According to a new market research report published by Credence Research “Industrial Weighing Equipment Market (Product – Bench Scales, Floor Scales, Load Cells, Belt Weighers, Checkweighers, Weigh Feeders, Truck Scales, Cargo Scales, Rail Scales and Others) – Growth, Share, Opportunities, Competitive Analysis and Forecast 2016 – 2023”, the global industrial weighing equipment market is estimated to expand with a CAGR of 5.4% from 2016 to 2023 to cross the US$ 3 Bn mark by 2023.
Market Insights:
Weighing equipment are among the most integral aspects of industry verticals such as manufacturing, food & beverages processing, transportation & logistics and others. With the steadily rising industrial sector worldwide coupled with increasing international trade, there has been a continued demand for more efficient and reliable weighing equipment across different applications. One of the most significant factor fueling the market growth is the regulations enforced by organizations such as Safety of Life at Sea convention of the International Maritime Organization (SOLAS). These equipment form an important aspect mainly for the following:
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Weighing for trading and other commercial transactions
Weighing for calculating toll, tariff, tax, penalty, remuneration, and other related payments
Mass calculation for complying with different laws/regulations/proceedings
Weighing in pharmaceutical and laboratorial applications
Price calculation
The overall rising industrial growth coupled with the demand for automated and easy to operate weighing equipment is the prime factor fueling the market growth. With the steadily ongoing recovery of the global manufacturing sector, the overall demand for industrial goods (such as weighing equipment) is estimated to continue remaining strong in the coming years. Further prospects for the market include wireless weighing equipment and development of automated weighing equipment. Nevertheless, the market growth is majorly hindered due to lack product differentiation.
Competitive Insights:
The industrial weighing equipment market is quite competitive in nature with manufacturers focusing on increasing their global footprint along with providing high quality, reliable products. One of the major concerns for industrial weighing equipment is the longer lifespan expectancy of the products by consumers. The market has been witnessing single digit growth since the past several years mainly due to higher product life, ultimately resulting into lesser number of units sold. Thus, market players emphasize on developing advanced products so as to attract new customers. Additionally, weighing equipment providers offer rental/lease service to their customers. Another major area of focus is expansion of distribution network.
Key Trends:
Expansion of distribution network
Focus on India and China by launching price competitive products
Targeting transportation and logistics industry
Development of programmable weighing systems for varied industrial applications