Load Cell Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Load Cell Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The load cell market is expected to register a CAGR of 2.6% over the forecast period, (2022-2027).

The COVID-19 pandemic had a mixed impact on the market. At the pandemic's beginning, countries worldwide continued to face huge infection threats. The supply chain disruption caused due to COVID-19 led to shortages of critical medical supplies worldwide. Therefore, many countries have taken definite measures to ease the shortages by importing equipment such as domestic manufacturing of medical devices and related equipment. Although respiratory failure was one of the primary causes of admission to intensive care during the pandemic, the importance shifted to cardiac disease patients. However, both the respiratory and cardiac patient pool increased drastically. The use of hospital beds increased and even surpassed the available capacity of hospitals globally. As per the article titled ' Rising COVID-19 cases in India Result in Unavailability of Beds in Hospitals and Delayed Test Reports' published in April 2021 the COVID-19 cases across India resulted in the unavialbility of beds in hospitals, As load cells have a wide application in hospital bed weighing scales, the demand for the load cell increased. Hence, anticipated to have a positive impact on the studied market growth.

The increasing demand for load cells across industries, rapid industrial automation across the globe, and uptake of precision force measuring instruments are major factors driving the growth of the studied market. The increasing adoption of load cells in hospital bed settings is another major factor driving the growth of the studied market. As per Sensotech, high precision and ultra-precision load cell have wide applications in the healthcare industry. The load cells are used as sensors for robotic surgery. Also, they have wide use in health kiosks and hospital bed weighing scales. Moreover, an article published in March 2020 titled “Load Cells in Medical and Pharmaceutical Applications” mentioned that some of the commercially available load cells are used for precision tension measurements, such as the load cell developed by Michigan Scientific Corporation (MSC) measures the tension force applied by the weight of the IV (Intravenous) bag. Load cells can also be used for measurement verification of patient lifts because it's critical to accurately measure patient load. The MSC load cells can also be used to optimize the design of the lifts. These increasing product development and adoption in healthcare are anticipated to drive the growth of the studied market over the forecast period.

Key Market TrendsDigital/smart load cells Segment is Expected to Witness Growth Over the Forecast Period

The digital load cell segment is anticipated to gain popularity over the forecast period among other segments due to its high efficiency and durability.

Load cells are increasingly used in almost all industries, such as medical & pharmaceuticals, food & beverage, etc. Digital technologies have gained significant progress over a few years and played a crucial role in the development of load cells for application in the healthcare and pharmaceutical industry. The digital load cells have significantly applied in the mainstream market. Also, market players operating in the load cell market are currently anticipated to focus on the quality of load cells to improve the measuring and weighing accuracy and electronic scales' performance.

As per the article titled “Analog or Digital Load Cell – Which makes a Better Choice?” published in August 2021 stated that the traditional load cells are suitable for most test and measurement applications, but they carry a huge list of side effects such as cost, space, noise, accuracy, convenience, and temperature co-efficiency, which become variables within the traditional setup. However, the digital load cell produces a more accurate reading, offers more reliable weight reading, accurate calibration, or precise reading, and is cost-effective as per the source mentioned above. Therefore, owing to the advantages of digital load cells, it is poised to gain more demand. Hence, driving the growth of the studied segment over the forecast period.

Some of the available digital load cells also offer high accuracy and can tolerate up to ten times more overload; some other digital load cells come with pre-calibration, making installation and commissioning fast and simple. These advancements in digital load cells are anticipated to drive the demand over the near future, driving the growth of the studied segment.

North America is Expected to Dominate the Market Over the Forecast Period

North America will dominate the load cells market over the forecast period. The factors such as rapid technological advancements, increasing automation in the healthcare infrastructure, and the presence of multiple major players in the countries, especially in the United States, coupled with new product launches and other strategic activities are the major driving factors boosting the growth of the studied market in the region.

Adding to that, as per a press release in July 2021, the governments of Canada and Quebec announced their plans to invest in 209 infrastructure projects to modernize, redevelop, and upgrade health and social services institutions in Quebec, including hospitals, residential and long-term care centers, local community service centers, and rehabilitation centers. The federal Minister of Infrastructure and Communities, and Minister of Health and Social Services, announced a total of USD 188,3 million in funding for these 209 infrastructure projects. As a result, the investments in healthcare infrastructure are anticipated to drive the growth of the studied market in the countries.

Moreover, the presence of multiple major players in the countries, especially in the United States, and new product launches are the major driving factors contributing to the growth of the load cell market in the country.

For instance, in October 2021, Medidata launched its Medidata Sensor Cloud Network. The Medidata Sensor Cloud Network will create the first industry-wide collaboration amongst contract research organizations (CROs), device manufacturers, drug and vaccine developers, analytics companies, and academia focused on solving challenges related to sensor integrations, standardization of sensor data, and the development of digital biomarkers and algorithms. Additionally, in October 2021, Omega Engineering, Inc announced the release of its smallest S-beam load cell with measurements of only 1.25" x 0.5" x 1.1". This LC107 Series Miniature S-Beam Load Cell is shorter than a paper clip. These miniature s-beam load cells accurately measure ultra-low tension and compression forces. These company activities are anticipated to boost the studied market growth in the country.

Therefore, owing to the factors above, the North American region is anticipated to dominate the market over the forecast period.

Competitive Landscape

The load cell market is fragmented in nature due to the presence of several companies globally. The studied market consists of several international as well as local companies which hold most of the market shares and are well known, including Siemens, Endress+Hauser, Honeywell International Inc., OMEGA Engineering, TE Connectivity, FUTEK Advanced Sensor Technology, Inc., tecsis GmbH (tecsis (Shenzhen) Sensors Co., Ltd), Flintec, Spectris Technologies Private Ltd (HBM India), and PCB Piezotronics, Inc., among others.

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