Precision Balances Market: Introduction
- Precision balance is a weighing instrument used to weigh or measure quantities of products or substances. Precision instrument is also termed as ‘top loading balances.’ This instrument is available in a wide range of capacities and readabilities. Precision balance can effectively complete several activities such as quality control, density determination, formulation, purity analysis, and packaging & filling. This instrument is most commonly used in retail, foods & beverages, chemical labs, pharmaceutical, and other industries. The market for precision balances is expected to witness surge in its demand during the forecast period.
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Key Drivers and Opportunities of the Global Precision Balances Market
- Rapid increase in demand for precision balances in retail, chemical, pharmaceuticals, and other industries is anticipated to drive the market during the forecast period. Increase in the number of supermarkets, hypermarkets, specialty stores, and retail outlets in emerging economies is projected to augment the global precision balances market in the near future. Precision balances are often used in chemical and pharmaceutical industries for weighing test samples and chemicals. This is expected to drive the market for precision balances during the forecast period.
- Stringent rules and regulations imposed by regulatory authorities of various countries across the globe regarding products and food safety and precise calculation of the weight of products and chemicals etc. is estimated to increase the demand for precision balances. Pharmaceutical and biotechnology testing laboratories also use precision balances for measuring substances for research and development activities. Thus, the demand for precision balances is likely to be high during the forecast period.
- Manufacturers are focusing on innovation and upgrade their products to strengthen their presence in the global precision balances market. Manufacturers are investing heavily to develop new technology and putting efforts to reduce the cost of production and increase the profitability and growth of business. Furthermore, manufacturers are offering exclusive range of precision balances to testing laboratories such as food testing labs, biotechnology labs, petrochemical laboratories, and drug testing laboratories. All these factors are expected to drive the precision balances market during the forecast period.
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North America to Hold Major Share of the Global Precision Balances Market
- In terms of region, the precision balances market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- North America is considered the biggest market for precision balances. Advancement in technology of laboratory balances and scales used in testing labs in the U.S. and Canada are estimated to drive the market for precision balances in the region during the forecast period.
- Furthermore, the market in Asia Pacific is anticipated to grow at a rapid rate during the forecast period. Growth of food & beverages and construction industries and digitalization in China, India, and Japan are factors fueling the demand for precision balances in Asia Pacific.
Key Players Operating in the Global Precision Balances Market
- A&D Company, Limited
- Adam Equipment Inc.
- Contech Instruments Ltd.
- KERN & SOHN GmbH
- Mettler Toledo
- OHAUS Corporation
- PCE Deutschland GmbH
- Sartorius AG
- SAUTER GmbH
- Tanita Corporation
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