrial settings, load cells find application in weighing vehicles, tanks, silos, ships, quality control, conveyors, fatigue testing, and performance monitoring of cranes. The market for load cells is expanding as there is an increasing need for precise measurement techniques to guarantee product quality and enhance production efficiency.

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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Product

Market Segmentation by Technology

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio