Load Cell Market with Potential Impact of Coronavirus (COVID19), SWOT Analysis, Risk Analysis, and Forecast by 2027

Load Cell Market

Digital Load Cells to Gain Popularity Due to High Efficiency and Durability

Load cells are increasingly being used in a host of end-use industries such as medical & pharmaceuticals, food & beverage, automotive, aerospace & defense, etc. The significant progress in digital technologies has played an important role in the development of modern-day electronic and semi-conductor industries. In the current scenario, as programmable electronics continue to break the barriers of quality, reliability, and functionality, products driven by conventional analog technologies are losing out. At present, digital load cells have hit the mainstream market and players operating in the current load cell market are currently expected to focus on the quality of their load cells to improve the measuring & weighing accuracy and the performance of electronic scales.

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Technological investments across different industries will continue at a rapid pace in the upcoming years. Companies operating in the current load cell market are expected to design and develop load cells that fulfill the requirements of modern-day industries or Industry 4.0. In addition, the burgeoning applications of load cells in the agricultural sector coupled with the ability of load cells to operate in harsh environments are some of the leading factors that are expected to propel the growth of the load cell market.

Uptake of Precision Force Measuring Instruments to Propel Market Growth

At present, the worldwide demand for easy-to-install, cost-efficient, and durable load measurement is witnessing a consistent growth. Consistent progress in the load cell technology is expected to broaden the range of applications of load cells in the near future. Load cells are increasingly being deployed in weighing applications in different industries. In the current load cell market landscape, strain gauge load cells are expected to remain the most popular among different types of load cells, including pneumatic, capacitive, hydraulic, and piezoelectric. The demand for strain gauge load cells is projected to remain higher than other types of load cells due to low cost, higher accuracy, and ease of use. In addition, as strain gauge cells are resilient against temperature fluctuations and suitable for a range of load-mounting configurations, the adoption of strain gauge load cells is expected to grow for a range of industrial applications.

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While the sales of strain gauge load cells will outmatch that of pressure load cells, the demand for pressure load cells is projected to grow at a higher rate during the forecast period. As these types of load cell do not require any electrical components, the demand for the same is on the rise, particularly for applications wherein explosion safety is a paramount concern.

Automotive Sector Likely to Remain Most Prominent End-use Industry

At present, the automotive industry dominates the load cell market, in terms of share and value. Within the automotive industry, torque meters and transducers are extensively being used in the production of vehicles, particularly during the final phase of the manufacturing process. Load cells are extensively used to monitor the force required to operate the braking system. Within the automotive industry, load cells are integrated with a wireless transmission system to avoid the usage of connecting cables. Companies operating in the current load cell market are continually investing resources on research and development to develop advanced load cells. The innovation race within the automotive sector continues to influence the load cell market, as load cell manufacturers are compelled to stay in-sync with evolving technologies within the automotive sphere. With the growing onus on automotive manufacturers to improve the safety and reliability of their vehicles, the demand for load cells is on the rise.

Load cells are extensively used in the marine industry in both onshore and offshore applications to address the mounting challenges in force measurement and marine weighing. Moreover, ingredient control systems and batch weighing applications within the food & beverages industry are expected to present players in the load cell market with abundant opportunities during the forecast period. The ascending demand from material testing, chemical, oil & gas, and medical, among others, are some of the other end-use industries that will most likely propel the growth of the load cell market during the forecast period.

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Analysts’ Viewpoint

The global load cell market is expected to grow at a modest CAGR of ~4% during the forecast period. The market growth can be primarily attributed to the soaring adoption of load cells across a broad range of end-use industries, including automotive, food & beverages, aerospace, medical, and construction. The automotive sector will dominate the load cell market, in terms of share and value, due to the high applicability of load cells to test safety and reliability of vehicles. Companies operating in the load cell market should focus on the development of load cells that align with the requirements of Industry 4.0.  

Load Cell Market: Overview

  • According to Transparency Market Research’s latest research report on the global load cell market for the historical period of 2017–2018 and the forecast period of 2019–2027, growing popularity of load cells across the globe in a large number of industries, including medical & pharmaceutical, agriculture, and automotive is expected to boost the global market during the forecast period
  • In terms of revenue, the global load cell market is estimated to reach value of ~US$ 278 Bn by 2027, expanding at a CAGR of ~4% throughout the forecast period
  • In terms of volume, the global load cell market is estimated to reach 1,008.86 million units by 2027, expanding at a CAGR of ~4% during the forecast period

High Demand for Load Cells in Agricultural Applications: A Key Driver

  • Growth of the agriculture sector holds key importance, as it helps in improving the food security significantly. In order to meet the increasing demand for food worldwide, the agriculture sector needs to meet the high standards in terms of reliable equipment.
  • A large number of agricultural applications, including crop production, fertilizer spreading, and analysis of grains require adequate weighing. Load cells help in optimizing the spreading of fertilizers by providing high accuracy and stability in weighing of fertilizers. Furthermore, load cells possess the ability to withstand harsh agricultural environments, which makes them ideal for use in weighing of components.
  • Moreover, load cells help in identifying the quantity of defective whole grains while weighing. This helps in enhancing the crop quality. Load cells are installed in multiple weighing systems used in the agriculture sector, such as pallet and platform scales, for precise measurement.

New Product Launches: Latest Trend in Global Market

  • Demand for load cells is on the rise across the world, owing to rising need for accurate measurement of weight to ensure superior quality of the product. Load cells are used in a variety of sectors such as automotive, agriculture, construction, food & beverages, and medical & pharmaceutical. Furthermore, the adoption of load cells is rising, owing to their capability to withstand severe environments and provide a high level of precision in critical applications.
  • Increasing demand for load cells is prompting emerging as well as well-established manufacturers of load cells to introduce new products to cater to multiple industries
    • For instance, in 2019, Thames Side Sensors, a manufacturer of load cells based in the U.K., launched a new single-point load cell, which was built with the help of aluminum alloy of high quality

Availability of Substitutes for Load Cells: Major Challenge for Global Market

  • Load cells are transducers that help in measurement of weight with the help of several technologies, including capacitive and resistive elements and strain gauges
  • Load cells provide a significant level of measuring accuracy while weighing the system. However, the cost of load cells is high. Furthermore, load cells are bulky in nature, which interferes the system operation.
  • For industries that do not require a high level of measurement accuracy, such as wireless device production, alternative technologies that are less expensive and consume less space present a viable option
    • For instance, Tekscan, Inc., a provider of test and measurement equipment, has launched a new technology called ‘FlexiForce’ as an alternative for load cells. The new technology is smaller in size and less expensive than the load cell technology.

Load Cell Market: Competition Landscape

  • Detailed profiles of providers of load cells have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
  • The global load cell market is highly competitive, owing to presence of a large number of well-established as well as emerging players
    • In June 2019, FUTEK Advanced Sensor Technology, Inc., a load cell manufacturer, launched a new load cell for use in various applications. The newly launched load cell is sub-miniature in nature. It is an addition to the company’s LCM load cell series. The capacity of this load cell ranges from 25 lbs. to 1,000 lbs.

Load Cell Market: Key Developments

  • Well-established players strive to gain a competitive edge by developing new and technologically advanced products to attract more customers
    • For instance, in 2019, Hottinger Baldwin Messtechnik GmbH, a sensor and instrument manufacturer, expanded its portfolio with the launch of a new single-point load cell. The new load cell has a casing of hermetic metal, and it comes with capacities ranging from 10 kilograms to 20 kilograms and 50 kilograms to 100 kilograms. 
  • In the report on the global load cell market, we have discussed individual strategies, followed by company profiles of providers of load cells. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global load cell market.

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