Load Monitoring Systems Market: Sales to Ride the Coattails of Growing Emphasis on Minimizing Instrumental Errors
April 18, 2019 by Steve Blade
The latest study published by Fact.MR, titled “Load Monitoring Systems Market Forecast, Trend Analysis & Competition Tracking – Global Review 2019-2027”, offers in-depth insights on growth parameters of the load monitoring systems market. The values provided in the research report are obtained through an in-depth research on the load monitoring systems market, and thereby it can help stakeholders to adopt apt business strategies in the upcoming years.
The Fact.MR study offers futuristic overview of development of the load monitoring systems market during the period 2019-2027. Based on thorough research, the study opines that the load monitoring systems market will grow at a healthy 3.9% value CAGR through 2027.
The Fact.MR study finds that the automotive industry accounted for more than 30% revenue share in the load monitoring systems market in 2018. The study predicts that the automotive industry will retain its largest share in the load monitoring systems in the upcoming years, as the performance and safety of automobiles remains the primary focus for automotive manufacturers.
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The Fact.MR report on the load monitoring systems market segments information into five sub-segments – offerings, loading capacities, end-user industries, technologies, and regions.
Depending on the offering types of load monitoring systems, the load monitoring systems market is classified into three main categories – load cells, indicators & controllers, and data logging software. The load cell segment is further classified into seven types – beam load cells, s-beams load cells, single point load cells, tension/compression load cells, load links, load pins, and load shackles.
Based on the loading capacity, the load monitoring systems market is classified into three categories – up to 50 tons, 50-100 tons, and above 100 tons. Depending to the end-user industries, the load monitoring systems market is classified into automotive, construction, oil & gas, marine, aerospace & defense, healthcare, food & beverage, and agriculture industry.
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Stringent Calibration Standards and Certification Requirements Create Manufacturing Challenges
Even though the adoption of load monitoring systems is on the rise across various end-user industries, manufacturers are struggling to comply with high international standards while maintaining lower production costs. International organizations, including ASTM International, have set high verification standards for testing instruments such as load monitoring systems.
Furthermore, stakeholders in the load monitoring systems market have to obtain approvals and certifications from regulatory bodies before launching their products. For example, all the load cell manufacturers need to ensure accuracy of their products by providing necessary certifications to internationally recognized standards, which include UKAS, ASTM E74, and BS EN ISO 376.
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