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Jul 8, 2022
Major players in the load monitoring system market are Flintec, Mettler Toldo, Precia Molen, Spectris, Vishay Precision Group, JCM Load Monitoring Ltd, Keli Electric Manufacturing, LCM Systems, Dynamic Load Monitoring, Load Monitoring Systems, Straightpoint, Wirop Industrial. July 08, 2022 14:36 ET Lyon, FRANCE New York, July 08, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Load Monitoring System Global Market Report 2022" - https://www.reportlinker.com/p06285824/?utm_source=GNW , Futek Advanced Sensor Technology, Euroload, MinebeaMitsumi, Yamato Scale, ZEMIC, Standard Loadcells, Strainsert and Thames Side Sensors. The global load monitoring system market is expected to grow from $2.7 billion in 2021 to $2.82 billion in 2022 at a compound annual growth rate (CAGR) of 4.3%. The load monitoring system market is expected to grow to $3.39 billion in 2026 at a CAGR of 4.7%. The load monitoring system market consists of the sales of load monitoring technologies by entities (organizations, partnerships, and sole proprietors) that are used to facilitate the energy savings by highlighting situations of non-efficient electricity use leading toward the corrective measures.The load cell is a force transducer that converts an input mechanical force such as weight, load, compression, tension, or pressure into another electrical output signal or physical variable that can be measured, converted, and standardized. As the force applied to the force sensor increases, the electrical signal also increases proportionally. The main types of technologies in load monitoring systems are analog load cells and digital load cells.Analog load cells measure stress and weight strain which is the most popular form of load cell used. A digital load cell transmits data from each load cell, compared to analog systems. The load monitoring systems are used in the automotive industry, healthcare industry, marine industry, construction industry, aerospace industry, and oil and gas industry. Europe was the largest region in the load monitoring system market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in load monitoring system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The increasing demand for digital load cells significantly drives the growth of the load monitoring system market.Digital load cells are used to measure pressure or force that can be built to perform virtually any force measuring task, regardless of the weight, size, and cost of the final product. Compared with the conventional model, The Checkweigher I-Series reduces power consumption by 30% and the number of components reduced by 10%, thereby minimizing the impact on the environment. The increasing demand for digital load cells by different end-use industries is expected to increase the adoption of IoT, higher accuracy, digitization, and increasing demand for precision weighing in heavy lifting applications. Internet-of-Things (IoT) adoption is a key trend gaining popularity in the load monitoring system market.Major companies operating in the load monitoring sector are focused on developing IoT solutions to strengthen their position. The growing adoption of automation and industrial IoT is aimed to increase the demand for load cell controllers and indicators.The indicators and controllers help the users to understand the load measurements and carry out further activities. Industrial IoT incorporates big data and machine learning technologies to harness the sensor data, M2M communication, and Automation technologies.IIoT bridges the gap between legacy industrial infrastructure and modern technologies such as edge computing, cloud, mobile, and machine learning. IIoT helps industries optimize industrial operations to increase productivity and efficiency. In March 2021, Mettler-Toledo International Inc, a US-based company that provides precision instruments and services acquired PendoTECH for $0.205 billion. Through this acquisition, PendoTECH will be part of Mettler-Toledo International Inc. PendoTECH is a US-based manufacturer and distributor of single-use sensors, transmitters, control systems, and software for measuring, monitoring, and data collection primarily in bioprocess applications. The countries covered in the load monitoring system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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