The load monitoring system market is estimated to be USD 2.6 billion in 2018 and is expected to reach USD 3.3 billion by 2024, at a CAGR of 4.0% during the forecast period. Load monitoring system is a combination of load cells, load indicators and controllers, and data logging software. Load monitoring system is based on analog or digital technology and used in various industries such as automotive, marine, food & beverages, agriculture, healthcare, aerospace, construction, and oil & gas. Rise in demand for load monitoring system in healthcare, increase in use of load monitoring system for testing and monitoring aircraft parts, decline in instrumental errors owing to technological innovations in load cells, and increase in demand for remote load monitoring are the major factors driving the growth of the market.
The market for indicator and controller is expected to grow at the highest CAGR during the forecast period. The indicators and controllers are basically display units that display the readings and data collected by the load cells. The growing adoption of Industrial IoT and automation is expected to increase the demand for load cell indicators and controllers. Additionally, the critical industrial applications are expected to create growth opportunities for load cell indicators and controllers.
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The digital load monitoring system market is expected to grow at a higher CAGR from 2018 to 2024. Factors such as increased digitization, IoT adoption, higher accuracy, and digital load cell durability are fuelling the digital LMS market. Furthermore, the rising demand for precision weighing in heavy lifting applications is expected to drive the growth of digital load monitoring system market.
The healthcare industry is expected to register the highest CAGR in the load monitoring system market during the forecast period. The healthcare industry comprises pharmaceuticals and medical device manufacturers. In pharmaceutical manufacturing, load cells are used in different types of equipment to measure the exact amount of medicinal ingredients. The development in technology and functionality of medical devices is fuelling the growth of load cells in the healthcare industry. Load cells are also used in electromechanical testing machines for hair strand test monitoring and weigh scales such as baby scales and patient bed scales.
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APAC is expected to be the fastest-growing market for load monitoring system during 2018–2024. China is the key contributor to the growth of the load monitoring system market in APAC owing to its growing industrial and manufacturing sector and increasing domestic production. APAC is the most lucrative market offering significant growth opportunities for the players in the load monitoring system market. The launch of “Make in India” initiative has supported the growth of manufacturing, food & beverages, and automotive sectors in India. Japan is also witnessing a steady growth in the load monitoring system market owing to the growth in automotive, shipbuilding, and pharmaceuticals industries.
