According to a Transparency Market Research report, the global load cell market demonstrates a highly competitive and a fragmented structure due to the presence of a large number of players. The top three players, namely, Mettler-Toledo International Inc., Precia Molen, and Vishay Precision Group Inc., could hold only 20% of the overall market in 2015.
Analysts at TMR estimated the global market for load cells to rise at a CAGR of 3.50% during the period from 2016 to 2024, increasing the market's opportunity from US$1.87 bn in 2015 to US$2.55 bn by the end of the forecast period. Currently, analog load cells have been registering a higher demand than digital load cells and the scenario is projected to remain so throughout the period of the forecast.
Geographically, the global market for load cells has been classified into Europe, North America, Asia Pacific, the Middle East and Africa, and Latin America in this research report. Among these, Europe has acquired the leading position, thanks to the increased application of these cells in the oil and gas, automotive, aerospace and defense, and the bulk material handling industries. Analysts project this regional market to remain leading throughout the forecast period, rising at a CAGR of 2.90%. Download a PDF Sample for the report at http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=1104
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