Global Load Cell Market By Product Type, By Application, And By Region (North America, Europe, Asia Pacific, South America, And Middle East & Africa) – Global Forecast From 2020 To 2029
1st November 2019
The global load cell market is projected to be valued at approximately US$ 3 Bn in 2029, and is projected to register a CAGR of 4% over the 10-year forecast period. The global load cell market is segmented on the basis of product type, application, and region. The report provides both qualitative and quantitative analysis and insights on market drivers, restraints, global opportunities, market size & share, latest trends, and key players in the global load cell market.
Load Cell: Overview
A load cell is a type of sensor/electrical device, which is often used in weight applications to convert forces such as tension, pressure, compression, torque or temperature into a measurable electrical signal. Anything that needs to be weighed or measured can be done using a load cell. Load cells are widely used in kitchens and bathroom scales, self-service checkout sections, for weighing luggage at airports, in pallet weighing applications etc. Load cells are available in a range of shapes and sizes and are used for single point, button, s-beam, miniature, through-hole, pancake applications etc. This enables its adoption in various weighing machines and equipment, depending upon measurable electrical signal required for each equipment.
Resistive load cells and capacitive load cells are commonly used types of load cells. Resistive load cells function on the phenomenon of piezo-resistivity, in which resistance changes when a force/load/stress is applied to the sensor, and which further leads to a change in Voutput (output voltage) when Vinput (input voltage) is applied. Capacitance is the primary principle used in the functioning of a capacitive load cell. When a particular system shows capacitance, it can hold a fixed amount of charge when voltage is applied across the circuit.
Global Load Cell Market: Dynamics
Load cells are connected to different measuring devices such as to display, record, control, and keep track of the load. The application of this device varies from small sensors used in electronic bathroom scales or kitchen scales, to those for general industrial uses such as truck scales, weighbridges, measuring systems in production lines, etc. These types of sensors are highly efficient and precise, are primarily used for measuring load/pressure/stress, and have find applications in different sectors such as healthcare, agriculture, aerospace, defense, oil & gas, etc. The number of applications continues to increase owing to increasing need for controlled methods and highly accurate measurements to generate high manufacturing capacity and quality of product. These are among some of the key factors projected to drive revenue growth of the global load cell market. Load cells are used in a range of devices and tools etc., used in the healthcare sector such as surgical instruments and infusion pumps and a broad spectrum of delicate fluid-monitoring applications, including blood transfusions, blood donation, and kidney dialysis. In such applications, the load cell ensures that the amount of fluids entering, leaving, or being replaced in the body is started, stopped, or recirculated at the right time and in the proper dosage or ratios. Increased spending in the healthcare sector globally is projected to support growth of the target market. Growing demand for digital load cells offering a higher level of accuracy, better moisture resistance, higher cell protection, and stable signal range in specific end-use industries is projected to drive growth of the global load cell market to a significant extent.
Global Load Cell Market: Segment Analysis
By Product Type:
The digital load cell segment is leading in terms of revenue share in the global load cell market because of high-level accuracy and higher application ranges. It is projected to register a significantly high CAGR of over 4% during the forecast period.
The bulk material handling segment is projected to dominate in the market in terms of revenue share among the application segments in the global load cell market. The bulk material handling segment is projected to register highest CAGR of over 4.5% during the forecast period.
Global Load Cell Market: Region Analysis
The market in North America is projected to account for highest revenue share in the global load cell market due to increasing industrial automation and penetration of Internet of Things, especially in developed economies such as the US and Canada. The market in Asia Pacific is projected to register highest CAGR of over 4.2% during the 10-year forecast period owing to governments of various countries in the region investing significantly in the industrial sector.
Honeywell International Inc. (Year 2018)
- Contracts/Agreements: In March, the company signed an agreement with Cardinal Midstream to deliver modular cryogenic equipment for processing natural gas at Iron Horse Gas Processing Complex in Grady County, Oklahoma, the US.
- Contracts/Agreements: In March, Honeywell partnered with International Airlines Group (IAG), to reduce carbon emissions.
- Contracts/Agreements: In July, Honeywell awarded a contract to Allegiant Air for maintenance, repair and overhaul services for the auxiliary power units and specific avionics components of Airbus A319 and A320 aircraft fleet.
- Contracts/Agreements: In July, Petron expanded the Limay, Bataan refinery in the Philippines by using company's technologies.
- Contracts/Agreements: In August, Honeywell entered into an agreement with Hubei Sanning Chemical Industry to provide its Honeywell UOP’s Polybed Pressure Swing Adsorption technology to supply high-quality hydrogen to monoethylene glycol plant at Zhejiang in China’s Hubei Province
- New Products/Services: In August, Honeywell introduced a new line of addressable smoke and heat detection devices for the upcoming building code changes and to improve fire detection.
- Contracts/Agreements: In September, the company secured US$80 million contract to supply Embedded Global Positioning System and Inertial Navigation System (EGI)
- Contracts/Agreements: In October, Honeywell Aerospace and Duncan Aviation entered into a new Parts Reclamation Engine Surplus contract to provide assistance to buy, inspect, repair and recertify serviceable engine parts.
Vishay Precision Group Inc. (VPG) (Year 2019)
- Contracts/Agreements: Vishay Precision Group, Inc. Onboard Weighing, a brand of Vishay Precision Group, Inc. (NYSE: VPG), today introduced the second generation VanWeigh axle overload monitoring system, its market-leading overload protection and load optimization system for light commercial vehicles
- New Products/Services: KELK Introduces New ACCUBAND Strip Width Gage for Cold Rolling Steel Mills and Processing Lines. The KELK brand of Vishay Precision Group, Inc. (NYSE: VPG) today introduced the ACCUBAND Strip Width Gage Model C775-FF for cold rolling mill and processing line applications.
Mettler Toledo International Inc. (Year 2018)
- Corporate Changes/Expansions: In July, Mettler-Toledo opened its new Headquarters of the Americas in Tampa, Florida, the US.
Global Load Cell Market Segmentation:
Segmentation based on Product Type:
- Analog load cells
- Digital load cells
Segmentation based on Application:
- Agriculture equipment
- Bulk material handling
- Aerospace & defense
- Oil & gas
Segmentation based on Region:
- North America
- Asia Pacific
- South America
- Middle East & Africa
- Honeywell International Inc.
- FUTEK Advanced Sensor Technology, Inc.
- Hottinger Baldwin Messtechnik GmbH (HBM)
- METTLER TOLEDO International Inc.
- ABB Ltd.
- Vishay Precision Group Inc. (VPG)
- OMEGA Engineering Inc.
- Zhonghang Electronic Measuring Instruments Co., Ltd.
- Novatech Measurements Ltd.
- Chapter 1 Global Load Cell Market Overview
- 1.1 Introduction
- 1.2 Segmentation for Global Water Scale Removal Market, based on Product Type, Application, and Region
- 1.3 Drivers
- 1.4 Restraints
- 1.5 Opportunities
- 1.6 Trends
- 1.7 Macro-economic Factors
- 1.8 Opportunity Map Analysis
- 1.8.1 Optimistic Scenario
- 1.8.2 Likely Scenario
- 1.8.3 Conservative Scenario
- 1.9 Opportunity Orbits
- 1.10 Market Investment Feasibility Index
- 1.11 PEST Analysis
- 1.12 PORTER’S Five Force Analysis
- 1.13 Go to Market Strategy – Market Maturity
- 1.14 Value Chain Analysis
- 1.15 Regional Market Share and BPS Analysis of Global Load Cell Market
- Chapter 1 Global Load Cell Market Overview
Frequently Asked Questions (FAQ)
The projected revenue from the global load cell market will be approximately US$ 3 Bn in 2029.
Among the application segments, the bulk material handling segment is projected to account for a revenue of approximately US$ 85 Mn in 2029.
The global load cell market is projected to register a CAGR of 4% in 2029.
Revenue CAGR of the digital load cells segment is projected to be more than 4% during the forecast period.
Don't just take our word. We are trusted by these great companies!