The Load cell market is witnessing considerable rise in its valuation, thanks to the increasing demand for load cells in healthcare sector. The escalating need for home hemodialysis (HHD) machines has been the key factor behind the augmenting usage of load cells in the medical and healthcare industry. The market is also gaining substantially from the rising application of load cells in the testing applications across the aviation and the aerospace industries across the world.
The opportunity in the worldwide market for load cells is likely to increase at a CAGR of 3.50% from 2016 to 2014, surging from US$1.87 bn in 2015 to US$2.55 bn by 2024. With the increasing demand for digital load cells in the heavy lifting industry, the future of this market looks thriving. However, its growth may be affected by the slowdown in the demand for analog load cells across various industries in the years to come.
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The worldwide market for load cells stretches across Europe, North America, Asia Pacific, the Middle East and Africa, and Latin America. Europe, among these, has emerged as the leading regional market for load cells and is expected to remain seated in this position over the next few years. In 2015, the Europe market for load cells contributed US$561.0 mn in revenue. The high usage of these cells in the oil and gas, aerospace and defense, automotive, and bulk material handling industries has been boosting this regional market substantially.
Going forward, the presence of a number of firms, which specifically cater to bulk material handling industries, such as the cement, coal and iron ore mining, and railway sectors, is likely to propel this market for load cells in Europe over the next few years. Germany and the U.K. are expected to surface as the key domestic markets for load cells in this region.
North America is another fast-growing regional market for load cells. The increasing demand for these cells from the medical and healthcare, aerospace and defense, and the oil and gas sectors is expected to reflect positively on this regional market in the coming years. The U.S. is expected to lead the North America market for load cells and followed by Canada and Mexico. The Asia Pacific load cell market is also projected to witness healthy growth over the next few years, thanks to the rise in the bulk material handling industry in China, Japan, and South Korea.
Analog Load Cells Leading Global Load Cells Market
Technologically, there are two types of load cells available in the global market: analog load cells and digital load cells. The majority of load cells found in the market are of analog nature. In 2015, the total share of analog load cells in the overall market was more than 80%. However, over the coming years, the demand for digital load cells is expected to increase remarkably in heavy lifting applications in the near future.