Global Load Monitoring Systems Market Expected to Experience Bolstering Sales during Forecast Period, 2019 to 2027
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With the increasing presence of small- and medium-sized businesses with revenues less than US$ 10 million, the load monitoring systems market is expected to remain fragmented. Multipronged benefits of employing load monitoring systems has intensified the competition among local as well as global players in the market. These players are taking up aggressive expansion strategies, as increased automotive production, rapid industrialization, and energy demand continue to bolster adoption of load monitoring systems market.
Notable developments in the load monitoring systems market:
Spectris, a leading productivity-enhancing instrumentation and controls company in the load monitoring systems market, announced in April 2018 the merger between Brüel & Kjær Sound & Vibration – a Danish electronics company – and its subsidiary HBM. The new company named HBK will be dedicated to providing combining sensors, integrated offering, data acquisition, preparation, evaluation and engineering services into one solution in the domains of propulsion, safety and noise, durability, vibration and harshness.
DLM Ltd., a U.K.-based company in the load monitoring systems market, announced the launch of a new innovative range of wireless electronics in January 2019. With the release of TW-3.0, which is a multi-functional load monitoring system designed to integrate load cells, proximity sensors, encoders, etc., DLM is introducing innovation in their product range by developing their own electronics.
HBM, a subsidiary of Spectris and manufacturer of products for test and measurement, announced in July 2018, the launch of its new product in the load monitoring system market. With the launch of its new C6B force transducer, which is a load cell, the company has introduced a flexible and cost-effective load monitoring solution for rugged and dynamic applications. The company also declared that the C6B force transducer is capable of measuring a load of large constricting forces ranging from 200 kN to 10 MN.
Vishay Precision Group, Inc., a U.S.-based manufacturer of resistive foil technology, sensors, and sensor-based load monitoring systems, announced in January 2019 that it has partnered with Bridge Diagnostics, Inc. (BDI), a structural instrumentation company, for the sale of its products under its brand Micro-Measurements® on GSA Advantage – the U.S. General Services Administration portal. By offering Micro-Measurements products on the GSA Advantage portal, the company aims to leverage the online shopping and ordering portal for connecting with thousands of contractors and vendors and gaining access to millions of cost-effective goods.
Spectris, Flintec, Precia Molen, Mettler Toledo, Vishay Precision Group, Wirop Industrial Co., Ltd., Strainsert, Futek Advanced Sensor Technology, Tecsis, Eilersen Electric Digital Systems A/S, and Euroload Ltd. are among the prominent stakeholders in the load monitoring systems market.
Energy consumption has witness a marked rise in line with rapid urbanization activities, resulting in a significant energy crisis worldwide.. In 2017, the industrial sector accounted for more than one-third of the total energy consumption in the United States, according to the U.S. Energy Information Administration (EIA). This has led the industrial sector to concentrate on reducing fossil fuel consumption, in turn creating demand for load monitoring systems. As energy optimization and management becomes an important part of modern business strategies, triggered in part by increased prices charged by utility providers. Moreover, plummeting availability of natural resources highlights the importance of efficient energy management for industry players to limit production costs. Thereby, growing needs for mitigating industrial energy consumption by implementing energy management systems is fuelling growth of the load monitoring systems market.
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The availability of a wide range of state-of-the-art alternatives to various products is intensifying competition in almost every industrial sector. The heightened pressure of improving the product quality is forcing manufacturers are seeking ways to mitigate manufacturing errors and improve the quality of end-products. Load monitoring systems can aid manufacturers in reducing operational or instrumental errors and enhance the performance characteristics of their electric distribution systems. Thereby, a mounting number of end-users are employing load monitoring systems for attaining more precision and accuracy in manufacturing high-quality products.
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