With a number of players, the global load cells market is demonstrating a highly fragmented business landscape, thanks to the presence of numerous market players and intense competition between them. In 2015, the top three participants, namely, PreciaMolen, Mettler-Toledo International Inc., and Vishay Precision Group Inc., accounted for only 20% of the overall market and the scenario is likely to remain more or less same in the years to come. Currently, the leading players in this market are relying on innovation and technological advancements for the growth in their businesses. However, over the coming years, they are likely to increasingly involve into partnerships, mergers, and acquisitions to expand their reach across the world, notes the market study.

According to the research report, the global market for load cells is anticipated to expand at a CAGR of 3.50% between 2016 and 2024, increasing the opportunity in this market from US$1.8 bn in 2015 to US$2.5 bn by the end of the period of the forecast. Hitherto, analog load cells have been reporting a greater demand than digital cells. However, thanks to the increasing digitization across the world, the demand for digital load cells will also witness a significant rise in the years to come. In terms of the geography, Europe has acquired the dominant position in the global market and is expected to remain seated here over the next few years, states the research report.

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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.

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