The global market report, with details on the load monitoring system market, is expected to scale past valuation of USD 3.06 billion by 2023 with a CAGR of 4.9% to cover the forecast period of 2018 to 2023. Market Research Future (MRFR) claims that this growth would be backed by the growing demand for the same from the automotive and transportation sector, demand for better test and measurement features, accuracy, efficiency, and others. However, the complexity regarding its manufacturing process and lack of standard measures can hold back the growth.
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The global report on the load monitoring system market was studied by MRFR analysts who came up with a segmentation that includes the product, technology, and industry vertical. This understanding has the capacity to provide data on several aspects that can bolster strategic decisions.
By product, the load monitoring system market has been segmented into indicator & controller, load cell, and data logging software. The load cell has been segmented further for a study into dual shear load cell, single beam load cell, S-type load cell, bending beam load cell, and others.
By technology, the load monitoring system market was segmented into analog and digital. The digital segment is picking up momentum real fast.
By industry vertical, the report on the load monitoring system market includes a profound understanding of marine, automotive, aerospace, healthcare, construction, oil & gas, food & beverages, and agriculture.
North America and Europe would benefit from their structural advantages, an easy influx of funds, strict regulations, and the presence of the market players. In Asia Pacific, the market will find easy ways for growth.
The global market report on the load monitoring market is expected to benefit from an understanding of companies operating in the market like Precia Molen (France), Spectris (UK), LCM Systems (UK), Fllintec (US), Vishay Precision Group (US), Straightpoint (UK), JCM Load Monitoring (UK), Wirop Industrial (Taiwan), Dynamic Load Monitoring (UK), and Mettler Toledo (US). These companies have deployed strategic tools to ensure proper growth from which the market can benefit in notable ways and can provide a solid footing for the companies.
In September 2020, Continental, a company known for its technology development capacity, announced that it has come up with a high-performance and reliable On Board Weighing System. The device will record and display the weight of various commercial vehicles that would cover trailers and semitrailers. Its additional functions would make it possible to extend its efficiency beyond the specifications of EU Directive 2015/719. This directive makes sure that EU Member States measure the gross commercial vehicle weight more frequently. This encourages drivers and fleet operators to know how much load they are carrying before they start a trip. This is quite difficult to maintain as in several cases like where semitrailer is provided by the forwarder.
To meet these new regulatory standards, EU countries are mostly relying on a comprehensive, stationary solution. But the On Board Weighing System promises some added values that would offer better regulatory stipulations. Such a development would encourage both governments and private operators to increase their intake of such a device and support the growth of the market.
The load monitoring system industry may find it difficult initially to cope up with the situations created by the COVID-19 crisis. However, in the coming years, the market will witness a rise in its takers.
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